Last December, three-time All Star and two-time AL MVP Shohei Ohtani signed the biggest contract in North American sports history to join the Los Angeles Dodgers. But just weeks into his tenure with the Dodgers, the two-way star is in the middle of an investigation by MLB and law enforcement involving allegations of $4.5 million…
In this week’s TGIF, we examine the recent case of Re Eliana Construction and Developing Group Pty Ltd [2023] VSC 639 which considers guarantor subrogation rights in insolvency scenarios. Key takeaways This case provides a pertinent reminder that deeds and guarantor agreements may alter the rights of parties in a liquidation scenario. Creditors, particularly those…
An Australian company has collapsed leaving a trail of creditors owed more than $900,000, including up to 20 customers who had paid deposits but never had the work done. Melbourne (Wholesale) Roller Shutters went into liquidation in March with 41 unsecured credits left out of pocket by $908,000, according to an initial report from liquidators…
KEY POINTS There must be changes to the way student loans are increased, Teal MPs say. It comes as the government mulls changes following a report into Australia’s higher education system. The government is considering recommendations to make the system fairer, the education minister says. Federal Teal MPs want changes to the way higher education…
Birmingham city council has voted to approve spending control measures, as well as endorsing a “financial recovery plan” that is already under way. The council debated the plan to tackle an estimated £760m equal pay liability before giving the go-ahead for the section 114 notice it issued earlier this month. The notice in effect declared…
Over the past two years, voluntary administration has become an all-too-common phrase in the beer world, a sign of the challenges faced by the brewing industry at a time when the wider economy is experiencing an ongoing downturn. While the number of VAs represents only a small percentage of the entire brewing industry, the attention…
Michael was just 17 when he placed his first bet on a horse race. Key points: The federal government is considering reforms to online gambling A parliamentary inquiry has recommended a complete ban on gambling advertising within three years A regional Queensland man says the accessibility of gambling through apps and advertising make it difficult for people…
Look, if you’ve been plotting an investment strategy using tips from Instagram influencers, you’re probably beyond our help. But we have to try – it’s our job – and the latest instalment in the sorry tale of Tyson Scholz, the online stock trading “educator” with a taste for Ferrari, Bugatti and Rolls-Royce cars, high-end champagne,…
When a black swan event happens, such as the 2008 financial crash or the COVID-19 pandemic, vulnerabilities and inadequacies of insolvency systems become evident. This is due to the impact of high levels of indebtedness, large volumes of non-performing loans (NPLs), and default risks. During these events, judicial insolvency procedures tend to be time-consuming and…
The Australian Taxation Office denied debt relief to a taxpayer despite acknowledging the person was in serious financial hardship and at immediate risk of homelessness, according to details released by the tax ombudsman. The person, whose name was not disclosed, is one of many caught by the ATO’s widely criticised “robotax” scheme that has resurrected…