buildings BCR Advisory
Bankruptcy Insolvency

Twelve month good behaviour bond for offence against the Bankruptcy Act

This media release was sourced from Australian Financial Security Authority. Media release: NSW (ROSENBERG) Mr Gary Steven Rosenberg of St Ives, New South Wales, was sentenced on 21 February 2017 after pleading guilty to an offence of materially contributing to his insolvency by gambling. Mr Rosenberg filed for voluntary bankruptcy in June 2014. Between June […]

buildings BCR Advisory
Insolvency World business

Massachusetts Bankruptcy Court Sends a Reminder on Avoiding the Substantive Consolidation Trap

 This article was sourced from Mintez Levin. Article by Charles W. Azano. There are numerous reasons why a company might use more than one entity for its operations or organization: to silo liabilities, for tax advantages, to accommodate a lender, or for general organizational purposes. Simply forming a separate entity, however, is not enough. Corporate formalities […]

BCR Advisory team
Bankruptcy Insolvency

Fifth Circuit Rules for PACA Claimants, and Weakens PACA, All in One Curious Ruling

 This article was sourced from JD Supra Business Advisor. Article by Leah Fiorenza McNeill.  Most restructuring practitioners are aware, either vaguely or through punishing experience, of the power of PACA creditors.  PACA (or the Perishable Agricultural Commodities Act, 7 U.S.C. § 499a et seq. for those who hate brevity) requires that buyers of produce hold such […]

BCR Advisory Sydney
Insolvency

Herringbone and Rhodes & Beckett have gone into administration

This article was sourced from Business Insider Australia. Article by Chris Pash. Fashion clothing brands Herringbone and Rhodes & Beckett have gone into voluntary administration, joining a growing list of retailers seeing customer support fade. They have 29 stores with 140 employees. Insolvency group Cor Cordis has been appointed administrator. They follow fashion labels Marcs and […]

Insolvency BCR Advisory
Insolvency

Another Australian retail failure — Marcs and David Lawrence are going into administration

This article was sourced from The Australian Business Review. Article by Bridget Carter and Scott Murdoch. Fashion labels Marcs and David Lawrence have gone in to voluntary administration, citing deteriorating sales, general market conditions and poor cash flow. They are the latest in a string of players in the retail sector, under pressure from online trading […]

Bankruptcy BCR Advisory
Insolvency

Australia: Liquidators and the TGA – legislative and practical issues

This article was sourced from Mondaq. Article by William Clement and Ian Currie. Liquidators can face significant issues when appointed over companies that operate under the licensing regime of the Therapeutic Goods Administration (TGA). The TGA is a Commonwealth Government agency administered by the Department of Health. It’s responsible for regulating the supply, import, export, manufacturing and […]