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The principal effects of voluntary administration are: the company's business, property and affairs come under the control of the administrator: [ 55 ] the company's officers lose the right to use their authority and can only exercise that authority with the written approval of the administrator;
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.
The Federal Court of Bankruptcy was an Australian court that was established in 1930, [1] pursuant to Chapter III of the Constitution. The jurisdiction in bankruptcy was shared with state courts. [2] On 1 February 1977 the bankruptcy jurisdiction was transferred to the newly established Federal Court of Australia.
HIH Insurance was Australia's second-largest insurance company before it was placed into provisional liquidation on 15 March 2001. The demise of HIH is considered to be the largest corporate collapse in Australia's history, with liquidators estimating that HIH's losses totalled up to $5.3 billion. Investigations into the cause of the collapse ...
In Australia, bankruptcy is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966. [16] Companies do not go bankrupt but rather go into liquidation or administration , which is governed by the federal Corporations Act 2001 .
Key takeaways. There is no minimum amount of debt required to file for bankruptcy. Because of legal fees and long-term financial consequences, it may not be worth filing with less than $10,000 in ...
In India, bankruptcy and insolvency are generally regulated by the Insolvency and Bankruptcy Code 2016. The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
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