Amanda Young, a former Jirsch Sutherland partner, has pleaded guilty to one count of fraud relating to the liquidation of St Gregorys Armenian School Incorporated, and one count of dishonestly us…
Read the full article at: https://www.accountantsdaily.com.au/business/15277-former-sydney-liquidator-pleads-guilty-to-fraud-dishonesty
The day I got the keys to my one-bedroom flat in central Leeds in April 2019 was the proudest moment of my life. Id spent four years saving a 10,000 deposit from my salary as a marketing and PR executive. I had just become single, and I thought my life would be about going out in Leeds, meeting people and enjoying being in my 20s. Independence.
Becoming a homeowner, at 28, was a huge deal for me and my family. My dad is a retired electrician and my mum is an admin assistant. Theres no family wealth behind me I saved up on my own, and bought my flat for 102,000 through an affordable housing scheme, designed to help people on low incomes. Under the terms of my agreement, I wasnt allowed to rent the flat out, or sell it to a cash buyer, but…
Read the full article at: https://www.theguardian.com/lifeandstyle/2021/jan/22/experience-my-dream-flat-became-a-nightmare
Member Article
The first month-on-month rise in the number of corporate insolvencies for almost a year should spur North East business owners with concerns about their own firms financial situations to seek advice now.
Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, after the publication by the Insolvency Service of Decembers official corporate insolvency statistics for England and Wales.
The number of corporate insolvencies increased by 37.8% from 891 in November to 1,228 last month, and was 9.2% higher than for December 2019s figure of 1,125.
And with corporate insolvency numbers expected to keep rising this year, Alexandra Withers, who is an associate solicitor in the insolvency d…
Read the full article at: https://bdaily.co.uk/articles/2021/01/22/alarm-bells-ringing-at-first-month-on-month-rise-in-corporate-insolvency-numbers-for-almost-a-year
Cred Inc., a cryptocurrency services company, won bankruptcy court permission to solicit votes on its Chapter 11 liquidation plan that would create a trust to pay back unsecured creditors.
Unsecured creditors hold $162.8 million in claims, according to court filings. But the combined plan and disclosure statement, approved Thursday solely for vote solicitation purposes, doesnt provide an estimate on how much those creditors could expect to recover.
Creditors would share from funds managed and collected by a liquidating trust funded by Creds assets, which include crypotcurrency, cash, and litigation claims against third parties, Creds attorney, James T. Grogan of…
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Read the full article at: https://news.bloomberglaw.com/securities-law/crypto-company-cred-approved-to-seek-votes-on-liquidation-plan
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/builders-bankruptcy-to-hammer-creditors/?cs=12
Insolvency and Bankruptcy Code 2016 (IBC), in a span of four years, has turned out to be the proverbial giant in the annals of Indian corporate law. The legislation catapulted India from a lowly 142 in 2014 to 63 in 2019 in World Banks Doing Business rankings. Though not a recovery mechanism, IBC resulted in mean recoveries of 44% for financial creditors in comparison to 24% from Debt Recovery Tribunals (DRT), SARFAESI Act and Lok Adalat combined, for financial years 2018-2020.
Jurisprudence of any legislation takes time to evolve and IBC was no exception; interpretation of contentious clauses for corporate insolvency is now settled.
Covid-19 disrupted IBCs stellar run as filings were suspended effective 25th March 2020. One area that requ…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/insolvency-resolution-the-ibc-story-so-far-and-the-way-forward/articleshow/80399160.cms
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/