Insolvency Guardian Media Centre
Look, if you’ve been plotting an investment strategy using tips from Instagram influencers, you’re probably beyond our help.
But we have to try – it’s our job – and the latest instalment in the sorry tale of Tyson Scholz, the online stock trading “educator” with a taste for Ferrari, Bugatti and Rolls-Royce cars, high-end champagne, private jets and selfies in exotic locations might be taken as a word to the wise.
Tyson Scholz posted this image from Greece in mid-2022.Credit: Instagram
The Australian Securities and Investment Commission (ASIC) has been very much on Scholz’s case for a few years now, with the commission convincing the Federal Court in late 2022 that the Gold Coast native’s social media spruiking amounted to…
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As May’s meme stock trade loses steam, could GameStop (GME) follow a similar fate to meme kinsman Bed Bath & Beyond? After being acquired by Overstock.com in 2023, the company was rebranded as Beyond (BYON).
Wedbush Equity Research Managing Director Michael Pachter comments on what sets the video game store chain apart from a traditional retailer.
For more expert insight and the latest market action, click here to watch this full episode of Catalysts.
This post was written by Luke Carberry Mogan.
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Brynne Edelsten, the glamorous ex-wife of Australian businessman Geoffrey, has been declared bankrupt.
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The 33-year-old reportedly owes up to $70,000 in unpaid legal bills to the same lawyers who represented her during her divorce to Geoffrey, 73.
According to public documents, an ‘Affidavit of Service of Bankruptcy Notice’ was filed by MGA Lawyers back in January.
The former fitness instructor-turned-socialite has spoken openly about her need to “cut back on her cost of her living dramatically” to deal with her financial troubles.
According to The Herald Sun, Brynne said she was…
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Sichuan Trust, previously controlled by businessman Liu Canglong, is one of the most notorious of China’s problematic trust companies
Sichuan Trust Co. Ltd., which defaulted on billions of dollars in trust products nearly four years ago, has received approval from the top financial regulator to wind down, becoming China’s second trust firm to go bust.
The National Administration of Financial Regulation (NAFR), in a brief statement published on its website, said it agreed that Sichuan Trust should enter bankruptcy proceedings and carry out subsequent work according to related regulations.
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Exclusive | The CEO Who Made a Fortune While His Hospital Chain Collapsed The Wall Street Journal
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Owner distress as companies plunge into administration The Advocate
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Beleaguered book seller Booktopia has been saved from collapse via a buyout from digiDirect founder Shant Kradjian.
The book chain went into voluntary administration in July.
A representative for Mr Kradjian said Kogan.com, Woolworths, Dymocks, and QBD Books were among the other entities bidding on the administrator’s tender.
Booktopia was in financial strife as it struggled to find money for warehouse upgrades and pay redundancies for about 50 staff that were made in previous cost-cutting measures.
Share trading was frozen for two weeks before the administrators came in, as Booktopia slipped into insolvency. In its initial public offering in 2020, Booktopia issued shares at $2.30 and debuted on the ASX at $2.86. By mid-2024, shares had…
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More than 70 jobs will be cut at troubled regional airline Rex as administrators continue to evaluate the business and search for an appropriate buyer.
Rex collapsed into voluntary administration in late July, after days of speculation about the airline’s future.
Since administrators from consulting firm EY were appointed, a total of 594 jobs have been lost from the airline’s domestic business, which was responsible for operating its capital city routes, serviced by Boeing 737s.
But an email sent to 261 employees on Monday afternoon, seen by the ABC, states an additional 73 roles will be cut from Rex, with all positions stemming from its now-defunct capital city business.
“At this stage, subject to the outcome of a consultation process, it…
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The casino said that Mars does not owe it an insurmountable debt, in spite of rumors published in March.
In March, a rumor made the rounds that singer Bruno Mars owed over $50 million in gambling debt to Las Vegas casinos, but MGM Resorts International has now denied that story. NewsNation was one of the first to report that Mars had racked up an enormous tab gambling, and that he was performing at the casino to pay it off. Official reps for MGM told reporters from PEOPLE that the story was “completely false.
A “well-placed Vegas insider” told reporters that Mars had signed on to perform his residency at Park MGM in order to work off his debt, adding: “[MGM] basically owns him.”…
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The latest insolvency data published by the corporate regulator reveals that the number of companies failing is increasing, and it looks like it won’t stop any time soon.
Last week, the Australian Securities and Investments Commission (ASIC) released its latest insolvency data, covering the period from 1 July 2023 to 31 March 2024. The data showed a rise in the number of Australian companies that failed within the nine-month period of data collection.
During this nine-month period, Australian financial regulators reported a “36 per cent increase” in the number of companies entering external administration, with a total of 7,742 companies completing it.
According to ASIC’s data, the construction industry had the highest…
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Lusix, the synthetic diamond company founded by Benny Landa, is on the brink of filing for insolvency. The company has informed its creditors of its intention to do so, though the timing remains uncertain.
Sources have told Calcalist that Lusix informed its shareholders last week that it urgently needs to raise $15 million to continue operations. Without this capital infusion, the company will likely become insolvent. Although some investors have considered providing additional funds, it is not believed that this has materialized.
Lusix, like the broader synthetic diamond market, has been hit hard by a sharp decline in raw material prices. The price of synthetic diamond material has plummeted from $300 to $30 per carat in recent years,…
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Vacuum giant Godfreys collapses after 90 years Hawkesbury Gazette