BNET Business Dictionary
Business Definition for: Accounting Insolvency
- the condition that a company is in when its liabilities to its creditors exceed its assets
Additional Resources
- Insolvency advisors must address conflicts of interest. (Canadian Insert).
- Both accounting and legal professionals must always consider possible conflicts of interest before accepting an assignment for a client. However, in insolvency administration, there appears to be a tendency for the financial advisers to ignore the Both accounting and legal professionals must always...
- Research articles 2003-01-01
- Merrill Lynch, C&L cited for fraud in insolvency.
- WASHINGTON--The insolvency of Guarantee Security Life was caused by outright fraud involving two of the nation's respected investment and accounting firms, according to the Florida insurance commissioner. Outlining an extraordinary scheme involving WASHINGTON--The insolvency of Guarantee Security Life was caused by outright fraud...
- Research articles 1992-05-25
- Knights to take its own medicine.(Knights Insolvency Administration)(Brief Article)
- May 08, 2005 (The Australian Financial Review - ABIX via COMTEX) Knights Insolvency Administration is a Brisbane-based accounting firm. The group has disclosed that it will take a number of measures to cut costs drastically, in a bid to stay solvent. It will provide regular...
- Research articles 2005-05-08
- PwC found liable in old insolvency; 20 years after insurer's collapse, jury puts auditor on hook to pay claims.(PricewaterhouseCoopers L.L.P. )
- Byline: MEG FLETCHER NEWARK, N.J.-Most policyholders of Ambassador Insurance Co. could have their claims paid in full following a $119.9 million jury verdict in an accounting malpractice case brought against the long-defunct surplus lines insurer' Byline: MEG FLETCHER NEWARK, N.J.-Most...
- Research articles 2005-08-15
- GAO skewers state regulators. (General Accounting Office)
- General Accounting Office Asst Comptroller General Richard L. Fogel told the House Subcommittee on Oversight and Investigations that the inefficiency and irresponsibility of California, New York and Virginia state regulators caused the insolvency of four life insurance companies. Fogel charged that the regulators failed to act on the known financial...
- Research articles 1992-09-14
- NAIC's securities valuations blasted. (General Accounting Office report on National Association of Insurance Commissioners state solvency regulations)
- The General Accounting Office GAO has criticized the National Association of Insurance Commissioners NAIC and its Securities Valuation Office SVO for establishing inadequate bond valuation standards and failure to enforce the state solvency regulations for the insurance industry. The GAO cited that in 6 out 56 cases studied, SVO ratings...
- Research articles 1993-01-11
- It's more than just insolvency.
- Nov 1, 2001 (The Courier-Mail ABIX via COMTEX) -- The investigation of failed Brisbane accounting firm Harts Australia will extend past the obvious issue of insolvent trading. It will include six million Harts shares given to Birralee Investments in November 2000, in what board...
- Research articles 2001-10-31
- A potential for conflict.
- Sep 19, 2003 (BRW - ABIX via COMTEX) The accounting profession is keeping a close eye on the initial performance of Knights Insolvency Administration on the stock market. This is not surprising, given that the three previous accounting firms to list on the Australian...
- Research articles 2003-09-19
- The Upside of Failure | BTalk Australia
- (17min 15) When your business fails the tendency is to blame yourself. It can be an incredibly lonely time. Yet many of the world’s most successful business people have re-emerged from failure. With a few failures behind him Mark Kenway offers advice for anyone experiencing a business...
- Blog posts 2009-02-04
- Pension rule 'puts BT and BA at risk'
- A NEW accounting standard requiring companies to reflect the value of their pension fund on their balance sheet will lead to "the insolvency of one or more major companies, for example, British Airways, Marconi or BT", claims a former Bank of England economist. Neil Record, head of...
- Research articles 2002-02-17
- Winding Up a Business
- If your business is experiencing financial difficulties and is likely to fail, you may need to close your doors to avoid making the situation worse than it already is. You have a legal duty to cease operating when there is no chance of your business recovering and paying back its...
- Articles 2007-10-02
- International Financial Architecture: An Update on World Bank Group Activities
- The World Bank Group is contributing to a range of activities to strengthen the international financial architecture. This information note provides an update on selected Bank Group activities in the areas of implementation of standards, financial sector assessments, corporate governance, accounting & auditing, insolvency & creditor rights, debt management, combating...
- White papers 2001-11-01
- Protiviti acquires Baltimore-based Penta Advisory Services LLC
- Protiviti Inc., of Menlo Park, Calif., a provider of independent business and technology risk consulting and internal audit services, said it has acquired Penta Advisory Services LLC, of Baltimore. Penta, which also has an office in Richmond, Va., provides restructuring and insolvency services; litigation services; and bankruptcy-related tax, accounting and...
- Research articles 2007-04-04
- ASIC acts in ARG doubts.
- Sep 25, 2002 (The Age - ABIX via COMTEX) The Australian Securities & Investments Commission ASIC is seeking to put receivers into Australian Rural Group ARG. The corporate watchdog believes Australia's largest agricultural and aquaculture management company and its subsidiaries, including ARG Management...
- Research articles 2002-09-25
- ASIC seeks receivers for Aust Rural Group.
- Sep 25, 2002 (The Sydney Morning Herald - ABIX via COMTEX) The Australian Securities & Investments Commission ASIC is seeking to put receivers into Australian Rural Group ARG. The corporate watchdog believes Australia's largest agricultural and aquaculture management company and its subsidiaries, including ARG...
- Research articles 2002-09-25
- Make GST call sooner, taxman told.
- Apr 21, 2002 The West Australian ABIX via COMTEX -- A Western Australian firm has called on the Australian Taxation Office ATO to tighten its goods and services tax GST collection system. Accounting firm RSM Bird Cameron's Perth insolvency partner, Mark Conlan, said there...
- Research articles 2002-04-21
- Helping hand for firms on the brink.
- Feb 25, 2003 (The Sydney Morning Herald - ABIX via COMTEX) Banks are left holding onto $A5bn in bad loans every year as about 5,000 Australian companies slide into insolvency. However, according to Macquarie Bank and accounting firm, KPMG, some of these companies could ...
- Research articles 2003-02-25
- Float cleared.
- Aug 14, 2003 (BRW - ABIX via COMTEX) Knights Insolvency Administration had hoped to list on the Australian Stock Exchange ASX on 31 July 2003. However, the Queensland-based accounting firm's timetable had to be abandoned when the Australian Securities and Investments Commission ASIC issued...
- Research articles 2003-08-14
- Risk consultants open EC office.(THE REGION)
- Kroll, a leading risk consulting company, on Jan. 8 announced the opening of an office in Grenada, to service clients throughout the Eastern Caribbean, providing risk consulting services, including investigations, forensic accounting, asset tracing, litigation support, insolvency and due diligence. It will also work closely with...
- Research articles 2008-02-01
- Pre-Payment Rip-Offs Leave Consumers Out of Pocket
- Every pre-payment is an act of faith -- and too many consumers are being betrayed, according to consumer champions Consumer Focus. It is calling for customers to be 'promoted' to preferential creditor status -- and for company directors who misuse pre-paid funds to...
- Blog posts 2009-08-10
