John Derek Overton, formerly known as John Derek Elvey, from Western Australia, has been sentenced to imprisonment after being convicted of 17 charges relating to bankruptcy.
Mr Overton was investigated after he submitted a Statement of Affairs to the Australian Financial Security Authority (AFSA) and declared bankruptcy for the seventh time in February 2016.
His Statement of Affairs was later found to be fraudulent with false declarations regarding his relationship status, income, creditors, including a failure to declare several of his previous bankruptcies, AFS…
Read the full article at: https://www.accountantsdaily.com.au/business/14427-seven-time-bankrupt-ends-up-in-jail
A Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19.
Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring.
In a press release, the company says the restructuring plan will help build a more resilient organization that will be positioned for long-term success.
Filing for protection under the CCAA is truly the hardest decision we have had to make as an organization in our almost one hundred years of history, said Stephen Reitman, president and chief executive officer, in the release.
This pandemic has left us no choice we believe th…
Read the full article at: https://www.thetelegram.com/business/regional-business/cape-breton-reitmans-outlets-expected-to-reopen-as-company-works-to-restructure-455065/
Plans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough.
The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis this year after concluding a one-size-fits-all approach would have been “practically impossible”.
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It was the culmination of work involving more than 100 top money managers after the G20 economies had called on the private sector to match their recent Debt Service Suspension Initiative (DSSI) to help some 77 low-income countries.
“The IIF has been adamant that creditors of…
Read the full article at: https://www.aljazeera.com/ajimpact/private-creditors-lay-debt-relief-plan-poorest-countries-200528150653851.html
For the thousands of small businesses, which have been the beneficiary of many of the Covid-related measures announced by the government over the past three months, the landscape after September is particularly treacherous.
The single biggest unknown is the extent to which they will be able to resume business. Its unlikely international tourists will resume arriving.
But will people be back in their offices, going to dinner in restaurants, having coffee meetings, or even travelling between cities? Or will there be a second wave of infections that sees us retreat to more stringent rules on social interaction.
And what will that uncertainty mean for confidence and spending?
The unknowns are compounded by a lack of clarity about what will …
Read the full article at: https://www.theguardian.com/australia-news/2020/may/29/weve-kicked-the-can-down-the-road-australian-businesses-brace-for-slow-recovery
A LAND development company headed by Toowoomba businessman Mark Peart that was to undertake a multimillion-dollar project north of Toowoomba has been tipped into liquidation.
Homestead Highfields was placed in voluntary administration by Mr Peart on April 21.
At a second meeting of creditors on Tuesday, creditors knocked back a proposal from company directors Mr Peart, his wife Fiona, and Grant Allsop to enter into a Deed of Company Arrangement.
The vote paves the way for former administrator-now liquidator Jason Bettles of Worrells Solvency and Forensic Accountants to investigate the reasons behind the company’s collapse.
Homestead Highfields is the fifth of Mr Peart’s ventures to fall into external administration in the past 19 mont…
Read the full article at: https://www.thechronicle.com.au/news/liquidation-pearts-multi-million-dollar-land-ventu/4025479/
A multimillionaire Saudi businessman has remained clenched in a lengthy dispute with a Mayfair casino over an alleged gambling debt amounting to 2 million.
Sheikh Salah Hamdan Al Balawi, who is known for having assets exceeding 100 million, has been charged with a failure to settle a debt with the Les Ambassadeurs Club. The global assets of the Sheikh were halted in February 2020 after the London-based casino claimed that it had been unable to reach the Sheikh. According to reports, the 52-year-old Sheikh become inaccessible when cheques issued in September 2019 bounced and the Les Ambassadeurs Club failed to recover the money.
Now, the legal fight went to the High court, where a judge lifted the freezing order, which was imposed o…
Read the full article at: http://www.casinoguardian.co.uk/2020/05/28/legal-dispute-between-mayfair-casino-and-saudi-businessman-over-gambling-debt-remains-open/
THE impact of COVID-19 on the economy is likely to be long-lasting. The UK economy contracted by 2 per cent in the first quarter of 2020 and analysts expect the figure to be worse for the second quarter as lockdown continues.
The Scottish and UK Governments financial support measures have been a massive lifeline to businesses, enabling them to continue and providing the opportunity to come out of lockdown with hope for the future. Even with this support many businesses will struggle to survive and there are a number of issues and options that these businesses should be considering.
Directors duties
It is important to be fully aware of your directors duties and obligations. If it looks like your business may struggle to meet its liabilit…
Read the full article at: https://scottishbusinessnews.net/2020/05/28/restructuring-and-recovery-for-the-future/
LONDON Private sector creditors on Thursday laid out a toolkit they said would pave the way for poor countries side-swiped by the new coronavirus to get debt relief this year.
The group has been working with the Washington-based Institute of International Finance (IIF) after the G20 economies called on the private sector to match their own initiative to suspend debt payments from some 77 low income countries.
The IIF proposal said relief could be provided on a case-by-case and voluntary basis if countries requested it, rather than by a one-size-fits-all process like the G20 proposal known as the Debt Service Suspension Initiative (DSSI).
The IIF has been adamant that creditors of every type and size have a role to play in making sure …
Read the full article at: https://nationalpost.com/pmn/health-pmn/private-creditors-lay-out-debt-relief-blueprint-for-poor-countries
MUMBAI: Bombay high court has declared Ravikiran and Pujit Agrawal, the father-son duo of Orbit builders, insolvent. Justice S C Gupte passed the order on May 26 in an insolvency petition they filed last year, as debtors.
Both, father and son, claimed to be indebted under a consent decree of June 2015 for Rs 56 crore to Vardhaman Developers Ltd along with interest and penalties.
The HC declared them insolvent since it said their liabilities were far in excess of their assets.
Vardhaman Developers objected to the petitions by Agrawals. It held a decree against them and in submissions made through counsel VR Dhond, accused the Agrawals of not only making false statement but of “trying to create fictitious liabilities” and failing to make …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/hc-declares-orbit-corporations-father-son-director-duo-insolvent/articleshow/76047306.cms
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m.
Not including sole proprietorships, there were 69 bankruptcies in week 21. This is 4 down on the previous week. In addition, 16 sole proprietorships were declared bankrupt, 3 fewer than in the previous week.
| 2019 | 1 | 17 |
|---|---|---|
| 2019 | 2 | 7…
Read the full article at: https://www.cbs.nl/en-gb/news/2020/22/week-21-85-bankruptcies Go to Top Call Now Button |