Insolvency Guardian Media Centre
A funeral fund that cost Aboriginal clients thousands of dollars in premiums when it collapsed has been hit with a $3.5 million fine, but will not have to pay it due to being in liquidation.
The Aboriginal Community Benefit Fund (ACBF), run by Youpla Group Pty Ltd, marketed itself as an Indigenous business and sold funeral premiums to customers across the country for 30 years.
However, when it went into liquidation in 2022, thousands of Aboriginal Australians lost their invested money, with no guarantee it would be returned.
The Australian Securities and Investments Commission (ASIC) took action against ACBF and Youpla, and a Federal Court penalty of $3.5 million was handed to the company on Thursday.
The fine follows on from a $1.2 million…
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In its May 2 judgment, a Bench of Justices Bela M Trivedi and Satish Chandra Sharma had held that the CoC erred in approving JSW Steel’s resolution plan for BPSL. The Court declared the plan illegal and ordered BPSL’s liquidation using its inherent powers under Article 142 of the Constitution of India.
JSW Steel, which had been selected as the successful resolution applicant in 2019, had offered over ₹19,000 crore to creditors. The plan was approved by the National Company Law Tribunal (NCLT) in September 2019 and upheld by the National Company Law Appellate Tribunal (NCLAT), even as the Enforcement Directorate (ED) challenged the plan on grounds of alleged money laundering by BPSL’s former promoters.
The May 2 ruling sent…
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U.S. Social Security Administration Commissioner Frank Bisignano explains why Social Security funds may run out sooner than anticipated on Mornings with Maria.
The top actuary for Social Security’s trust funds on Tuesday confirmed that the insolvency date of those funds has moved up due to the recently-enacted tax and spending package, leaving policymakers with a little less time to stabilize the program’s finances.
The Office of the Chief Actuary for Social Security sent a letter in response to an inquiry by Senate Finance Committee Ranking Member Ron Wyden, D-Ore., about the effect of the One Big Beautiful Bill Act (OBBBA) on the safety net program’s trust funds.
Chief Actuary Karen Glenn explained in the letter that the…
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Creditors’ meeting scheduled for company formerly linked to Northern Ireland hotel Belfast News Letter
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Over the 12 months ending June 30, consumer filings were up 4.9% compared to the prior year with Ontario (13,292) and Quebec (8,372) accounting for nearly two-thirds of all filings in the quarter.
But the sharpest increases came from smaller provinces as Newfoundland and Labrador led the country with a 20.2% year-over-year jump in filings, while British Columbia and Manitoba recorded increases of 7.0% and 5.3% respectively.
“For many in lower-income brackets, especially those facing stagnant or declining wages as the cost of essentials rises, the financial burden can be especially severe,” Bolduc adds. “Licensed Insolvency Trustees should be the first place to seek help, as they are the only…
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Trump Dangles $50,000 Bonuses, Debt Relief in ICE Staffing Push Bloomberg
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UK Insolvency Service: new broader role to fight economic crime Taylor Wessing
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If you’ve purchased components or a computer in the UK in the last twenty-five-plus years, chances are you’ve bought something from ebuyer in that time. Unfortunately, it seems this familiar and trusted retailer may be closing for business.
Overclock3D reports that ebuyer sent staff members home earlier than usual on August 6, suspecting closure. The outlet also claims the company is facing “financial challenges”, with a potential buyer pulling out of negotiations sometime between 2023, when current owners Mark Reed and Rich Marsden purchased the brand, and now.
Financial hardship seems likely given the winding up petition filed against ebuyer by on August 1. Urban Logistics Acquisitions 6 Ltd., the owner of the…
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The National Company Law Tribunal (NCLT), New Delhi Bench of Shri Manni Sankariah Shanmuga Sundaram (Hon’ble Member Judicial) and Shri Atul Chaturvedi (Hon’ble Member Technical) has held that Financial Creditors can proceed against Personal Guarantors even after the approval of the Resolution Plan, if actionable rights under the guarantee are preserved.
The present petition has been filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The Petitioner submitted that a fresh cause of action accrued in favour of the Financial Creditor on 24.11.2020, being the date when the legal bar, if any, against …
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The Insolvency Professional Agency of the Institute of Cost Accountants of India ( ICMAI ) has launched the ‘Research Project Scheme 2025’, inviting research proposals to enhance the knowledge database of key dimensions of India’s insolvency and bankruptcy ecosystem.
With grants of up to ₹1.5 lakh per project, the initiative aims to encourage original research from professionals, academics, scholars and students on topics relevant to the work of the ICMAI.
The initiative calls for research projects on The Insolvency and Bankruptcy Code, 2016 (IBC), Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), liquidation, personal and corporate insolvency,…
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A Staffordshire businessman who sold seven historic cars, including two Jaguars and three Rolls-Royces, for just £1 to another company he also controlled has been banned as a director.
Kulbarg Singh, 62, was the director of Aldridge Construction Engineering Ltd when he entered into an asset purchase agreement with Ace Earth Solutions Ltd in 2021.
At least £1.5 million of company assets were sold, with Aldridge Construction Engineering Ltd entering liquidation the following year.
Among the under-priced sales were two Daimlers from 1936 and 1965; Jaguars from 1969 and 1978; and three Rolls Royces from the 1970s.