Clontarf is one of the most salubrious suburbs on the northern beaches but in the 1950s it was home to a shyster whose photograph was plastered across the front page of every major Sydney newspaper.
Within months of being brought to public attention, Reginald Aubrey Doyle was declared bankrupt, jailed for contempt of court and then jailed for 10 years for forgery, fraud and theft.
His friendship with a state government minister embarrassed the Labor government on the eve of an election, which it still won, and led to the establishment of a…
Read the full article at: https://www.dailytelegraph.com.au/newslocal/manly-daily/reg-doyle-the-clontarf-shyster-who-brought-down-a-state-politician/news-story/003fad774f0ff27f43a5c6cf01f9a644
Kiatnakin Phatra Financial Group (KKP), a holding company of Kiatnakin Bank, expects a large number of customers to request financial assistance due to the prolonged pandemic.
The number of bank customers requesting debt aid measures has risen to more than 10,000 per day after a significant increase in new Covid-19 infections.
The average number of customers seeking assistance increased from around 400-500 per day prior to the third wave to more than 1,000 once the third wave of the pandemic was surging, said Aphinant Klewpatinond, chief executive of KKP…
Read the full article at: https://www.bangkokpost.com/business/2156971/kkp-forecasts-demand-for-debt-assistance-likely-to-skyrocket
Insolvency numbers are on the rise in Sydney and Melbourne, and one expert has pointed to the potential ‘tsunami’ in the next six months.
The Australian Financial Security Authority (AFSA) has released its regional insolvency statistics for the June quarter, which revealed slight increases in insolvency numbers across Sydney and Melbourne.
Personal insolvencies increased by 57 (19.9%) in Greater Melbourne, and by 40 (8.4%) in Greater Sydney.
Insolvency numbers fell throughout the rest of Victoria and New South Wales, by 10.4% and 5.8% respectively.
Despite this, insolvency experts have said that insolvency numbers are very low, with personal insolvency levels at “around half” what they were pre-pandemic.
Malcom Howell, Jirsch Sutherl…
Read the full article at: https://www.savings.com.au/savings-accounts/potential-tsunami-of-insolvencies-in-sydney-and-melbourne-despite-low-numbers
Tamworth charity One of a Kind Community Support faces allegations it traded insolvent and that managers misspent thousands of dollars before the organisation went into administration in 2019, according to the report of a voluntary administrator published this week. The 49-year-old charity was forced to sell almost all its assets, including several buildings it owned, close most of its stores and drastically downsize during administration after 2019. It also laid off 21 of 22 of its staff. The charity’s new volunteer President and Treasurer Michael Ticehurst, appointed after the charity emerged from voluntary administration, said the charity remained both solvent and operational, but said the “emotional hurt” of the turmoil “is still be…
Read the full article at: https://www.nvi.com.au/story/7363346/charity-faces-allegations-it-traded-insolvent-misspent-money/
Vijay Mallya declared bankrupt by London court
The week brought bad news for the King of Good Times, Vijay Mallya, as the Insolvency and Companies Court of the London High Court declared the former liquor baron of India, fugitive from Indian law, bankrupt. The verdict delivered by Chief Insolvency and Companies Court (ICC) judge Briggs was simple: There is no evidence he will go back to India to face trial, so I find insufficient evidence he will pay the debt in full in a reasonable period of time. I shall adjudicate Dr Mallya bankrupt.
Mallya, though, still has the option of seeking permission to appeal from a higher court. He has fought extradition cases, but has lost all. Yet he did not return to India to face trial. What Mallya…
Read the full article at: https://www.indialegallive.com/world-news/globetrotter-news/vijay-mallya-declared-bankrupt-by-london-court/
Tamworth charity One of a Kind Community Support faces allegations it traded insolvent and that managers misspent thousands of dollars before the organisation went into administration in 2019, according to a voluntary administrator report published this week. The 49-year-old charity was forced to sell almost all of its assets, including several buildings it owned. It closed most of its stores and drastically downsized during administration after 2019. It also laid-off 21 of 22 staff. The charity’s new volunteer president and treasurer Michael Ticehurst, appointed after the charity emerged from voluntary administration, said the charity remained both solvent and operational, but said the “emotional hurt” of the turmoil “is still being fe…
Read the full article at: https://www.northerndailyleader.com.au/story/7361859/
Top
Begin typing your search above and press return to search.
Read the full article at: https://www.livelaw.in/columns/insolvency-and-bankruptcy-code-2016-law-national-company-law-tribunal-178429
In the groundbreaking recent decision in Re Samson Paper Company Limited (in Creditors Voluntary Liquidation) [2021] HKCFI 2151 (Samson), the Hong Kong Companies Court (the Hong Kong court) has for the first time issued a letter of request to a court in mainland China under the new cross-border mutual recognition, assistance and cooperation arrangement between Hong Kong and mainland China (the Mainland) in relation to corporate insolvency and restructuring matters (the Cooperation Arrangement), which took effect on May 14, 2021. The key features of the Cooperation Arrangement and an overview of how it compares with the chapter 15 recognition procedure under the United States Bankruptcy Code can be seen here in our recent Client Alert.
…
Read the full article at: https://www.jdsupra.com/legalnews/the-first-test-case-of-the-cross-border-9346445/
Law360, London (July 29, 2021, 5:28 PM BST) — Victoria’s Secret’s U.K. business move from administration into liquidation in June was valid, a London judge ruled on Thursday, after concerns were raised over a typographical error on the paperwork.
Judge Sally Barber signed off an order declaring that the liquidators of Victoria’s Secret UK Ltd. correctly filed notice that the lingerie company had entered into creditors’ voluntary liquidation a year after the COVID-19 pandemic pushed it into administration.
The judge said at a virtual hearing at the Insolvency and Companies Court that she accepted the liquidators’ explanation about why the mistake did not affect the validity of the notice….
Read the full article at: https://www.law360.com/bankruptcy/articles/1407797/victoria-s-secret-gets-green-light-for-uk-liquidation