Nearly one in 10 hospitality and food services businesses closed in the past year, as cost pressures force Australians to rein in spending. A record-high 9.4% of food service and hospitality businesses shut their doors in the year to March, as economy-wide insolvencies surged 17% year-on-year, according to CreditorWatch data. Six of the seven industries with…
Genomic testing company 23andMe, which was known for hosting “spit parties” to collect saliva samples so customers could find out their ancestry, has filed for bankruptcy. It comes after years of struggling to make a profitable business model and a reputational hit from a massive data breach in 2023. Now the company’s assets are set…
390742 05: A protester demonstrates against a Bush administration plan to add private investment … More accounts to Social Security, June 18, 2001 in New York City moments after U.S. Treasury Secretary Paul O”Neill addressed a luncheon given by the Coalition for American Financial Security. (Photo by Spencer Platt/Getty Images) Getty Images The belief that…
Hooters is going bust. The U.S. restaurant chain, known for chicken wings and its skimpy “Hooters Girls” wait-staff outfits, has filed for bankruptcy protection. HOA Restaurant Group filed the motion for Chapter 11 protection Monday in the North Texas Bankruptcy Court in Dallas. It’s the latest legacy restaurant chain to run into financial trouble amid…
An Auckland man who took his fight against an $80 speeding ticket all the way to the Supreme Court, and lost at nearly every turn, racked up $34,000 in legal fees and was declared bankrupt when he could not pay them. Peter Prescott has now failed to have his bankruptcy annulled, and is liable to…
1. Starting point: Insolvency scenarios, legal and economic impact of insolvency on company pension schemes Insolvency proceedings against the employer’s assets (insolvency debtor) are initiated if one of the grounds for insolvency as defined in Sections 17f et. of the German Insolvency Code (Insolvenzordnung, InsO) applies (§ 16 InsO), i.e. if the insolvency debtor is…
A GP surgery manager who deducted pension payments from her staff’s wages but failed to pay them into the NHS pension scheme has been handed seven years of bankruptcy restrictions. Sonia Simkins, 54, from Foxglove Way in Dudley, ran Hawes Lane Surgery in Rowley Regis, which closed in July 2024 after Simkins was made bankrupt.…
Insolvency activity rises in Yorkshire and Humber but number of start-ups also lifts Yorkshire Post Read the original article here
The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) is collaborating with the Federal High Court to enhance the efficiency of insolvency procedures, as part of efforts to strengthen business recovery processes in the country. The President of BRIPAN, Mr. Chimezie Ihekweazu, SAN, disclosed this in Abuja during a courtesy visit to the Chief…
The Federal High Court has partnered the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) to enhance the country’s business recovery and insolvency framework, aiming to improve the efficiency of insolvency procedures in Nigeria. Insolvency law provides a legal framework for managing the financial affairs of individuals and companies facing such situations. Chimezie Ihekweazu,…