Insolvency Guardian Media Centre
Prosperous beginnings
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Bruno Mars has apparently run into a huge debt with MGM Casino. The Grammy-winning crooner entered a multi-year residency agreement with MGM Resorts International back in 2016, entailing performances at the Park MGM resort in Las Vegas. However, recent reports suggest a possible strain in the relationship between the 38-year-old artist and the hospitality giant, allegedly stemming from Mars’s substantial gambling losses at the poker tables in Las Vegas, as per reliable sources.
As per an insider, Bruno Mars has accrued debts amounting to millions owed to MGM, with another source estimating the debt at a staggering $50 million. Despite reportedly earning $90 million annually from his deal with the casino, Mars…
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The Australian fashion label Dion Lee has called in the administrators in a major blow to the eponymous brand that has dressed celebrities such as Taylor Swift, Dua Lipa, the Duchess of Sussex and Troye Sivan.
The move came after the Australian retail chain Cue announced it had withdrawn its investment in the designer apparel.
The Australian arm of Dion Lee has been placed under the administration of Antony Resnick of the insolvency firm dVT Group as it evaluates the future of the business and looks to attract new investors.
The label has six retail stores in Australia and one in the US (its first North…
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Baseball superstar Shohei Ohtani’s debut for the Los Angeles Dodgers on Wednesday was spoiled by one of the highest-profile gambling scandals in recent history: the revelation of $4.5 million he allegedly paid to an illegal California bookie to cover his translator’s sports-betting debts.
While investigating an illegal gambling ring out of Orange County, federal prosecutors uncovered Ohtani’s name attached to two $500,000 wire transfers sent to a serial bookie named Mathew Bowyer, which ESPN reported were confirmed by bank statements. ESPN cited multiple sources who confirmed the payments were made to cover Ohtani’s translator Ippei Mizuhara’s gambling losses.
Ohtani, who is Japanese and doesn’t speak fluent English,…
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When much of the world’s economy shut down after the outbreak of COVID-19 in 2020, businesses across the U.S. were on the ropes. In total, 639 U.S. corporations went bankrupt that year, according to an analysis by S&P Global. Despite the Federal Reserve slashing interest rates to near zero and Congress unveiling the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act to help keep Main Street afloat, it was a disastrous year for American businesses.
But surprisingly, in 2023, rising interest rates and wages have led to even more bankruptcies than during the height of the pandemic among the U.S.’s biggest firms. There were 642 total corporate bankruptcy filings last year, a 13-year high, according to a new report…
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New Delhi: Crisis-ridden BYJU’s has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI’s petition for initiating insolvency proceedings against the once-famed edtech company, sources said.
Sources privy to the development said that the company is seeking an urgent hearing on the matter.
BYJU’s did not comment on the issue.
According to sources, BYJU’s on Thursday moved the appellate tribunal, NCLAT, contesting the recent order of NCLT’s Bengaluru bench that had admitted the cricket board’s plea to start insolvency proceedings against the parent company Think and Learn, after the edtech firm failed to pay Rs 158.9 crore dues.
Founder and CEO Byju Raveendran will report…
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The snowball method. This well recognised method involves listing all of your debts, from the smallest debt first, regardless of the interest rate it attracts.
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Moving through the list, start by paying off the smallest debt, then move to the next biggest debt and pay that off, and so on. As debts are paid off, you cut up credit cards and close accounts.
This debt strategy continues while meeting all of your commitments and making minimum payments on other debts at the same time. The thinking here is that debt repayment gains momentum as smaller debts are paid off.
The avalanche method. This equally well-known method involves paying off the most expensive debts first. These are the debts that attract the highest rates of interest,…
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- 23 Aug 2024
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- 4 min read
The latest insolvency statistics for July 2024 for company and individual insolvencies were published on 20 August 2024 for England and Wales.
Whilst there has been a slight increase in individual insolvencies in July 2024 to the figures published in June 2024 for individual insolvencies, the slight dip in company insolvencies is not surprising, which we believe is due to many businesses still carrying on, likely biding their time to see what happens with the Autumn budget. The Chancellor has recently…
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The Australian Taxation Office (ATO) will soon be forced to pay a new tax just to help collect around $50 billion in outstanding tax money owed to the government in the form of post-COVID tax debts, as well as regular receivables, where commercial recovery agents are used to expedite collection.
Yep, you read that right. The government will soon be putting a new tax on the collection of tax, a quirk that flows from a new edict from the Department of Finance that financially penalises agencies that use outsourcers by extracting a new levy on work they send out of the Australian Public Service.
Revealed earlier this month by Finance and the Public Service Minister Katy Gallagher as part of a parade of savings measures to be…
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How medical debt affects communities
Karida Giddings, the healthcare program coordinator for the North Carolina Black Alliance, said medical debt is intertwined with issues including housing disparities and food insecurity.
In a meeting, Giddings said she heard about a North Carolina resident who lost partial equity of his house to settle over $20,000 in medical debt after his wife died.
Insurance companies deny many claims for medications or surgeries that providers deem medically necessary, causing patients to pay out of pocket, Kate Daley, the health justice campaigner for Down Home North Carolina, said. Down Home North Carolina is an organization serving…
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Aanya Parusomula Limited, the franchisee of Subway in Waipukurau, has been placed in liquidation. Photo / Michaela Gower
The franchisee that ran Waipukurau Subway has been placed into liquidation, with the eatery closed until further notice.
The company, Aanya Parusomula Limited, was placed in liquidation on the application of Inland Revenue Christchurch at Auckland High Court on August 15.
An official assignee was appointed liquidator of the 10-year-old company.
MBIE insolvency and trustee service national manager Russell Fildes said the official assignee was still in the early stages of the administration.
“This liquidation has not yet established who the creditors of the company are or the amounts they are owed.”
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New Delhi: The Bengaluru bench of the National Company Law Tribunal (NCLT) Tuesday accepted the Board of Control for Cricket in India’s (BCCI) application to initiate corporate insolvency proceedings against Think & Learn Private Ltd, the parent company of ed-tech firm Byju’s.
The BCCI, responsible for managing professional cricket in the country, filed an insolvency plea against Byju’s citing alleged unpaid dues of Rs 158 crore from a 2019 sponsorship agreement for the Indian cricket team.
The NCLT’s decision comes after Byju’s allegedly failed to pay the dues owed to the BCCI. This marks the initiation of bankruptcy proceedings against one of India’s top ed-tech startups, and a stunning decline from its 2022 valuation of…