A former registered liquidator from Lewisham, New South Wales, Ms Amanda Young, has pleaded guilty to one count of fraud relating to the liquidation of St Gregorys Armenian School Inc (St Gregorys) and one count of dishonestly using her position as liquidator of Mamak Pty Ltd (Mamak).
ASIC alleged that between 10 December 2017 and 5 December 2018, while a liquidator of Mamak, Admark Property Group Pty Ltd and Roller Poster Company Pty Ltd, Ms Young caused the transfer of a total of $73,140 from the liquidation bank accounts of those companies to bank accounts that she controlled and then used the funds for her own purposes (20-160MR). The transfer in relation to the liquidation of Mamak was for $28,500.
ASIC also alleged that betwee…
Read the full article at: https://www.miragenews.com/sydney-liquidator-pleads-guilty-to-dishonesty-and-fraud-charges/
Thursday, January 21, 2021
Greetings, Court fans!
With the imminent inauguration of a new President and the mob attack on Congress dominating the news in recent weeks, the third branch continued humming along in the background. Late last week, the Court issued its sixth signed opinion of the term, in a low-profile bankruptcy case. The Court also added 14(!) new cases to its docket, but it has left several high-profile cert petitions dangling for two consecutive weeks. On Friday, however, the Justices did step briefly into the limelight, with another decisionover sharply worded dissentspermitting the outgoing Trump administration to go forward with a (once rare) federal execution.
Lets begin with the decision inCity of Chicago v. Fulton …
Read the full article at: https://www.natlawreview.com/article/supreme-court-update-city-chicago-v-fulton-no-19-357
Accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the appointment of Graeme Bain as an appointment-taking director.
Mr Bain (pictured), a licensed insolvency practitioner, joined the company as a director in 2017, can now be appointed to oversee formal insolvency appointments.
His progression comes after a 20-year career in restructuring, 16 of which were spent at a Big Four firm. He isexperienced in all aspects of personal and corporate insolvency and specialises in contentious creditor led cases.
He said: Becoming an appointment-taking practitioner is a proud moment in my insolvency career and it has been a long-held ambition for me since starting out in the profession 20 year…
Read the full article at: https://dailybusinessgroup.co.uk/2021/01/johnston-carmichael-boosts-restructuring-team/
Vale to progress Moatize mine plan until buyer found
Moatize has 22 mil mt/year coal production capacity
London Brazilian miner Vale said Jan. 21 that it will exit the coal market as part of its commitment to become carbon-neutral by 2050 and reduce 33% of its Scope 1 and 2 emissions by 2030.
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As a first step toward divestment of its coal business, Vale has signed a heads of agreement with Japanese company Mitsui, allowing both parties to structure Mitsui’s exit from the Moatize coal mine in Mozambique, controlled by Vale, and the related Nacala Logistics Corridor (NLC), Vale said in a statement.
After a financial restru…
Read the full article at: https://www.spglobal.com/platts/en/market-insights/latest-news/coal/012121-vale-to-exit-coal-business-buys-mitsuis-moatize-stake-in-restructuring
Insolvency and debt overhang following the COVID-19 outbreak: Assessment of risks and policy responses
Lilas Demmou, Sara Calligaris, Guido Franco, Dennis Dlugosch, Mge Adalet McGowan, Sahra Sakha 22 January 2021
A swift response by policymakers across OECD countries has helped businesses to bridge the short-term liquidity shortfalls due to the economic shock following the COVID-19 outbreak, avoiding immediate and widespread insolvency crises (Demmou et al. 2020, Demmou et al. 2021a). However, many countries have now entered a second wave of the health crisis, magnifying even further the economic shock of an unprecedented scale (Boot et al. 2020, Cochrane 2020). This situation, which forces firms to deplete even further their cash and equ…
Read the full article at: https://voxeu.org/article/insolvency-and-debt-overhang-following-covid-19-outbreak
MILLIONS of families that are dealing with stretched household budgets face a debt time-bomb when the coronavirus crisis subsides, the anti-poverty charity the St Vincent de Paul Society suggests.
Fewer people than usual are asking the Roman Catholic charity for help because most enforcement and eviction action has been temporarily suspended during the pandemic, and many creditors have cut back their collection efforts. This, coupled with the temporary raising of the Universal Credit allowance and the suspension of benefit deductions, can lead to a false sense of security, the charitys debt-advice supervisor, Luke Denison, said. They may not see the urgency in seeking help, as their debt problems appear to be on hold.
Even working house…
Read the full article at: https://www.churchtimes.co.uk/articles/2021/22-january/news/uk/debt-time-bomb-lurks-at-end-of-covid-crisis-anti-poverty-charity-warns
A NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake Macquarie, had left a string of defective work, failed to comply with rectification orders and placed “enormous pressure” and “financial strain” on his clients. She urged the government to “create the necessary protections” so homeowners can undertake the “big financial commitment” of building or renovating their homes “in good faith”. “With so much at stake, it is important that regulat…
Read the full article at: https://www.newcastleherald.com.au/story/7092058/newcastle-builders-bankruptcy-to-hammer-creditors/?cs=12&utm_source=website&utm_medium=index&utm_campaign=sidebar