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.
Introduction General legislation Subsidies Consumer protection Air transport Introduction Since the World Health Organisation declared the COVID-19 outbreak a pandemic
The director of a company that once billed itself as Brisbane’s premier home extension and renovation business before collapsing has declared bankruptcy with creditors unlikely to see any of their money, according to liquidators.
Total Lifestyle Builders Pty Ltd went into liquidation in June last year owing more than $1.7m to 89 unsecured creditors as well as the ATO.
On January 1 the company’s sole director Allan Ernest Stroud declared himself bankrupt.
The Australian Financial Security Authority Official Trustee in Bankruptcy will now investigate Mr Stroud’s finances.
Whether it’s an outstanding credit card balance, student loans, a new car payment or a first-time mortgage, having debt is common.
Yet it’s still a taboo subject that doesn’t get talked about nearly as much as it should, given how universal it is.
YouTuber Aja Dang recognized this fact when she decided to document her own $200,000 debt payoff journey on her YouTube channel, sharing her monthly budgets and progress along the way to her450,000+ subscribers.
For anyone paying down their debt or waiting to take the first step, Dang has some lessons that she wishes she knew when she started tackling her own credit cards, a car payment and student loans.
Below, CNBC Select outlines the seven things she hoped somebody would have told her …
County court judgments (CCJs) against struggling borrowers have surged, leaving more vulnerable consumers at risk of being chased for debts as the UK prepares to lift its ban on repossessions.
The wind down of some Covid support, including payment holidays introduced at the start of the pandemic, contributed to a record increase in CCJs in the final months of 2020, according to the Registry Trust, which runs a non-profit register of judgments. They had fallen sharply at the start of the pandemic thanks to targeted government support.
There were 194,203 new CCJs taken out against individuals in England and Wales who fell behind on debts in the fourth quarter, compared with 112,261 in the previous three months.
It officially ceased trading on December 18, 2020.
Nigel Markey of Pilot Partners was appointed the liquidator.
In documents lodged this month to the Australian Securities and Investments Commission, it was stated Taurus Accounting owed $264,108 to creditors.
The document states the company has assets valued to around $190,000.
The director of Taurus Accounting has advised the reason for the businesss failure was due to concerns about the ability of the company to pay its debts and the health of its…
Australian Fashion Labels is having urgent talks with a potential buyer after filing for voluntary administration on 6th January.
Brands under the Group include Finders Keepers, Keepsake, The Fifth Label and C/MEO Collective.
The business has appointed administrators Brett Lord and Marcus Ayres from Duff & Phelps to complete the process.
First and foremost, were trying to save the business, and the employees jobs and the outcome of that will be favourable to the creditor base, Ayres told Smart Company.
Australian Fashion Labels, which is based in Adelaide, has made restructuring plans to sell online as a pureplay business, but these costs may have contributed to the administration, Ayres explained.
Some experts now believe there will no longer be a massive spike in businesses going belly up as COVID-19 drags on in Australia. But for some, 2021 will still bring heartbreak.
Key points:
Coronavirus protections and stimulus measures for businesses are starting to be wound back
Despite this, some experts believe 2021 will not be as devastating for struggling businesses as previously predicted
One industry body is still training accountants to deal with their clients’ distress
The Federal Government tweaked insolvency laws at the height of the pandemic in March to help struggling businesses stave off anxious creditors and protect company directors from being charged with insolvent trading.
Economic stimulus measures like JobKeeper have also b…
MOSCOW, January 13 (RAPSI) Troubled Russias Antipinsky refinery has lodged an application seeking to declare New Stream oil and gas company chaired by the former co-owner of the refinery bankrupt, according to court records.
In late December, the Supreme Court of Russia has refused to overturn a ruling declaring board chairman of New Stream oil and gas company and former co-owner of troubled Antipinsky refinery Dmitry Mazurov charged with embezzling 4 billion rubles (about $55 million at the current exchange rate) insolvent, according to court records.
In mid-June, the Ninth Commercial Court of Appeals declared Mazurov bankrupt. The ruling was delivered upon an application filed by Persit Services Inc. Its 2.08-billion-…
Katie Price is raking in the cash by selling her old clothing to fans online on Depop.
The former glamour model, 42, has already sold 734 items on the site and is thought to have banked more than 10,000 from sales of pieces like crop tops and bikinis.
The reality star has priced her items from as little as 5 for a pair of shorts to up to 360 for Jimmy Choo heels.
Sold: Katie Price is raking in the cash by selling her old clothing to fans online on Depop
The discussion paper notes that legislation which would have reduced the default period for bankruptcy from three years to one year the Bankruptcy Amendment (Enterprise Incentives Bill lapsed before the 2019 election over concerns about it being available to those “for whom a concession is not a desirable or justifiable outcome”.
The paper says consideration is being given to “criteria that would exclude a bankrupt from the default period of one year and strengthened offence provisions”.
“The abuse of the personal insolvency system to avoid paying debts is a concern that is frequently raised by stakeholders.
‘Illegal phoenix activity’
“While illegal phoenix activity is generally associated with corporate insolvency, analogous behavi…
(Reuters) – Increasing debt distress in emerging markets means that China, now the worlds largest official creditor, will need to start restructuring debts in the same way that Paris Club lenders did in past crises, World Bank Chief Economist Carmen Reinhart told the Reuters Next conference on Tuesday.
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo
What I think China will need to do to confront this is what previous other creditors in the past had done, which is you have to restructure. And restructure big time, meaning either lower …
Since the World Health Organisation declared the COVID-19 outbreak a pandemic on 11 March 2020, governments worldwide have made significant efforts to cope with this unforeseen situation and control the spread of the virus. Numerous legal provisions, both temporary and permanent, have been introduced in an attempt to strike a delicate balance between public health and safety, individual freedoms and economic stability. As a result, a complex maze of laws, regulations, directives, recommendations and instructions has made it difficult to identify the obligations of air passengers.
This article is the first in a series which provides a snapshot of n…
6one5 Retail Consulting head Bill Rooney believes now is the time to start preparing for March 28.
How Fashion Retail Should Prepare for the Stimulus Packages Ending
The end of the stimulus package on the 28th March 2021 couldnt occur at a worst time for fashion retailers coming at the end of the traditional slow months of January to March, 12 months of Covid disruption, less revenue due to the recession, lock downs, and changing shopper habits.
Leaving aside trading up to Christmas retailers have 3 months from 1st January 2021 to 28th March 2021 to plan for 28th March stimulus ending.
For retailers not receiving JobKeeper its worth reviewing your strategy and options hopefully for a post-covid world
