NEW data has revealed the number of personal insolvencies recorded in Mackay and Whitsunday in June quarter 2020, compared to March quarter 2020. The figures by Australian Financial Security Authority show new personal insolvencies fell 21.6 per cent in capital cities in the June quarter compared to the previous quarter. They decreased in all capital…
Payment freezes on personal loans are masking the true nature of deteriorating personal finances, an insolvency expert has warned. Analysis by debt industry data company TDX Group found the volume of individual voluntary arrangements (IVAs) and trust deeds decreased by 39 per cent between the first and second quarter of 2020 and is down 38…
Understanding how your marriage contract will impact the management of your familys finances is essential to a happy marriage and a secure financial future, notes Cyber Finance, a debt management company. If you get married without drawing up an ante-nuptial contract, you will automatically be regarded as being married in community of property because this…
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
Australians who activated hardship programs from their energy provider should be able to access them for the rest of the year after a major ruling from a key advisory body. The Australian Energy Market Commission (AEMC) on Thursday declared most energy providers could defer their network bills for six months giving them the financial breathing…
Just days after their Belgian counterparts, the Dutch constituents of FNG have also been declared bankrupt. According to the fashion group, its chains like Miss Etam, Expresso and Claudia Strter will stand a better chance of a second life this way. Several candidates When the Belgian branches filed for bankruptcy, the Dutch chains settled for…
Just days after their Belgian counterparts, the Dutch constituents of FNG have also been declared bankrupt. According to the fashion group, its chains like Miss Etam, Expresso and Claudia Strter will stand a better chance of a second life this way. Several candidates When the Belgian branches filed for bankruptcy, the Dutch chains settled for…
Crown prosecutor Raelene Sharp opposed bail, arguing the possible risk of flight and interference with witnesses. She told the court Mr Alex, a declared bankrupt, has allegedly run businesses using a wide network of people to operate companies “on his behalf … from a paper perspective.” His access to such networks pointed to “means and…
The Insolvency, Restructuring and Dissolution Act 2018, (Act No.40 of 2018, the Act) , which came into force on 30 July, marks, for now at least, the final stage in what has been a far-reaching overhaul of Singapores insolvency and debt restructuring regime. This process had started in 2015 with some amendments to the Bankruptcy…