ASIC has commenced civil penalty proceedings in the Federal Court against Union Standard International Group Pty Ltd (Union Standard) (in liquidation) (trading as usgfx) and its former corporate authorised representatives, Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred) (in liquidation).
ASIC alleges Union Standard provided financial services including trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those foreign exchange contracts. ASIC alleges Union Standards conduct placed its China-based clients at risk of contravening Chinese law, and thereby exposed them to potential administrative and criminal…
Read the full article at: https://www.miragenews.com/asic-takes-action-against-union-standard-international-group-and-its-former-corporate-authorised-representatives/
Voluntary liquidation by members
Voluntary liquidation by creditors
When is voluntary liquidation triggered?
Comment
Chapter 113(III) of the Companies Law is the main legal framework which regulates the voluntary liquidation procedure in Cyprus. There are two ways in which voluntary liquidation can be triggered: by members or creditors.
Voluntary liquidation by members
Voluntary liquidation by members is the procedure pursuant to which members of a solvent company wish to bring the same to a formal end by distributing the underlined assets at a surplus to its members. By the passing of a special resolution and following the relevant procedure, the company will be deemed dissolved and will end its activities.
Applicable law
Sections 261 …
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Cyprus/AG-Erotocritou-LLC/Legal-framework-on-voluntary-liquidation-an-overview
Hrdlicka moved to Australia in 1994 following stints at other US corporates and rejoined Bain’s local consulting arm in 1997. Her first client? A young Ansett executive named Alan Joyce.
The pair’s professional relationship continued when Joyce moved to Qantas, and Joyce eventually hired Hrdlicka in 2010 as the Flying Kangaroo’s Group Executive of Strategy and Technology. Two years later she became CEO of Qantas’ budget carrier Jetstar, which was Joyce’s job before he was named Qantas CEO.
Jetstar was an earnings powerhouse and Hrdlicka appeared as a leading contender to replace Joyce as the boss of Australia’s largest airline. But in December 2017, a month after being moved to run its loyalty business, she announced her shock re…
Read the full article at: https://www.smh.com.au/business/companies/virgin-boss-jayne-hrdlicka-signals-an-airline-war-is-brewing-20201210-p56mgw.html
Chinese private shipyard Taizhou Kouan Shipbuilding has emerged from bankruptcy after new investors took control of the yard.
The yard entered into a court-led restructuring after it was declared bankrupt by a local court in August due to a financial crisis.
Two local companies, Taizhou Changqin Ship Engineering and Taizhou Changyue Enterprise Management, have taken over the yard. The restructuring plan has been approved by the majority of creditors and the court, and is now in the execution phase.
VesselsValue data shows Taizhou Kouan currently has an orderbook of 12 vessels, made up of eight bulkers and four tankers.
Taizhou Kouan Shipbuilding was formerly a state-owned yard named Domestic Trade Ministry Kouan Shipbuilding Indu…
Read the full article at: https://splash247.com/taizhou-kouan-emerges-from-bankruptcy/
The federal government has passed legislation to simplify the liquidation and winding up processes for small businesses.
The parliament passed reforms to the Corporations Act 2001 and the Bankruptcy Act 1966 to establish a debt restructuring process for eligible small businesses and provide temporary relief for those seeking to enter the process, as well as establish a simplified liquidation process.
The reforms come into effect from 1 January 2021 after the bill was passed by parliament yesterday, 10 December. It was first introduced to the lower house on 12 November.
The Australian Small Business and Family Enterprise Ombudsman Kate Carnell welcomed the passage of the legislation.
These landmark reforms will give otherwise viable smal…
Read the full article at: https://www.crn.com.au/news/govt-bracing-for-wave-of-insolvencies-with-new-reforms-558900
Hrdlicka moved to Australia in 1994 following stints at other US corporates and rejoined Bain’s local consulting arm in 1997. Her first client? A young Ansett executive named Alan Joyce.
The pair’s professional relationship continued when Joyce moved to Qantas, and Joyce eventually hired Hrdlicka in 2010 as the Flying Kangaroo’s Group Executive of Strategy and Technology. Two years later she became CEO of Qantas’ budget carrier Jetstar, which was Joyce’s job before he was named Qantas CEO.
Jetstar was an earnings powerhouse and Hrdlicka appeared as a leading contender to replace Joyce as the boss of Australia’s largest airline. But in December 2017, a month after being moved to run its loyalty business, she announced her shock re…
Read the full article at: https://www.brisbanetimes.com.au/business/companies/virgin-boss-jayne-hrdlicka-signals-an-airline-war-is-brewing-20201210-p56mgw.html?ref=rss&utm_medium=rss&utm_source=rss_feed
Law360, London (December 10, 2020, 2:13 PM GMT) — Nearly a quarter of workplace saving schemes for the U.K.’s top companies expect to see their sponsors collapse before they fully insure all liabilities, as the U.K. is braced for a wave of high street insolvencies in the New Year.
Pensions consultancy Hymans Robertson said Wednesday that 22% of defined benefit schemes for FTSE350 companies expect corporate insolvency before they can achieve buyout, an endgame for saving plans where insurers take on full responsibilities for paying members.
The news comes as insolvency practitioners expect U.K. company failures to spike early next year when government COVID-19 support dries up.
“[Defined benefit]…
Read the full article at: https://www.law360.com/insurance-uk/articles/1335998/pension-plans-brace-for-wave-of-corporate-insolvencies
SPANISH bankruptcy law, in relation to insolvency and elimination of debts, stipulates that there are a number of actions which are unacceptable and which if proven can negate the insolvency process.
Guilty Insolvency
If a bankruptcy is declared guilty, it means that it is understood that the bankrupt or insolvent is responsible for the insolvency.
Legally, this can be declared, when the debtor, voluntarily or in a negligent way, has created or worsened the insolvency.
However, the insolvency will be classified as unplanned, if it is not the fault of the person declared insolvent.
For example: if a self-employed person becomes ill, is unable to work and accumulates debts which results in their insolvency. In thi…
Read the full article at: https://www.euroweeklynews.com/2020/12/10/bankruptcy-law-in-spain-insolvency-and-elimination-of-debts/
The company expects improvement in the asset portfolio quality as well as cash flow of the company, due to various strategic initiatives including measures for recovery were initiated during FY20
Topics
IFCI|Buzzing stocks|Markets
SI Reporter | Mumbai
Last Updated at December 10, 2020 15:29 IST
Since November 25, in the past 10 trading days, the state-owned financial institutions’ stock price has rallied 73 per cent after the company said it expects improvem…
Read the full article at: https://www.business-standard.com/article/markets/ifci-hits-52-week-high-on-heavy-volumes-rallies-73-in-six-days-120121000723_1.html
Jacob Klein
After many attempts by the company to stave it off, Insight Terminal Solutions (ITS) has been declared bankrupt in a Kentrucky court. ITS had been at the helm of the effort to store and transport coal through the old Oakland Army Base for years now.
John Siegel, CEO of the now bankrupt ITS, hoped to secure funding from various sources, including Utahs Throughout Infrastructure Fund, in order to retain control of the company and push for the coal port in Oakland. Thanks to the leadership of Utah activists and organizations in particular, this never came to be.
The bankruptcy court gave control of ITS over to lender and private equity firm Autumn Wind, which is based in Los Angeles. Although Autumn Wind has communicated no int…
Read the full article at: https://www.sierraclub.org/san-francisco-bay/blog/2020/12/company-pushing-coal-oakland-declared-bankrupt