Summer holidays. For many of us, that means family gatherings, beach breaks and test match cricket.

For many businesses, it means the office or worksite closes for potentially up to a month. What results? A cashflow shortfall in the new year due to limited billable income whilst continuing cash outflows, particularly for employees’ annual leave and superannuation. Without sufficient cash reserves, businesses may find themselves unable to pay staff and suppliers.

Appointing external administrators may be appropriate where the business’s situation is terminal. However, where a better outcome is foreseeable, company directors can protect themselves against insolvent trading risks by utilising the safe harbour insolvency regime.

The…

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With debt levels in Canada reaching new heights, the government is trying to crack down on predatory debt professionals with steep fines for bad actors. But finding trustworthy help still feels like navigating a minefield.

More than a quarter of Canadians don’t expect to pay at least one of their current bills and loans in full, according to January data from consumer credit reporting agency TransUnion. About one-fifth of people intend to take on additional debt or refinance existing credit in the next year, of which 43 per cent expect to apply for a new credit card.

The heightened demand for credit has opened a door for bad actors who make misleading promises to help…

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Recent economic trouble is taking a toll on Aussies, with a large increase in the number of people seeking financial counselling.

In 2024, over 169,000 people reached out to the National Debt Helpline (NDH), a 12 per cent increase on the year prior.

Meanwhile, website visits to the NDH climbed by 32 per cent over the year, reaching a total of 647,000.

According to Financial Counselling Australia (FCA) CEO Peter Gartlan, these statistics highlighted just how many people are struggling to keep on top of debt.

“The increase in people coming to the NDH for help shows how difficult it is for many people at the moment. Cost of living pressures are mounting and having a significant impact on the financial…

My parents joke that the first thing I ever read was the Washington Post sports section. Growing up, my days started and ended with the bolded scores in that paper. Ever since my first foray into those hallowed pages, my knowledge of sports has run deep. 

That’s why, when my friend told me to download PrizePicks — the daily fantasy sports betting app — a few months ago, I figured I would be at an advantage. Every day, PrizePicks and other similar sports gambling sites use algorithms to set lines on myriad statistics for players across a wide range of sports. Users then wager money if they believe a given player will go “over” or “under” their statistical line. With new calculations every day, there’s always an…

The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of the once-iconic Tulip Hotels after the creditors of the company failed to receive any viable resolution plan. The tribunal also appointed Krishna Gopal Ratanlal Maheshwari as the liquidator.

“The liquidator shall endeavour to sell the company as a going concern during the liquidation in terms of Regulation 32A of the liquidation process regulations,” said the tribunal, presided over by judicial member Kishore Vemulappalli and technical member Anu Jagmohan Singh, in its order of January 16.

Before the tribunal’s order, counsel Nausheer Kohli, appearing for the company’s resolution professional (RP) informed the tribunal that since no resolution plan had…

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NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it. Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. After they defaulted, the financial creditor Yes Bank invoked the guarantee of Rs 450 crore each given for both loans.

However, the RP of Tulip Hotels submitted that during the prescribed timeline…

The National Company Law Tribunal (NCLT), Mumbai on 16th January 2025 approved the resolution plan for the corporate debtor Rite Builtec Private Limited, marking a significant milestone in resolving this long-pending Slum Rehabilitation Authority (SRA) project in Devipada, Borivali, Mumbai. Aspect Global Ventures Private Limited is the successful resolution applicant. The resolution plan involves payment of Rs 36 crore to sole financial creditor Omkara Assets Reconstruction Private Limited against its total admitted claims of Rs 105 crore. The resolution plan also has provision for payment of rent amount payable to 750 and slum dwellers, as may be directed by the Slum Rehabilitation Authority (SRA).

This…