Pleas for assistance with business insolvency matters have jumped 50%, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) says, showing the extent and severity of the cash flow crunch. The ombudsman received 6,254 requests for help over the 2023-2024 financial year, a 10% increase from the year prior, according to a summary of its…
Highlights Satish Kumar Gupta has been appointed as the liquidator of Jet Airways India Limited. The NCLT has lifted the moratorium imposed on Jet Airways. The NCLT has ordered the liquidation of Jet Airways, following a plea by the Jet Airways Cabin Crew Association. The National Company Law Tribunal, Mumbai has appointed Satish Kumar Gupta…
A seaside attraction which owes £51 million to the council appears to be facing imminent closure as it files for insolvency. Brighton i360 Ltd, the company behind the iconic observation tower, has notified administrators, citing mounting operational costs, uncooperative weather during peak tourism seasons, and the pervasive cost-of-living crisis as the main culprits behind this…
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Xiaodi Hou, the co-founder and former CEO of self-driving truck startup TuSimple, is demanding that the board immediately liquidate the company and return all remaining funds – roughly $450 million – to shareholders “on a pure pro-rata basis, regardless of share class,” according to a letter that TechCrunch has viewed. Hou is also suing TuSimple…
The International Monetary Fund and the World Bank have established a new approach to what they view as a pervasive liquidity crisis in many low-income countries and some emerging markets. According to this assessment, many countries are simply facing a short-term liquidity problem led by a concentration of debt service payments at a moment when…
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 silver lining. Data released by the Australian Securities and Investments Commission (ASIC) on Tuesday shows 727 companies entered external administration or…
Australia Post is changing the way it negotiates with its small business licensees, after quietly liquidating the advisory forum it has used for more than 20 years. The government-owned postal giant now says it will ‘reinvigorate’ its relationship to thousands of licensed post office (LPO) operators. But some industry representatives fear it won’t do enough…
As the festive season approaches, many of us struggle to manage our finances, and for some, particularly those already facing difficulties, Christmas can lead to an even deeper spiral into debt. Since 1996, Christians Against Poverty (CAP) has been helping people break free from debt. The charity was founded in Bradford by John Kirkby, who…