The Albanese Government has today announced it will guarantee regional flight bookings for Rex customers throughout the voluntary administration process. Regional travellers can continue to book flights on REX during the process with the certainty that they will either fly or get their money back. “Rex’s continuation is in the best interests of Australia –…
In short: Complaints about how banks handle financial distress rose 25 per cent last year, the Australian Financial Complaints Authority (AFCA) said. More than half of the complaints were about a lender’s failure to respond to a request for help — a breach of national codes. What’s next? The Australian Securities and Investments Commission (ASIC) is conducting…
IBC | CIRP Of Holding Company Cannot Include Subsidiary’s Assets: Supreme Court Case no. – Civil Appeal No. 4565 of 2021 Case Title – BRS Ventures Investments Ltd. v. SREI Infrastructure Finance Ltd. & Anr. The Supreme Court on Monday (July 23) held that a holding company is not the owner of its subsidiary’s assets…
In short: Mark Stockwell was sentenced to a jail term after he was caught skimming money from his employer to pay off gambling debts. Stockwell is warning others against the dangers of gambling on sports via online betting agencies. What’s next? Various organisations are pushing for gambling reform as Australia is revealed as the world’s biggest…
New housing construction is seen at Schofields, north west of Sydney, Thursday, November 10, 2022. Source: AAP Image/ Bianca De Marchi The number of business insolvencies boomed in late 2023 and is poised to accelerate in 2024, official data shows, but industry professionals say the growing use of the small business restructuring scheme is a…
More and more home builders are collapsing across Australia as soaring materials and labour costs cripple the companies working desperately to meet the country’s surging demand for houses. Data from the Australian Securities and Investments Commission shows a gathering pace of construction insolvencies in the past three years, with 2196 builders going bust in the…
The indexation of student debt is arguably the federal government’s biggest political problem when it comes to universities. Last June, student debt balances increased by 7.1%, the highest rate in decades. While HELP loans do not attract interest, they are indexed to inflation as measured by the Consumer Price Index (CPI). When inflation remained low,…
What does it mean when a local authority goes “bankrupt”? Local authorities cannot actually go “bankrupt” in the way that a company or an individual can. Instead, they issue what is known as a section 114 notice. This is a report from the council’s finance officer that they believe that the authority is about to…
Hello, it’s Harry here in Sydney. Here’s the news you need to start your day. Today’s must-reads:• Rex enters voluntary administration • BHP and Canva deals• Rio earnings Rex has entered into voluntary administration, the second domestic airline to fail this year in a market dominated by Qantas. Regional Express Holdings Ltd., as Rex is…
