Insolvency Guardian Media Centre
An Albury businessman has been declared bankrupt in a win for the Commonwealth which says he owes it more than $10 million following a long-running court battle. The Commonwealth had applied to the Federal Court for a sequestration order against Allan Paul Endresz . He opposed it on a number of grounds, including a submission that the judge could not be satisfied that the debt was still owing. But Justice Jacqueline Gleeson on Thursday made the order and ruled that the Commonwealth’s legal costs of $19,739 be paid from the estate of Mr Endresz. In its March application, the Commonwealth said Mr Endresz owed it $11,588,824. This was said to be the balance of a debt order of $18,633,178 made in the ACT Supreme Court in 2014 less $7,044,35…
Read the full article at: https://www.begadistrictnews.com.au/story/6898672/nsw-man-bankrupted-over-claimed-10m-debt/
Ministers are in talks to extend a moratorium aimed at preventing a deluge of company insolvencies amid fears that renewed trading restrictions will tip thousands of businesses beyond the brink of collapse.
Sky News has learnt that officials are discussing an extension of the ban on statutory demands being used as the basis for winding-up petitions, which has been in place since late April.
The move is expected to be finalised within a matter of days, given that the moratorium expires at the end of the month.
Sources said this weekend that an extension was not yet guaranteed but was “overwhelmingly likely”.
The measure was one of several included in the government’s Corporate Insolvency and Governance Act, which became law in June.
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Read the full article at: https://news.sky.com/story/coronavirus-ministers-eye-extension-of-insolvency-measures-12077325
(MENAFN – AzerNews) By Trend
The Compulsory Insurance Bureau of Azerbaijan paid compensations to approximately 1,000 creditors of Standard Insurance Company OJSC, which was declared bankrupt, Trend reports,referring to the bureau.
In accordance with the Azerbaijani legislation, the bureau has begun fulfilling its obligations under compulsory insurance contracts concluded with the insurance company, and within one day paid out about 800,000 manat ($470,500) to the creditors.
Reportedly, a preliminary assessment of the situation, together with the temporary administrator appointed by the Central Bank of Azerbaijan, who constantly keeps in the spotlight the protection of the rights of consumers of insurance products, laid the foundation fo…
Read the full article at: https://menafn.com/1100825217/Clients-of-Azerbaijans-bankrupt-Standard-Insurance-receive-compensations
New York yellow cab drivers block bridges to demand debt relief
By Shuvu Batta
19 September 2020
In the late morning and early afternoon Thursday, caravans of taxis blocked the Brooklyn Bridge and Queensboro Bridge in New York City, bringing traffic to a halt on two of the major entrances to Manhattan. Taxi drivers staged the protest to demand a lightening of their immense debt burdens.
The impact of the COVID-19 pandemic has deepened the financial catastrophe facing these drivers. As of June, 75 percent of drivers were off the job due to a lack of demand for taxis. Since then, ridership has remained low, with business districts still nearly empty, many Manhattan residents departing for other locales and tourism non-existent.
NY taxi d…
Read the full article at: https://www.wsws.org/en/articles/2020/09/19/taxi-s19.html
Date published: September 19 2020
The board of SA Super Rugby (Pty) Ltd which trades as the Southern Kings has placed the insolvent company into voluntary liquidation to secure the longer-term financial future of rugby in Eastern Province.
The shareholders the Eastern Province Rugby Union (EPRU) and SA Rugby took the decision in the face of an accumulated deficit of R55m, and with zero income in prospect for the remainder of 2020.
The hard fact is that the Kings are insolvent, with significant debts and zero assets and it would have been reckless of the board to continue to trade, said Andre Rademan, chairman of the board.
Its continuation would have required loans from the EPRU and loans additional to the R45m that the compan…
Read the full article at: https://www.planetrugby.com/southern-kings-company-put-under-voluntary-liquidation/
Deloitte UK has been forced to drop plans to sell its restructuring practice after its global parent company vetoed the disposal on the grounds that it could have an adverse impact on the rest of the firm, according to three people with knowledge of the matter.
The Big Four accounting firm held a call with senior members of its restructuring and insolvency unit just two weeks ago to discuss approaching potential buyers, including rival professional services firms and private equity houses.
The proposed sale was expected to bring in hundreds of millions of pounds that would have mitigated a drop-off in some consulting work during the pandemic. It would also have reduced the risk of conflicts of interest for restructuring partners whose a…
Read the full article at: https://www.ft.com/content/dd325bf7-7516-4b12-960a-dc67b53351d1
Finance Minister Nirmala Sitharaman on Saturday said law provides for carrying out insolvency and bankruptcy proceedings against corporate debtors as well personal guarantors together.
She was replying to a debate on the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, in the Rajya Sabha which passed the proposed legislation to replace an ordinance in this regard with voice vote.
“The corporate debtor often has guarantors. So for comprehensive corporate insolvency resolution and liquidation we felt it was necessary that the insolvency of the corporate debtor as well as its guarantors are considered together to whatever extent it is possible,” Sitharaman said in response to some members raising the issue.
In June, an ordinance w…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/insolvency-proceedings-against-corporate-debtors-personal-guarantors-can-go-together-fm/articleshow/78203002.cms
A Nedlands catering company and its Director have been ordered by the Perth Magistrates Court to pay more than $20,000 in fines, costs and consumer compensation after failing to turn up at a wedding reception and botching a birthday celebration. Eat Street Enterprises Pty Ltd, trading as Ole Paella Catering, and sole Director Bradley John Lamb were fined $3,500 each for breaching the Australian Consumer Law and ordered to pay costs of $1,500 each, with Mr Lamb to pay a total of $10,073.10 in compensation to two affected consumers. A Darlington man hired the company for his 40th birthday celebration in October 2018. He paid $4,852.60 for a paella chef to cook three tapas entrees, three different types of paella, including a vegetarian opt…
Read the full article at: https://www.margaretrivermail.com.au/story/6931139/hefty-fine-for-caterer-no-show-at-margaret-river-wedding/
New York yellow cab drivers block bridges to demand debt relief
By Shuvu Batta
18 September 2020
In the late morning and early afternoon Thursday, caravans of taxis blocked the Brooklyn Bridge and Queensboro Bridge in New York City, bringing traffic to a halt on two of the major entrances to Manhattan. Taxi drivers staged the protest to demand a lightening of their immense debt burdens.
The impact of the COVID-19 pandemic has deepened the financial catastrophe facing these drivers. As of June, 75 percent of drivers were off the job due to a lack of demand for taxis. Since then, ridership has remained low, with business districts still nearly empty, many Manhattan residents departing for other locales and tourism non-existent.
NY taxi d…
Read the full article at: https://www.wsws.org/en/articles/2020/09/18/055–s18.html
Emerges from Chapter 11 Well-Positioned for Long-Term Success
Moves Forward as Stronger Business With Significant Financial Flexibility
PLANO, Texas, Sept. 18, 2020 (GLOBE NEWSWIRE) — Denbury Inc. (NYSE: DEN) (Denbury or the Company) today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Denburys common stock is expected to commence trading on the New York Stock Exchange under the ticker symbol DEN at market open Monday, September 21, 2020.
Consistent with the previously announced Restructuring Support Agreement and the Companys pre-packaged plan, Denbury has restructured its balance sheet and eliminated $2.1 billion of bond debt…
Read the full article at: https://www.globenewswire.com/news-release/2020/09/18/2096000/0/en/Denbury-Successfully-Completes-Financial-Restructuring.html
A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector.
Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company says it does not owe any money to its creditors.
Building industry leaders say conditions in the sector remain tough with a steep slide in approvals to construct units in recent months.
Urban Construct managing directors Todd Brown and James Rice relocated from Adelaide a decade ago and by 2014 said they had over that time built up a pipeline of developments of 3500 apartments …
Read the full article at: https://www.noosanews.com.au/news/major-unit-developer-in-liquidation/4094313/
Vertzayias’ now-defunct property development outfit Globe Project Group had once sponsored the St George-Illawarra NRL team, and he was reportedly “close” to a number of rugby league identities.
When Vertzayias declared himself bankrupt in 2012, it was believed among creditors owed $60 million was then Dragons’ coach Nathan Brown along with George Mimis, the manager of former St George star footballer Mark Gasnier.
Fast forward to 2020 and Vertzayias is facing jail time for swindling more than $1.18 million in payments from a construction company for ongoing work on a “ghost project” that was never approved. He is to be sentenced for dishonestly obtaining $1,185,355.74 from CBC Group, duping them with fake invoices and government doc…
Read the full article at: https://www.smh.com.au/culture/celebrity/sentencing-date-looms-for-disgraced-sydney-developer-and-competitive-bodybuilder-20200916-p55w46.html