Thousands of Australian private businesses have become insolvent over the past 12 months after failing to fulfil ATO tax debts, credit agency data reveals.
CreditorWatch analysis of ATO tax debt defaults has revealed that 33.6 per cent of private businesses have collapsed over the last year after failing to address significant tax debts.
The research found that 1,715 out of 5,097 businesses with outstanding tax debts that exceeded $100,000 had become insolvent or had voluntarily closed.
CreditorWatch attributed this to the ATO’s lenient debt enforcement approach during the pandemic, which had significantly surged with the ATO being owed $52 billion in outstanding tax…
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IndusInd International Holdings Limited (IIHL) is set to acquire Anil Ambani’s debt-laden company Reliance Capital by February 26, 2025, following the National Company Law Tribunal’s (NCLT) approval of the company’s request, according to a report.
During a recent hearing, IIHL confirmed the submission of all definitive documents and the achievement of financial closure necessary for implementing the resolution plan for Reliance Capital, as reported by PTI citing informed sources.
The NCLT has accepted IIHL’s plea to achieve financial closure by the specified date. The next hearing is scheduled for February 26, 2025, to finalize the implementation of the approved resolution plan and facilitate the transfer of control of Reliance…
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Yorkshire business start-ups rise and insolvency activity falls in January – R3 Insider Media
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’Commonsense’ move for Aussies in debt news.com.au
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The report details how this debt crisis is jeopardising progress aimed at ending AIDS in Sub-Saharan African countries, which account for a significant majority of people living with HIV globally – 25.9 million people of the nearly 40 million total.
If debt payments and stifled budgets are unaddressed in the next three to five years, countries will be “under-resourced to fund their HIV responses,” according to the UN agency’s report.
Further data reveals that “the region’s success in having reduced new HIV infections by 56 per cent since 2010 will not be sustained if fiscal space is constrained.”
Paying back sovereign debt now exceeds half of government revenue in Angola, Kenya, Malawi, Rwanda, Uganda, and Zambia.
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Dear Dave,
My mom is 76, and the only debt she has is about $60,000 left on her mortgage. She has $600,000 in retirement accounts, plus a long-term care insurance policy. But she has just $25,000 in a money market account with check-writing privileges for everyday bills and purchases.
To be honest, this worries me. She has always lived within her means, so am I wrong to be concerned? She has also been talking about paying off her mortgage, and I’m not sure how I feel about that, either. I’d love your opinion.
Kelly
Dear Kelly,
You sound surprised that she’d still be in the stock market at her age. In my mind, that’s not a bad thing at all. It…
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Tech billionaire Elon Musk, who has been tapped by President Donald Trump to lead federal cost-cutting efforts, said Tuesday that the United States would go “bankrupt” without budget cuts.
Musk leads the efforts under the newly created Department of Government Efficiency (DOGE), and was speaking at the White House with Trump, who has in recent weeks issued a flurry of orders aimed at slashing federal spending.
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Kolkata: As West Bengal prepares for its budget presentation for the financial year 2025-26, the state faces significant financial challenges, including mounting debt, revenue constraints, and concerns over expenditure management.
On Wednesday, West Bengal Minister of State for Finance (Independent Charge) Chandrima Bhattacharya will present the state budget in the Assembly, addressing these pressing economic issues.
According to data from the state finance department, West Bengal’s total accumulated debt is expected to rise to Rs 6,93,231.66 crore by March 31, 2025. This marks a significant increase from Rs 6,30,783.50 crore as of March 31, 2024.
To put this…
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Tech billionaire Elon Musk, who has been tapped by President Donald Trump to lead federal cost-cutting efforts, said Tuesday, February 11, that the United States would go “bankrupt” without budget cuts.
Musk leads the efforts under the newly created Department of Government Efficiency (DOGE), and was speaking at the White House with Trump, who has in recent weeks issued a flurry of orders aimed at slashing federal spending. In particular, Musk pointed to the country’s budget deficit, which topped $1.8…
