Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
A national medical script provider has collapsed less than three weeks after it was hacked.
On Tuesday, digital prescription company MediSecure Limited went into administration while a subsidiary of the business, Operations MDS Pty Ltd, went into liquidation.
Vaughan Strawbridge and Paul Harlond of restructuring firm FTI Consulting have been announced as the joint administrators and liquidators respectively of both entities, just before noon on Wednesday.
The Melbourne-based business has been operating since 2009 and specialised in providing electronic prescriptions to health professionals.
A national recruitment and employment agency has collapsed into administration, with 32 people already told they had lost their jobs.
WA-headquartered Collar Group appointed David Ross and David Ingram of I&R Advisory as administrators early this week, a decision the company said was a necessary step “to align expenses with our current revenue realities”.
After months of a divestment strategy and restructuring program to reduce debt, Mighty Craft has gone into voluntary administration after the collapse of a proposed merger with Better Beer. Liam Healey and Quintin Olde from restructuring company, Ankura, have been appointed administrators.
Mighty Craft also had a debt repayment deadline looming, having reached an agreement with the ATO in February to pay its outstanding liability of just over $8.8 million on 31 July. And a $2.5 million extension of a bridging loan from its lenders and creditors due on 17 August.
The proposed merger between Mighty Craft and Better Beer required the support of Mighty Craft’s senior lenders and Better Beer’s shareholders, but an agreement couldn’t be…
Vanadium flow battery manufacturer Redflow has gone into voluntary administration after failing to secure new funds from investors.
The company, which manufactures its Australian developed batteries in Thailand, has appointed Richard Hughes and David Orr from Deloitte as administrators.
Redflow was one of the first to launch a commercial vanadium flow battery and achieved significant successes in international markets with its Thai batteries.
However it appears not all was well with its business model and recently the company unveilled a strategic plan to develop a larger scale X10 battery based on its existing stack design targeted at larger megawatt hour scale projects.
Today in America, a retirement crisis looms for millions of older adults: growing credit card debt.
Thanks to soaring inflation and the mounting costs of food, housing, utilities, and more, retirees now outspend their annual incomes by more than $4,000, according to the Bureau of Labor Statistics.1 With few options to bridge the gap, more and more older adults like Franklin have little choice but to use their charge cards to cover basic expenses.
In fact, Forbes recently reported that 41 percent of households headed by someone between the ages of 65-74 carry credit card debt—up from 27 percent in 1989, according to data from the Federal Reserve.2 In households headed by someone age 75+, that percentage rose by 18 points during the…
Officials from Fiji, Papua New Guinea, Samoa, the Solomon Islands, Tonga, and Vanuatu have completed expert training to manage their sovereign debt using the Commonwealth Meridian system.
The Commonwealth Secretariat partnered with the Government of Fiji to host a regional training workshop in Nadi from 28 February to 8 March 2024.
The training was designed to equip officials from finance ministries and central banks with the skills needed to record, manage and report on various types of debt using Meridian.
Officials also received step-by-step guidance on migrating their debt records to the new system and engaged in discussions focused on ensuring data quality and integrity.
Annie Guest: One indicator of how the economy is tracking can be seen in calls to the National Debt Helpline. It’s just had a month of a record number of calls, many from small business owners. And there’s concern shame and a lack of trust stops many indebted Australians asking their banks for help. Jon Daly reports.
Archive: Thank you for calling the Small Business Debt Helpline.
Jon Daly: Calls for help are rising. Last month, the Small Business Debt Helpline received nearly 500 of them, the highest in the helpline’s history. Domenique Meyrick is the Co-Chief Executive of Financial Counselling Australia.
Domenique Meyrick: We have had a 16% increase from April to May, but an over 55% increase from the same time last year. So that really…
Reducing the debt payments made by poor countries to more sustainable levels could help 5 million more children attend school and provide access to clean drinking water to 17 million people, according to new research.
A study by academics at the universities of St Andrews and Leicester said there would be “huge benefits” – including saving the lives of 60,000 children and mothers – from slashing the size of repayments.
With external debt payments running at their highest level in three decades, the findings of the study were seized upon by campaigners urging creditors to offer more generous terms to low-income countries.
The report looked at 39 countries where debt payments average more than 22% of government revenue and a wider…
Mary Anne e-mailed, after reading my last column about estate debts, asking how to stop incessant collection efforts by the Canada Revenue Agency (CRA).
Her brother died four years ago with nothing of assets and a debt owing to the CRA.
I’m guessing the CRA found out she was brother’s executor when she applied for the CPP death benefit to help pay for the funeral. She’s been receiving collection notices ever since.
Her nephew (deceased brother’s son) has also been getting collection notices.
I shared in my last column that an executor has no obligation to look after an estate. You can leave it be. Being named executor does not impose any obligation to engage in an estate and pay estate debts.
