Insolvency deal approved for Donegal councillor with 4.2m debts – Irish Times

A High Court judge has approved a personal insolvency arrangement for Donegal county councillor John ODonnell, who has debts of more than 4.2 million. A meeting of Mr ODonnells creditors had last month had rejected the proposed arrangement. Mr ODonnell, an Independent Councillor, previously featured in an RTÉ Investigates programme on standards in public office.…

Company collapse: Boss goes to Vegas, staff lose thousands – Rockhampton Morning Bulletin

EX-STAFF of a prominent Mooloolaba restaurant will only receive about 13 cents for every dollar of superannuation they’re owed by former boss Todd Young. Mr Young hit Las Vegas with his partner just days after winding up Todd Young Investments Pty Ltd on December 29, 2015. His company operated Bella Venezia restaurant at Mooloolaba through…

BROKE: 66 declare bankruptcy on the Coast in 3 months – The Sunshine Coast Daily

ONE-hundred-and-thirty-eight people in the Sunshine Coast and Noosa region have filed for bankruptcy or started personal insolvency activity in the December quarter of 2016. Of those 138, 66 filed for bankruptcy and 59 started a debt agreement and personal insolvency with debtors. A further 13 in the Sunshine Coast hinterland were counted in the total…

Phoenixing companies too easy and lucrative in Australia, new report finds – ABC Online

Phoenixing companies, which costs the Australian economy billions of dollars a year, is too easy, cheap, lucrative and is largely invisible, according to a new report into the practice. What is phoenixing? When a director strips cash and assets before hiding them and liquidating the company, then restarting Usually restarted under a different…