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…

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…

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.

Ngaiwi Developments owes Inland Revenue $2.3m, NZ Mortgages and Securities $793,000, Edenbay Properties $270,000 and unsecured trade creditors $479,000, the report said.

Total debts are yet to be quantified but the only assets are $25,000 cash in the bank, according to Tony Maginness and Jared Booth.

Stewart had the liquidators appointed when various factors combined to mean his company could not continue.

A Google Street View image showed a Sorenson Build’s sign at the front of the site in June 2022.

However, a check with that business resulted in the Herald being told the company was not a creditor. Sorenson is not a creditor in the schedule on the liquidators’ initial report.

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?

Bollywood actor Akshay Kumar recently faced a setback in his legal battle as the National Company Law Tribunal (NCLT) dismissed his insolvency petition against the ed-tech company Cue Learn Pvt. Ltd. The dispute revolves around an endorsement agreement Kumar signed with Cue Learn in March 2021, for a total fee of ₹8.10 crore. According to the terms, this amount was to be paid in two equal installments. While the first installment was duly paid, the second installment, amounting to ₹4.83 crore, was allegedly withheld by the company.

Akshay Kumar filed the petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), claiming that the unpaid amount constituted “operational debt.” However, Cue Learn argued that…

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…

By R. Chandra Mouli

Filing an insolvency petition can work wonders, especially in an ecosystem that favors creditors, further to the constitution of the National Company Law Tribunal. 

If you want to know when NCLT was established, the answer can be found in the Exam Prep lessons – published by Byju’s. 

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