From www.salea.com.au: Small Business Restructuring (SBR) offers a streamlined process for financially distressed businesses to restructure their debt while maintaining operations.
The typical timeline includes initial steps of appointing a Small Business Restructuring Practitioner, drafting and presenting a restructuring plan within several weeks, and securing creditor voting before implementing the agreed terms.… read more
From taxbanter.com.au: Discussion of bankruptcy essentials, including the effects of declaring bankruptcy on mortgaged homes, equity considerations, and trustee actions on personal and partner assets in the latest episode of Tax Yak.… read more
From insolvencynewsonline.com.au: Project Sea Dragon Pty Ltd’s Deed of Company Arrangement (DoCA) termination didn’t affect the lien and right of indemnity of the administrators, Andrew Fielding and Shaun McKinnon, setting a precedent for insolvency cases.… read more
The discussion from cathropartners.com.au covers the rise of receiverships, the role of secured creditors, and the importance of security reviews and accountant reports in these processes.… read more
From worrells.net.au: Companies in liquidation may have opportunities to reverse their situation, allowing them to continue trading rather than facing permanent closure.
Two key methods for exiting liquidation are appointing a voluntary administrator who can propose a Deed of Company Arrangement (DOCA) or seeking a court order for termination of the liquidation.… read more
From worrells.net.au: ASIC can disqualify a company director from managing corporations for up to five years if they were an officer of multiple companies that were wound up within seven years, as outlined in the Corporations Act 2001.… read more
Reported at corrs.com.au: A landmark interpretation of section 563B of the Corporations Act 2001 regarding creditors’ entitlement to interest on admitted claims by a liquidator came to light in the Park, Re Queensland Nickel Pty Ltd case.… read more