Australia
ASIC bans send warning to directors

By William Buck on 10/02/21 - Mins to read: 2 minutes

The first few weeks of February 2021 saw the Australian Securities and Investments Commission (ASIC) disqualify three directors from managing companies, in decisions that highlight the need for directors to act diligently and assist liquidators. On 5 February, ASIC announced that it had disqualified Violetta Esposito for five years due...
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New process gives struggling business’s a chance at survival

By William Buck on 10/02/21 - Mins to read: 2 minutes

Reforms to Australia’s insolvency framework have now taken effect for eligible businesses with liabilities of less than $1 million. The new legislation, which shifts Australia’s corporate insolvency regime for small business from a largely creditor-led regime to a debtor-in-possession model, is expected to slow the anticipated wave of insolvencies in...
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Canberra announces huge reforms to insolvency laws – here’s what we expect

By William Buck on 10/02/21 - Mins to read: 2 minutes

Canberra has announced the most significant reforms to insolvency laws in decades, applicable for companies with debts below $1 million. While the finer details are yet to be confirmed, the proposal to introduce a debtor in possession model from 1 January 2021 which will be available to directors once every...
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William Buck Restructuring & Insolvency completes sale of MyHouse retail business

By William Buck on 10/02/21 - Mins to read: 2 minutes

Michael Brereton and Sean Wengel, the administrators of MyHouse, have successfully completed the sale of the MyHouse retail business to Global Retail Brands Australia Pty Ltd. After a lengthy sale process, exacerbated by the difficult retail environment, William Buck has completed the sale of the MyHouse retail business comprising 23...
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