The number of insolvencies has continued to rise and remains well above pre-COVID-19 levels, the latest ASIC data has revealed. ASIC’s latest insolvency figures indicate there were a total of 9,996 companies that had entered external administration or had a controller appointed at 2 June this year. The insolvency figures for the 2023–24 financial year…
SIR Bradley Wiggins is bankrupt, homeless and has “lost absolutely everything”, his lawyer says. The Olympic cyclist became the first Briton to win the Tour de France but has suffered ongoing financial difficulties with his business ventures. 4 Sir Bradley Wiggins won eight Olympic medalsCredit: Getty 4 He was declared bankrupt earlier this month after…
Amsterdam-based The Next Closet, a peer-to-peer marketplace for secondhand designer clothes and accessories has been declared bankrupt by the Amsterdam court. It is still being determined why bankruptcy was filed by the company. “The resale market in the fashion industry is currently very competitive, so profit margins have become very thin. That is the main…
More Australian companies are failing and the construction industry is faring the worst of all. During the nine-month period from 1 July 2023 to 31 March 2024, more than 7,700 companies entered external administration, a 36.2 per cent increase on the previous corresponding nine-month period ending 31 March 2023. According to the Australian Securities and…
New York CNN — It’s been a rough year for some household-name US retailers and businesses. As the economy emerged out of the Covid-19 pandemic, companies faced a laundry list of problems arising from high costs, supply shortages and growing competition. As a result, several big names filed for bankruptcy in 2023. A bankruptcy doesn’t…
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Increased number of restructuring and court liquidation appointments The report also highlighted a notable increase in restructuring and court liquidation appointments. There were 878 restructuring cases, a 294.6% increase, and 1,593 court liquidations, an upsurge of 218.8% compared to the prior period. These figures exceed those recorded for the entire preceding fiscal year, which ended…
NEW YORK (AP) — Just months after filing for bankruptcy, SmileDirectClub announced it was shutting down its global operations and halting its teeth-aligner treatments. That leaves existing SmileDirectClub customers with a lot of questions and few available answers. The company is offering no more customer care support and few details about possible refunds are available…
The 3rd largest economy in terms of GDP is on the brink of bankruptcy with a colossal debt (274%) and a freely falling currency. If the trend continues, the problems will be terrible for the entire world. The Yen in Free Fall The Japanese currency is not yet in free fall, but it could well…
Track record of insolvency – implications for licensing A recent decision of the Tribunal, affirming a licensing decision under the Home Building Act 1989 (HB Act) of the regulator to refuse an application to renew a qualified supervisor certificate, reveals the keen focus of the regulator on using its licensing powers to clean up the…