Since the pandemic, during which insolvency rates were low due to government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and…
For three million Australians, the announcement of a reduction in indexation on their HECS and HELP student loan debt is welcome. The change means an estimated $3 billion will be wiped from student’s debt from July, because the amount is backdated to include the indexation added in 2023. Also, proposed changes to the rate of…
A recent judgment of Chief Justice Blow in ARL2 Pty Ltd v Flex Realty Pty Ltd [2024] TASSC 5 is a reminder of the crucial role that compelling evidence plays in rebutting a presumption of insolvency. The court ultimately dismissed the plaintiff’s winding up application on the ground of insolvency based on the defendant’s failure…
Australian airline Bonza will be placed into liquidation just months after going into involuntary administration. On Tuesday, administrator Hall Chadwick announced the news following a second meeting of creditors, where it was revealed that they “had not received any offers for the sale” of Bonza. “The Administrators ran an extensive sales campaign involving numerous investors,…
The MGM Grand have denied that Bruno Mars reportedly owes the casino $50million (£39million) in gambling debt. Mars is set to enter his ninth year performing a residency in Las Vegas, however earlier this week saw News Nation report that the singer is paying off his debts to MGM. A “well-placed Vegas insider” reported that…
Chinese company that sparked fears of financial contagion falls into bankruptcy Financial News Read the original article here
Booktopia has been placed in voluntary administration, with its administrators exploring options for selling and/or recapitalising the business. The book retailer has appointed McGrathNicol Restructuring partners Keith Crawford, Matthew Caddy and Damien Pasfield as voluntary administrators, who issued a statement saying they are undertaking “an urgent assessment” of the company’s trading position. The first statutory…
Bruce Chapman, economist & designer of HECS loan system, says the student debt relief will not do anything to inflation numbers, “nothing will happen because of this.” Andrew Norton, ANU Professor in the Practice of Higher Education Policy questions if HECS debts should be pegged to the CPI or WPI, or if a different…
A FORMER Rugby World Cup winner and ex-England captain has been declared bankrupt – and his company has gone into liquidation. Phil Vickery, who was part of the country’s triumphant Rugby World Cup winning team, has racked up “hundreds of thousands of pounds” in debt, a source claimed. 3 Rugby star Phil Vickery, centre, has…
Melbourne caravan maker goes bust Herald Sun Read the original article here