Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Stikeman Elliott's restructuring lawyers have prepared this one-page guide to financial restructuring alternatives for Canadian businesses to help advise them
The North East chair of insolvency and restructuring trade body R3 has welcomed the introduction of the new breathing space scheme which gives people with money worries a period of time free from creditor pressure in which to start tackling their money problems.
Alexandra Withers was speaking after the governments Debt Respite Scheme, known informally as the breathing space scheme, came into effect.
Under the scheme, people will be given legal protections from their creditors for 60 days, with interest and penalty charges frozen on all debts which qualify for the scheme, and enforcement action halted.
They will also receive professional debt advice to design a plan which will help to get their finances back on track and…
A controversial Sydney property developer who was the first to fall foul of NSWs laws to stamp out illegal sunset clawbacks has gone bust leaving the buyers of its latest apartments, already three years behind schedule, devastated in its wake.
Developer-builder Parker Logans apartment complex The Acre, that it began building in blue-chip Bellevue Hills Cooper Park on the site of its old bowling club and green, was embroiled in controversy since its start over density and roof heights.
But, intended to have been completed in March 2018, Its still going, said Carlo Fini, principal of Lewis & Charles Lawyers. Now we all believe the completion date of this job is somewhere in the never-never. The strata plan was registered last year, but…
The Insolvency Service is set to gain new powers for cracking down on directors who dissolve companies to avoid repaying government support monies.
Under new legislation, the Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a deterrent against the misuse of the dissolution process.
The process will no longer be able to be used as a method of fraudulently avoiding repayment of government-backed loans given to businesses to support them during the coronavirus pandemic
Extension of the power to investigate also includes sanctions such as disqualification from acting as a company director for up to 15 years.
That is the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body.
The report, The value of the profession: how insolvency and restructuring supports the UK economy,is based on responses to a survey of representatives of 71 companies from the insolvency and restructuring profession in the UK carried out by Savanta ComRes.
Photo by Wesley Tingey on Unsplash. The profession rescued a total of 7,200 UK businesses in 2019, with nearly four out of ten businesses advised by R3 members still open after their insolvency procedure concluded.
Stikeman Elliott’s restructuring lawyers have prepared this one-page guide to financial restructuring alternatives for Canadian businesses to help advise them when bankruptcy seems like the only available option. Our professionals work with businesses to outline solutions available for a successful financial restructuring, which include new cash infusions (private placement, rights offering, new senior debt or sales of assets), financial deleveraging (consensual, exchange offer or corporate arrangement) and operational restructuring.
The French government will lend Sudan $1.5 billion to help the African nation pay off its massive debt to the International Monetary Fund as it emerges from decades of authoritarian rule, Finance Minister Bruno Le Maire said Monday.
“President Macron will confirm later today that France will provide the $1.5 billion bridge loan to clear Sudan’s arrears to the IMF,” Le Maire said at the opening of an international conference aimed at helping Sudan in its transition to democratic government. evs/aue/js/jh/lth
Its been six months since the day Erins husband stopped talking to her.
She laughs when she mentions the seven days of the silent treatment, a distinctly Midwestern shrug that makes its way along Iowa phone lines. The laugh seems intended to reframe her tribulations and make them feel manageable, but it was the very unmanageability of her social media-fueled compulsive shopping habits, and the debt that they accrued, that led her to turn to her husband for support. Instead, he offered silence.
Erin who, like the other shoppers I spoke to for this piece, asked to be referred to by a pseudonym to speak openly about her finances says she is accustomed to carrying some credit card debt, usually on retailer credit cards she opens to take a…
State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday.
According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency Resolution Process (CIRP). In the last meeting of the CoC held on Saturday, financial creditors, which includes representatives of lenders and homebuyers, discussed their bids and sought various clarifications. During the meeting, both NBCC and Suraksha were asked to make necessary changes and submit their revised bids.
In this fourth round of bidding process, NBCC is offering up to 1,903 acre, while Surakasha group h…
THE insolvency and restructuring profession rescued 297,000 jobs and returned 1.82bn to creditors in insolvency cases in 2019 the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body.
The report, The value of the profession: how insolvency and restructuring supports the UK economy, is based on responses to a survey of representatives of 71 companies from the insolvency and restructuring profession in the UK carried out by Savanta ComRes.
Of the 1.82bn membersof the insolvency and restructuring profession returned to creditors in 2019, 353m was from corporate insolvency and restructuring cases, and 1.47bn from personal insolvency cases.
Kevin James Musson (64) and his son Ryan Kevin Musson (39), both of Cumbria, worked as roofers for Cumbria Roofing North West Ltd.
The company was incorporated in June 2009 but went into creditors voluntary liquidation 8 years later in May 2017, triggering an investigation by the Insolvency Service.
The investigation discovered that while Ryan Musson and other family members were officially listed as the director and secretaries of the company, Kevin Musson was controlling the business.
In October 2010, however, Kevin Musson was banned from being a director for 10 years after he was caught illegally running another company, Cumbria Roofing BM Ltd, whilst bankrupt. When this company was wound up, it owed creditors almost 150,000.
Banks should be placed under a legal duty of care to help stop problem gamblers spending money they cannot afford, says a think tank led by former Tory leader Iain Duncan Smith.
The study by the Centre for Social Justice Justice (CSJ) proposes a new ombudsman with powers to order the betting firms to slow the pace at which a problem gambler can play, reduce their stakes or refuse to accept any more bets for a limited period.
The alerts would be triggered by a new ombudsman based on data tracking problem gamblers whose funds are severely over-extended by their addiction and face the prospect of financial ruin.
Banks would be placed under the duty of care to share “limited and necessary”financial information with a newly-created bureau mo…
Analysis of ASIC and ABN Lookup data reveals the full list of companies to close down in your area over the past year, updated hourly throughout the day.
THERE has been one company liquidation notice in the Yarra Ranges Local Government Area today and 12 for the past year.
News Corp analysis of ASIC Insolvency Notices and ABN Lookup data shows the locations of company liquidations across the state.
Here’s the list for Yarra Ranges, listed by postcode in date order:
3116
D-Link Solutions Pty Ltd, ABN: 82608350698, Main Business Location: VIC 3116, Notice Date: May 14, 2021, Liquidator: Matthew Kucianski
3138
Gaj’S Painting Contractors Pty Ltd, ABN: 64150319458, Main Business Location: VIC 3138, Notice Date: May 11, 2021, Liquidator: …
