Allianz Trade does not expect a tsunami of business insolvencies as recorded in the aftermath of the great financial crisis, when global insolvencies skyrocketed by +17% and +19% in 2008 and 2009, respectively. However, the catch-up should be noticeable in several countries, in particular the advanced economies of Europe, due to specific firms (the most…
Editor’s note: After this story was published, the federal government proposed to change the HECS-HELP indexation rate to match whichever is lower out of the Consumer Price Index (CPI) or the Wage Price Index (WPI). If passed by parliament, the revised indexation rates would be backdated to June 1, 2023, and loan amounts would be…
London | Britain’s insolvency service has launched a court action to ban fallen Australian financier Lex Greensill from running or controlling any company for 15 years – the toughest possible penalty. The UK Insolvency Service has been investigating the spectacular collapse three years ago of Mr Greensill’s eponymous supply-chain finance company, after insurers pulled the…
Parents from 26 West Australian schools have been left without professional photos of their children, that they paid for, after a school photography business went under. Liquidators were appointed for Academy Photography Australia late on Friday May 10th 2024. Drive understands 26 WA schools are in the same position, having had school photos taken which…
Mar 17, 2024 10:00 AM IST Bruno Mars owes millions to MGM casino for hefty poker debts, risking long-term partnership: Report Bruno Mars is renowned for lighting up the stage, but recent reports alleging a staggering $50 million gambling debt at the MGM Grand have fans buzzing for a different reason. In 2016, the singer-songwriter…
Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday, saying that it had entered into agreements with the vast majority of its secured note holders and that it intended to trim “non-operational” leases. The bankruptcy filing is limited to WeWork’s locations in the U.S. and Canada, the company said…
The federal government has announced it will guarantee all flight bookings for the embattled airline Rex as it continues its regional operations while under voluntary administration. On Thursday the transport minister, Catherine King, said Rex customers flying on regional routes would now have certainty “they will either fly or get their money back”, with the…
Australians in their 20s have HECS/HELP debts more than $10,000 greater in real terms than did people 20 years ago HECS/HELP no longer operates as it was supposed to. What was intended to be a modest contribution to the cost of higher education repaid once you earned nearly 90% of average earnings is now saddling…
Victor Wembanyama’s former team Metropolitans 92 goes bankrupt / News BasketNews.com Read the original article here
Several of these factors contributed to the rising levels of formal insolvency appointments and distressed asset sales seen over the past year, which is likely to continue into 2024. In this article, we look back at, and think forward to, the trends and legal developments which businesses, insolvency professionals, accountants and investors need to be…