An overhaul of the insolvency industry is set to hand more power to creditors and regulators to expose “phoenix” businesses that deliberately go broke, only to reappear in a different guise.
According to the Australian Financial Review, the Australian Securities and Investments Commission will get $11.4 million in extra funding to police the industry, as well as new powers to ban insolvency practitioners.
Banks shore up funding
Australia’s largest banks have been formulating contingency plans to avoid a credit freeze should the Eurozone break up.
With a mountain of debt weighing upon European countries, the eurozone’s credit rating is expected to be cut next week. Westpac chief Gail Kelly says that the bank was on a ”conservative footing” due to the debt crisis.
EU puts brakes on Google-Motorola deal
Google’s takeover of Motorola Mobility has been put on ice after European Union regulators suspended their review of the move.
Regulators have demanded more information about the deal, which has seen Google offer $12.5 billion for the tablet and smartphone maker.
The Dow Jones industrial average was down by 60.51 points, or 0.50%, to 11,960.88. The Australian dollar was steady at 100.90 US cents.
You can help us (and help yourself)
Small and medium businesses and startups have never needed credible, independent journalism and information more than now.
That’s our job at SmartCompany: to keep you informed with the news, interviews and analysis you need to manage your way through this unprecedented crisis.
Now, there’s a way you can help us keep doing this: by becoming a SmartCompany supporter.
Even a small contribution will help us to keep doing the journalism that keeps Australia’s entrepreneurs informed.