The Ombudsman has issued a guide to help Australian small businesses navigate the challenges of paying or collecting a debt.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has revealed a new guide for small businesses has been developed to help them overcome the challenges of paying or collecting debt.

Ombudsman Bruce Billson said he had experienced a 50 per cent increase in calls from small businesses worried a supplier was insolvent or that their own business was insolvent.

“Outstanding debts can be overwhelming for a small business, whether you are owed money by a customer or you owe money to a supplier,” Billson said.

“Businesses usually…

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• But they often charge high fees for something taxpayers can do on their own.
• If you’re struggling to pay your tax bill, contact the IRS first to go over your options.

If you’re one of the millions of Americans who are behind on federal…

Electric car owners face the prospect of being left with unfixable vehicles after a manufacturing firm announced it had gone bankrupt.

More than 400 owners of vehicles made by Fisker could find themselves up to £70,000 out of pocket – after the Californian-based company declared it had gone bust in June.

A number of drivers say their cars have been plagued with issues – including brake failure, rapid battery draining and the random opening of windows when parked.

But after they reported the issues to Fisker, they found the firm’s UK representatives to be less and less responsive as the company’s financial situation worsened.

Owner Kevin Mulligan told The Telegraph he ‘feared for his life’ after his Fisker Ocean Extreme, which was…

One of Russia’s largest microchip manufacturers, Angstrem (Zelenograd), has been declared bankrupt.

Source: The Moscow Times

Details: The company has been put under observation, and the decision to declare the debtor bankrupt was made at the request of Zenit Bank on 2 December 2024. As the case file shows, the court ordered in November 2019 that RUB 1 billion (about US$9.94 million) in compensation be paid out to Zenit by Angstrem, but the plant has not done so in more than six years.

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The plant was a landmark for Russia and was supposed to become the largest player in the production of microchips. It was supervised by Leonid Reiman, a former communications minister close to Putin.

He received…

While financial experts often disagree on debt management strategies, two certified financial planners (CFPs) weigh in on why many of Dave Ramsey’s core principles for debt elimination have merit – with some important caveats.

Find Out: If You’re Thinking About Getting a CD, Suze Orman Says You Should Do It Now — Here’s Why

Read More: Why Skipping a Financial Advisor Could Be Your Biggest Money Mistake

Here are several reasons people should take heed of Ramsey’s advice on paying down debt.

Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?

Creating a structured approach is essential, according to Stephen Kates, certified financial planner…

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While financial experts often disagree on debt management strategies, two certified financial planners (CFPs) weigh in on why…

The news earlier this year that Red Lobster was filing for bankruptcy may have made you curious about how your other favorite businesses are doing in 2024. After all, we’ve heard plenty of reports of the impact of inflation and general struggles for parts of the economy.

Check Out: 7 Popular Clothing Brands the Middle Class Can’t Afford Anymore

Read Next: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing

While many people equate bankruptcy with going out of business, that’s not always the case. In fact, it’s a move that can help businesses come back even stronger.

Red Lobster filed for Chapter 11 bankruptcy, which is a move that can help it recover. This type of…

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The World Bank’s top economist called on private lenders to shoulder some of the cost of debt forgiveness for the poorest countries, as record high repayments drain budgets that should be focused on health, education and infrastructure.

Interest payments alone by the lowest-income nations ballooned to a record $34.6 billion in 2023, quadrupling over the past decade, the bank said in its latest International Debt Report. Including principal, those 78 nations are paying $96.2 billion annually to service $1.1 trillion in debt.

More alarming, according to Chief Economist Indermit Gill, is that private lenders have pulled almost $13 billion more in service payments from those countries than they injected in new financing over the last two…