Business failures are on the rise in Britain.
Michaelpuche/Shutterstock
The law can help struggling firms turn their business around, but stigma around the legal terms may be deterring companies from acting in time.
Stock-Asso/Shutterstock
Recent interest rate hikes are not just a problem for mortgage borrowers, many companies are suffering too.
Who’d be a Southend United fan right now?
PA Images/Alamy
More than 70 clubs from the lower leagues have entered into insolvency procedures since Accrington Stanley went under in 1962.
Shutterstock/ReeldealHD
Selling assets and shedding staff is not the a recipe for survival.
Ghana’s economy is in dire straits.
Wikimedia Commons
Ghana’s economy is in its most precarious state in decades.
James Ross/AAP
From some statistics 2020 looks like economic good times. Have relief measures averted economic pain or simply deferred it?
Julian Smith/AAP
Grocon as a construction business might be on its last legs, but Grocon as a property development and landlord business should be fine.
Supamotion/Shutterstock
The new rules will allow insolvent small businesses to keep trading rather than go straight into administration.
Daniel Pockett/AAP
The Morrison government will make sweeping changes to the insolvency system to improve the chances of saving small businesses hit by the pandemic.
RomanR/Shutterstock
Wages are going backwards, loans are in arrears, companies are being kept alive by government support and an exemption from insolvency rules, yet still they are paying out dividends.
Richard Branson is using the new rules to rescue Virgin Atlantic.
EPA
Pre-packs used to be the UK’s most controversial way for companies to thwart creditors. No longer.
In many cases there are better ways than debt agreements to wipe out your debt.
Flickr (creative commons)
Debt agreements have become the fastest form of personal insolvency in Australia. But in many cases, there are better options available to manage debt.
Banks aren’t sure they will recover their money if SMEs fail.
Shutterstock
Australia’s insolvency laws inhibit growth and innovation. They weren’t designed for small business, which make up 97% of all businesses.
A Hanjin Shipping Co ship stranded outside the Port of Long Beach, California, one of many around the world.
Lucy Nicholson/Reuters
South Korean Hanjin Shipping has ships and crews stranded in ports around the world as creditors and customers wait to see if the company can be saved.
Successful rescue of a company is the ideal rather than the reality.
Image sourced from www.shutterstock.com
The appointment of administrators too often leads to the demise of a company anyway. Salvaging rather than saving might be best.
Reform to Australia’s bankruptcy period seeks to wipe its stigma.
Image sourced from www.shutterstock.com
The majority of bankruptcies occur due to unemployment and excessive credit, rather than business failure.
The court may find Clive Palmer was a shadow director of Queensland Nickel if he is found to have been calling the shots.
Dan Peled/AAP
Clive Palmer denies being a shadow director of Queensland Nickel, but in eyes of the law, it will be his involvement in business decisions that matters.
Cross-bench Senator Nick Xenophon wants the law to change to protect gift card holders when companies collapse.
Gemma Najem/AAP
It’s not good to make law changes as a knee-jerk reaction, but in the case of insolvency and gift cards, it’s time.
Prime Minister Malcolm Turnbull speaking during a visit to the FinTech startup Stone and Chalk in Sydney.
Dean Lewins/AAP
Malcolm Turnbull spruiks his lines like one of those optimistic entrepreneurs that he urges Australians to become.
Prime Minister Malcolm Turnbull’s signature innovation statement ushers in overdue changes to Australia’s insolvency regime.
AAP/Mick Tsikas
Australia’s insolvency laws are behind world best practice and need reform.