Research from Alares suggests the spike in business insolvencies is being driven primarily by tax debt. Outstanding debts owed to the Tax Office are pushing a growing number of Australian businesses into voluntary administration in hopes of preventing a collapse. Tax debt is the primary driver behind the growing number of business recovery activities engaged…
On Tuesday, Tesla (NASDAQ:)’s CEO Elon Musk made a bold statement about the potential consequences for anyone holding a short position against his company. Musk suggested that even someone with the wealth of Bill Gates could face bankruptcy if Tesla becomes the most valuable company in the world. The context of Musk’s claim is rooted…
Insolvency specialists Begbies Traynor enjoyed a surge in revenues in the six months to the end of September 2024 and are on course to hit a target of £200m in income. Analysts expect the Manchester-based professional services group to post full year “adjusted” pre-tax profits of £23.0m-£24.3m, which this morning’s statement said the company was…
Munich-based spyware company FinFisher declared insolvency last month, Bloomberg and Netzpolitik Monday, amid an ongoing investigation into its business dealings. The controversial firm was accused of selling surveillance spyware to repressive regimes to target dissidents, activists, and journalists. “FinSpy,” the company’s most profitable spyware, has been monitored by the German government and human rights organizations…
After rising from notoriety to public office, a leading voice in the infamous fight against plans for a mosque in country Victoria has been declared bankrupt and has quit her position as a city councillor. Julie Hoskin played a key role in the vocal, but ultimately defeated, campaign to block Bendigo’s first mosque, which drew…
Tesla Inc. TSLA CEO Elon Musk quipped on X that Microsoft Corp. MSFT co-founder Bill Gates could face bankruptcy if Tesla becomes “the world’s most valuable company by far,” escalating their long-running dispute over Gates’ short position in the electric vehicle maker. What Happened: The statement comes as Tesla’s market capitalization stands at $1.251 trillion,…
Tupperware Tupperware Brands, the company that revolutionised food storage decades ago, has filed for Chapter 11 bankruptcy protection in the US in September. Just a few months later, it was revealed Tupperware would pull its operations out of Australia. Tupperware reportedly decided to wind up manufacturing and sales Down Under, potentially resulting in around 10,000…
A decades-old non-profit with a mandate of supporting B.C.’s small businesses abruptly declared bankruptcy – resulting in dozens of employees losing their jobs weeks before Christmas. The president of the board of directors for Small Business BC gave a letter to employees last week, saying an insolvency trustee had been appointed to “begin the bankruptcy…
“The federal government likes to say that it is on the side of small business, yet all we see is more and more businesses go to the wall,” Hunter said. “To keep good businesses thriving, the NSW government needs to take a serious look at lowering payroll tax levels, bed down proper reform of the…
26 September 2024 Creditors successful in direct claims for compensation against directors In 2023 the Supreme Court confirmed in the Mainzeal decision that section 301 of the Companies Act could be used for direct claims by creditors against directors for losses suffered as a result of breach of director duties. This was recently used by…