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.
In this guest post Peter Doyle, a former senior IMF economist, argues for the sovereign insolvency regime to be brought in line with that for banks, starting with Venezuela.
That is because in such cases, IMF programme design prioritises debt recovery ahead of activity. It imposes exorbitant primary surplus targets, wrecking the balance between primary spending and low taxes that is necessary to realise high productive potential.
Jamaica is a case in point. After a decade of compliance with IMF conditionality, including primary surpluses of 7-9 per cent of …
This type of business fraud costs the Australian economy somewhere between $2.85 and $5.13 billion every year. (1) In 2017 alone, there were more than 20,000 phoenix operators in Australia. On average, each phoenix business leaves 44 other businesses in debt. And, phoenix activity jeopardises up to 67,000 employees per year.
Domenic Calabretta, managing director, Mackay Goodwin, said, Directors of companies caught engaging in illegal phoenix activity are subject to fines and even prison terms. With ASIC proactively investigating companies it suspects of fraudulent phoenix activity, the chances of getting caught are high. Accountants and business advisors should encourage their clients to restructure their business or liquidate it legally…
KPMG, the smallest of the Big Four audit and consulting firms, has struck a long-awaited expansion deal by buying one of Australias best-known corporate insolvency firms, Ferrier Hodgson.
The combination will create one of the countrys biggest restructuring, insolvency and forensic advisory practices, with 27 partners and more than 200 staff.
The acquisition, announced today, covers Ferrier Hodgsons Perth, Melbourne, Sydney and Brisbane offices. Adelaide is still under negotiation.
The combined practice will be jointly led by KPMGs national head of restructuring, Matthew Woods, the newly appointed chairman of the firms Perth office.
KPMG chief executive Gary Wingrove said the rationale for the tie-up was compelling, with KPMG and Ferrier Hod…
The Australian arm of customisable toy retailer Build-a-Bear Workshop has been placed into voluntary administration, hours after its listed parent company in the US reported a 7.5% drop in revenue and sluggish growth in international markets, partially blamed on the collapse of Toys R Us and issues posed by Brexit.
Matt Sweeny and Gideon Rathner of Lowe Lippman were appointed as administrators of the company yesterday, which is a franchised entity of the US company that opened its first store in Bondi 14 years ago in 2004.
The company has 30 stores and other retail outlets across Australia, with 10 of those set to close over the next two weeks. Those stores include the ones at Logan Hyperdome, Kawana, Mt Ommaney, Werribee, Eastland, Gar…
The merged business will be co-led by KPMGs National Head of Restructuring Services, Matthew Woods, and Ferrier Hodgson Practice Leader, James Stewart, with 27 partners and more than 200 specialists across Australia.
Under the terms of the deal, KPMG Australia will acquire Ferrier Hodgsons business located in Sydney, Melbourne, Brisbane and Perth, with discussions with the Adelaide office well underway. Ferrier Hodgson was first established in 1976.
The deal, set to be completed by 30 June 2019, will create one of Australias largest Restructuring Services and Forensic Advisory businesses.
The rationale for a merger was compelling, with KMPG and Ferrier Hodgson a great fit strategically and culturally. The combination of our operations …
In a city that is specialized towards casino entertainment, a close eye has to be kept on problem gambling amongst the citizenry. Pleasantly for Macau, 2018 registered as their best year for that category yet, with the lowest total of problem gamblers registered ever.
GGRAsiareports that since Macau opened up registration for those who had gambling problems in 2011, a total of 1,146 people have registered for the list. In 2018, the lowest total ever joined the list, at just 133 people, 15.3% lower than the previous year.
Macaus problem gambling program, called the Central Registry System of Individuals with Gambling Disorder, is used to both help the individuals who sign up, and to gain statistical information on those who sign up.
Although interest rates on new-vehicle loans have risen to their highest level in a decade, and monthly payments continue to climb to record heights, the industry alarm bells that sounded during the Great Recession are much softer.
The economy remains strong, consumers are still buying vehicles and delinquency rates are manageable. But in a market in which vehicles — and the costs that come with them — are becoming prohibitively expensive, strain from another industry is adding pressure to U.S. auto sales.
Higher-education costs have skyrocketed in the U.S., fueled by complicated loan programs that segment the total cost of learning and spread the debt burden for decades after the diplomas are distributed. As a result, college grads ar…
Jane Catherine Bernadette Goodfellow (56), from Yeovil, Somerset, has received a second ban lasting 12 years and at the same time Clare Louise Watts (51), also from Yeovil, was banned for 5 years for allowing Jane Goodfellow to run the caf and acting as a stooge director.
The company at the centre of the Insolvency Service investigation was The Yeovil Wine Vaults Limited, which traded as a licensed restaurant in Yeovil known as the Wine Vaults.
Yeovil Wine Vaults as a company was incorporated in October 2013 with Clare Watts appointed the sole director. However, the restaurant entered into liquidation not even four years later in March 2017 after it could not pay its debts.
Liquidators appointed to wind up Yeovil Wine Vaults r…
Sir/ Madam, Pursuant to an Order dated 08 March 2019 of the National Company Law Tribunal, Principal Bench, New Delhi, Corporate Insolvency Resolution Process (CIRP) has been initiated for Punj-Lloyd Limited (the Company) as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said Order has been received on 11 March 2019.
Mr. Gaurav Gupta, Interim Resolution Professional has been appointed for carrying out the CIRP of the Company. Upon initiation of CIRP, the powers of the Board of Directors of the Company has been suspended and shall be exercised by the Interim Resolution Professional.
Three men have been declared bankrupt for failing to pay 1.6m to the victims of the 1998 Real IRA Omagh bombing.
The High Court ruling in Dublin is the first time in the world that anyone has been declared bankrupt for refusing to compensate victims of terrorism.
The three are Michael McKevitt, Liam Campbell and Colm Murphy. They have also been ordered to pay the hundreds of thousands of euros in costs for the bomb victim…
It is a common misconception that closure means failure, but directors increasingly choose to dissolve in good condition, either because the industry has changed or they simply fancy something new.
The first thing to understand about company closure is the distinction between solvency and insolvency. If the company is solvent, there is much more flexibility when dissolving it and the directors have much more control.
If the company is able to meet its financial commitments long-term and pay all creditors, in full, within a 12-month period, it is classed as solvent.
Of course, there are exceptions. Many businesses run into problems, when…
Extension of Corporate Insolvency Resolution Process (`CIRP) for further period of 20 days.
Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg.
With reference to the above cited subject, I would like to inform that the Honorable National Company Law Tribunal, Hyderabad Bench (NCLT) vide its Order dated 08/03/2019 has granted an extension of CIRP for a further period of 20 days beyond the period from 07/03/2019 to 26/03/2019 .
GGRAsia 