Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
A decade strong: Apptrade marks 10 years of providing liquidation services, auctioneering, and surplus trading BusinessWorld Online Read the original article
| COVID-19 did not create the so-called retail apocalypse. More than 9,300 U.S. stores closed in 2019, and over 5,800 did the year before that, according to tracking by Coresight Research. A timeline by business analytics firm CB Insights dates the apocalypse to at least 2015.
But the pandemic has been its most swiftly destructive horseman. Following years that saw major retailers swapping hands in debt-bingeing buyouts while consumers shifted from shopping malls to shopping online, the mass shutdown of 2020 pushed some of America’s most iconic brands to the brink.
The pandemic brought a parade of headline-making Chapter 11 filings, with…
NSW builder Clarke Homes, which formerly traded as Hotondo Homes, has been placed in administration following a meeting with creditors held on Wednesday. Picture: Facebook
NSW builder Clarke Homes, which formerly traded as Hotondo Homes, has been placed in administration following a meeting with creditors held on Wednesday.
Documents reveal the company owes employees wages and superannuation.
Clarke Homes owes in excess of $3.1m to more than 100 creditors.
Jason Porter and Joshua-Lee Robb of SV Partners have been appointed administrators.
“We have been working with the company to obtain all the company’s books and records including information on customer projects,” they said in a statement to clients.
RALEIGH — The N.C. Department of Health and Human Services has received approval from the Centers of Medicare and Medicaid Services to continue the Healthcare Access and Stabilization Program (HASP) that makes hospital incentives for the state’s medical debt relief initiative possible.
The first two years were approved in July 2024. This new approval supports the state’s work to relieve more than $4 billion and a decade’s worth of medical debt for nearly 2 million low- and middle-income North Carolinians and prevent accumulation of new debt going forward.
“Carrying medical debt for too many people is like carrying a financial anvil. North Carolina’s medical debt relief initiative is…
On his Instagram Stories, he re-shared a post from Spotify that announced that he “became the first artist to reach 150 million monthly listeners in Spotify history.” Alongside the post, he joked, “Keep streaming! I’ll be out of debt in no time!”
This comes following online rumors and a NewsNation report that the Grammy winner owed MGM Resorts over $50 million in gambling debt and was paying it off with the money made from his residency at Park MGM in Las…
Both firms operate out of headquarters in Birmingham and offices in Bristol and London employing around 160 staff.
The business switched to employee ownership in October 2021 but subsequently has struggled with rampant cost inflation and project delays as well as a broader slowdown in the market.
This impacted liquidity with cash falling from £9.9m in 2021 to just £850,000 in last published results for April 2023.
Pre-tax profit for the year fell to just £0.5m from £3.1m in 2022, with revenue also sliding by around 10% to £46m.
To give the business more headroom former shareholders provided a £1.35m loan and the firm’s bank, which helped fund the change in ownership, agreed to a loan repayments holiday until May…
omelnickiy – stock.adobe.com – illustrative purposes only, not the actual people
This man and his fiancée were supposed to be getting married this year, and they booked their venue, sent out their invitations, and had everything lined up.
His future was looking bright, but then he learned that his fiancée has been keeping it a secret that she’s in a massive amount of debt, and I do mean massive.
“It started when I noticed a huge amount missing from our wedding fund. When I asked her about it, she got defensive and said it was for “unexpected expenses,” he explained.
“That didn’t sit right with me so I did something I never thought I’d have to do, I checked her…
He earned Rs 1141 crore in September 2024 after selling a 10-acre parcel in Mumbai.
Several Indian business persons try to expand their business empires by venturing into different spaces. Sometimes, the idea works and they become more rich. However, sometimes it doesn’t work at all. Many Indian billionaires have to declare their companies bankrupt and it doesn’t affect their ‘billionaire’ tag. One such person whose airline went bankrupt after being in the air for years is Nusli Wadia, the chairman of the Wadia Group. The 80-year-old’s loss-making budget airline Go First declared bankruptcy in 2023.
However, this didn’t affect his billionaire status as he still has USD 5 billion or Rs 43894 crore net worth, as per Forbes. His Wadia…
The federal government faces an unsustainable fiscal future. In February 2025, we released our annual report on the nation’s fiscal health, highlighting both short-term and long-term risks.
Federal debt held by the public (that is, the total amount of money that the federal government owes to its investors) will continue to grow faster than the economy, which is unsustainable.
Federal debt held by the public—past, present, and future
Historically, debt has decreased during peacetime and economic expansions. But this pattern has changed in recent decades. Unless current revenue and spending policies change, by 2027 debt will reach its historical high of 106 percent of GDP,…
Dame Sue was previously a civil servant for 30 years, including serving as the Permanent Secretary at the Department for Culture, Media & Sport from 2013 to 2019. She also worked on fiscal policy and debt management policy at HM Treasury.
She was first appointed to the role, which involves chairing Advisory Board meetings and providing support and challenge to the Debt Management Office (DMO) executive team, in 2022.
The Economic Secretary to the Treasury, Emma Reynolds MP, said:
I am delighted that Dame Sue Owen will be serving a second term at the Debt Management Office.
Her expertise and experience has been, and will continue to be, incredibly valuable to the organisation as it continues its vital mission of delivering…
