Construction insolvencies will level out, says Commonwealth Bank business banking head Mike Vacy-Lyle

Bankruptcy

The rapid surge that put construction industry insolvencies up more than one-third on their total last year is set to ease, Commonwealth Bank of Australia’s business banking head says. Australia’s largest bank watched the Australian Securities and Investments Commission’s insolvency statistics “very closely”, Mike Vacy-Lyle said. These showed property businesses were suffering from rising labour…

Building company facing insolvency – Central Coast News

Bankruptcy

RetireAustralia says it is committed to completing the 42 independent living apartments at Tarragal Glen Retirement Village at Erina despite the building company entering into voluntary administration. Stevens Construction (NSW) Pty Ltd, a major Central Coast company, announced on May 27 it had entered voluntary administration after almost two decades in the construction industry. Described…

Business insolvency hits new high

Bankruptcy

Crippling interest rates and sky-high prices of everyday items, from a bag of concrete to a cup of coffee, are behind record business insolvencies in Australia, research shows. The collapsing outlook for business, especially small companies, has been highlighted in CreditorWatch’s business risk index. In the year to May, insolvencies reached a record high of…

Sir Bradley Wiggins has “lost absolutely everything and doesn’t have a penny” after bankruptcy, reveals lawyer

Bankruptcy

In a shocking turn of events that has left Britain’s third-most decorated Olympian “embarrassed”, Sir Bradley Wiggins, who was declared bankrupt last week, has been forced to sleep on the couches of friends and families and is basically homeless, after his lawyer revealed that he “has lost lost absolutely everything” and “doesn’t have a penny”. News…