The number of companies declared bankrupt in the Netherlands decreased further in August to the lowest number in 21 years, Statistics Netherlands reported on Thursday. This likely has to do with the government’s coronavirus support packages, rescuing companies that may have gone bankrupt even if there had been no coronavirus crisis.

Corrected for the number of court days, 173 businesses excluding sole proprietorships were declared bankrupt in August. That is 32 fewer than in July and the lowest number since 1999, according to the stats office. The number of bankruptcies in the country has been relatively stable since August 2017, but decreased for four months in a row a…

Read the full article at: https://nltimes.nl/2020/09/10/covid-bailout-slammed-brakes-new-bankruptcies

Introduction
Bankruptcy through debt enforcement
Bankruptcy by petition of the company
More time to initiate restructurings and avoid bankruptcy due to COVID-19

Introduction

Bankruptcy through debt enforcement

Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Switzerland/Pestalozzi-Attorneys-at-Law/Opening-bankruptcy-proceedings-during-COVID-19-pandemic

Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June, the government introduced emergency coronavirus legislation to suspend the threat of liability for such ‘wrongful trading’.

This protection runs out on 30 September, and the IoD said that failure to extend the measure could lead to ‘entirely preventable company collapses’.

The institute argued that the measures should be extended to the end of the year, to aid the economic recovery from the pandemic and to safeguard jobs.

Roger Barker, the IoDs director of policy and corporate governance, said: The recovery has begun, but busines…

Read the full article at: https://www.accountancydaily.co/call-extend-covid-19-insolvency-protection

A Brisbane special effects company which worked on Hollywood blockbusters, including Peter Jackson’s King Kong, has gone into liquidation.

SLB Media, trading as Steve Boyle Studios, collapsed this week owing $55,873 to four creditors following a major downturn in the film industry.

Company owner Steve Boyle, a long-time employee of the film industry, worked on design, make-up, props and special effects for a dozen films in Australia and around the world.

Liquidator Jarvis Archer of Revive Financial was handed control of the company on Tuesday.

Mr Boyle said the company was affected by COVID-19, but said the liquidation was “…

Read the full article at: https://www.thechronicle.com.au/news/king-kong-collapse-brisbane-film-company-goes-bust/4096589/

KUALA LUMPUR, Sept 10 A total of 945 youths, aged between 18 and 35 years, were declared bankrupt between January and July this year, said Deputy Minister in the Prime Ministers Department, Datuk Shabudin Yahaya.

He said that according to the Malaysian Insolvency Department (Mdl), more than 100 bankruptcy cases were recorded involving those aged 31 to 35.

To help reduce cases of bankruptcy, Mdl has implemented various programmes such as community programmes and Mdl Prihatin (Mdl cares) to create public awareness of the bankruptcy issue.

It is to convey information, provide education and create awareness, especia…

Read the full article at: https://www.malaymail.com/news/malaysia/2020/09/10/deputy-minister-945-malaysian-youths-declared-bankrupt-between-jan-july-thi/1901987

Reports in the British media have indicated that Big Four firm Deloitte has commenced secret talks mooting the sale of its UK restructuring division, even as the coronavirus pandemic looks set to see its profitability surge. The news comes shortly after Deloitte announced thousands of job cuts across its international organisation, as it looks to cut its spending to compensate for a fall in revenues.

The consulting industry is set to be worth around 18% less at end of 2020 than the start, thanks to a collapse in demand from clients looking to tighten their belts in response to the global recession brought on by Covid-19. While the generalist portfolios of the worlds four largest professional services firms Deloitte, PwC,EY and KPMG ar…

Read the full article at: https://www.consultancy.uk/news/25526/deloitte-exploring-sale-of-350-strong-restructuring-business

Seven West Media (SWM) is restructuring itscorporate affairs and publicity function, bringing in consultants and cutting from the top.

GoingisJulia Lefort, the director of corporate affairs and publicity.

Shoebridge Knowles Media Group, founded byNeil Shoebridge, a formerdirector of corporate and public communications at Network Ten, has been appointed as a consultant.

The brief is to help “fast-track” transformation and “supercharge” the publicity team.

Shoebridge: With strong and successful brands across television, publishing anddigital, SWM is one of Australias best and smartest content companies and a business withenormous potential.”

Seven CMO Charlotte Valente says Shoebridge Knowles Media Group will play crucial role asSWM cont…

Read the full article at: https://www.adnews.com.au/news/neil-shoebridge-parachutes-into-seven-in-publicity-restructure

Small businesses suffering financial hardship as a result of COVID-19 will have temporary insolvency and bankruptcy protections in place until the end of the year.

The federal government has extended temporary insolvency and bankruptcy protections until 31 December 2020.

The law is helping reduce the threat of creditors taking action against small businesses. It is also extending the temporary relief for directors from any personal liability for trading while insolvent.

Issuing a statutory demand is a typical way for a creditor to take action to wind up or liquidate a company, according to solvency management firm Worrells. Once a statutory demand expires, the creditor can commence court proceedings to wind up a company.