Insolvency Guardian Media Centre
Surprise move on Rex Airline’s $50m debt news.com.au
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A growing number of small businesses in financial strife are turning to small business restructuring (SBR) instead of voluntary administration, using the system to retain control of their affairs while managing their debts.
But the SBR system is causing some creditors to ask if it provides the same deterrents against business failure as voluntary administration or liquidation.
Speaking to SmartCompany, one small business operator owed tens of thousands of dollars wondered if the system — designed to ease the administrative burden and cost of traditional administrator appointments — finds the right balance between collapsed businesses and those they owe.
Small business restructuring snapshot
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Star Entertainment’s safe harbour adviser has begun preparing its lender group for a potential voluntary administration, as the embattled casino operator runs out of solutions to solve a potentially terminal cash crunch.
Street Talk can reveal FTI Consulting’s restructuring specialists on Monday held a meeting via video link with Star’s biggest lenders, running them through a detailed presentation that attempted to offer a blueprint on the business’s future.
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The Salvation Army has urged Australians to reassess their finances at the start of 2025, with new research revealing concerning trends in financial literacy and debt.
According to the research, almost half of all Australians (46 per cent) are beginning the year in debt and 3.2 million (15 per cent) do not understand how interest works. Additionally, almost one in three (30 per cent) are unable to create a budget for themselves.
These findings come after an expensive Christmas and holiday season for many Australians, with over 34 per cent of people using credit cards and 17 per cent relying on buy now, pay later schemes to fund their celebrations.
Shockingly, 6.3 per cent borrowed money and 8.9 per cent sold…
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Rep. Rigby, other lawmakers sponsor bill to create medical debt relief program in PA WJAC Johnstown
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10 tips to help you recover from holiday spending The Olympian
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NCLT rejects insolvency plea, directs probe into alleged CSR fraud and fraudulent transactions involving multiple firms | Representative Image
Mumbai: The National Company Law Tribunal (NCLT) has rejected a plea filed by Andheri-based Enviro Home Solutions Private Limited, which sought to initiate a corporate insolvency proceedings against Santacruz-based firm, Max Publicity and Communication Private Limited.
The tribunal, in its order, highlighted a potentially larger scam involving multiple entities, including Suumaya Industries, Veda Multicorp LLP, and various vendors, related to alleged fraudulent Corporate Social Responsibility (CSR) transactions.
The NCLT observed that the…
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State Representative Jim Rigby is one of several lawmakers who have introduced a bipartisan bill that helps low income Pennsylvania residents.
House Bill 79 would create the Pennsylvania Medical Debt Relief Program, which targets the medical debt of low-income Pennsylvania residents for relief.
This program would also improve the finances of healthcare facilities and providers.
“In my opinion, it was a win-win; it helps those most vulnerable, and it also helps our rural hospitals that are waiting for those monies; so, if we can help with that, then I think it’s a good bill,” Rigby said.
The bill will also provide help in applying for charity care to prevent new medical debt.
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Annual figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland remained stable in 2024.
Scottish business insolvencies remained steady at 1,236 compared to 1,234 in 2023.
Figures for December 2024, showed that there were 82 business insolvencies registered in Scotland, 24% lower than the number in December 2023.
The business insolvencies comprised of 52 CVLs, 27 compulsory liquidations and three administrations.
There were no CVAs or receivership appointments.
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“Placing the company into liquidation will preserve the assets and maximise the potential returns to all creditors, without the risk of a fire sale at reduced values to the detriment of unsecured creditors.”
Franks said packaging company Enpac was owed about $78,000, while the figures for Far North and Seeka were about $260,000 and $350,000 respectively.
Seeka was added as a supporting creditor in the case.
Liquidator Gary Whimp today said he had not heard from Olivado shareholder and director Gary Hannam this year.
The Herald approached Hannam last week and called Olivado again today but there was no answer.
Olivado products include almond, avocado, coconut, macadamia and olive oil.
Olivado grew after…
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Total U.S. household debt increased $147 billion in third quarter, with 3.5% of outstanding debt in … [+]
Total household debt jumped $147 billion to top $17.94 trillion last quarter with balances increasing in mortgages, credit cards and auto loans, according to the latest data from the New York Federal Reserve released Wednesday.
Not only are Americans borrowing more, it seems they’re not paying it off at an increasing rate, as credit delinquency inched up from 3.2% to 3.5% for the same period.
These data serve as a wake-up call for many to get their financial books in order over the next six weeks and help prepare for a fresh start with the New Year — and who wouldn’t like that?
Credit card…