The Australian Administrative Appeals Tribunal, on the joint application of the parties, agreed to replace an order cancelling a liquidator's licence and replace it with a period of suspension and a further period during which he must not act as sole liquidator.
Australia is cancelling the debts of students of a large failed education provider that once had government backing. It's also obtained massive penalty and restitution orders. But there is a fly in the ointment.
Now here's a surprise: Australian regulator ASIC has charged (actually charged, as in criminal charges) three people with laundering the proceeds of an attempt to manipulate an insolvency. Other countries have long included insolvency offences as predicate offences for money laundering purposes: this is the first case we can think of where action has been taken.
On 5th July 2018, a UK company, Gin Festival Limited, went into administration and its website www.ginfestival.com was taken down .. So, what's this, then...?
Even though the UK classifies land-banking as a collective investment scheme and regulates it as such, the Insolvency Service says that far too many people are losing their money in such schemes
The USA lumps all kinds of insolvency proceedings under the single heading of "bankruptcy" and so its headline figures are misleading. But behind the headline figure - that there was a near-30% increase in 2009 as against 2008 - there are some trends that indicate a deep malaise in the US economy - and signs that there's still a long way to go before bad debt has returned to actuarially acceptable levels.
Don't be under any illusions: GM didn't start dying within the last two years. It has been suffering from a terminal illness for thirty years. It is doubtful if the latest operation will bring anything but respite.
