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.
Booktopia co-founder Tony Nash. Source: supplied. Australian online book retailer Booktopia has entered voluntary administration, following a first-half revenue downturn
Birmingham City Council had to issue a section 114 notice in August 2023 facing a bill for equal pay claims of up to £760m. Photo by Shutterstock
Councils across the country find themselves in a turbulent financial position. Since 2021 six local authorities have declared themselves effectively bankrupt, with a raft of councils warning they may have to do the same. Exclusive polling of English councillors by New Statesman Spotlight revealed that a quarter of councillors believe their council will soon go bankrupt.
Amid dramatic cuts to the funding they receive from central government, councils continue to face increasing demand for statutory…
Australian online book retailer Booktopia has entered voluntary administration, following a first-half revenue downturn and struggles to secure additional funding.
The ASX-listed company on Wednesday appointed McGrathNicol restructuring partners Keith Crawford, Matthew Caddy, and Damien Pasfield as voluntary administrators.
The administrators are “undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored”, McGrathNicol Restructuring said.
The first meeting of creditors will occur by Monday, July 15, with an exact date to…
In fact, MGM Resorts International denied claims that the “Locked Out of Heaven” singer was alleged to owe $50 million in gambling debts at its casino.
“MGM and Bruno’s partnership is longstanding and rooted in mutual respect,” MGM Resorts International said in a March 18 statement to E! News. “Any speculation otherwise is completely false; he has no debt with MGM.”
And the hospitality and entertainment company isn’t letting the rumors interfere with its relationship with Bruno, who has had a contract with MGM since 2016, regularly performing shows at both Park MGM in Las Vegas, as well as at MGM National Harbor in Maryland.
“We’re proud of our relationship with Bruno Mars, one of the…
The day started with very bad news for anime fans and lovers of Neon Genesis Evangelion. Gainax, the studio behind the animated series of the franchise, declared bankruptcy and closed its doors, bringing an end to a 40-year history in the industry.
According to details, the Tokyo District Court recognized the studio’s bankruptcy, caused by various financial crises it suffered in recent years. Gainax’s copyrights were transferred to Khara, Hideaki Anno’s studio, and other companies.
The Studio Behind Neon Genesis Evangelion No Longer Exists
Gainax, studio behind Neon Genesis Evangelion, says goodbye after 40 years
Gainax filed for bankruptcy on May 29. The Tokyo District Court approved it, so the studio no longer…
The tax office is chasing more than $34 billion worth of debts owed by small businesses and self-employed Australians that were put on hold during COVID, and sometimes using aggressive enforcement action to collect the money, which experts say is sending some businesses to the wall.
Some experts are predicting that the rate of insolvencies could this year track its highest levels seen since just after the global financial crisis.
Many of those people hitting the wall are in sectors already struggling under a slowing economy, including construction, hospitality and retail.
In many cases they also owe money to other creditors but, in some cases, aggressive debt collection action from the Australian Taxation Office (ATO) is a key factor…
Thousands of travellers are likely to be affected as a number of package holidays are cancelled or cut short.
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FTI Group, one of Europe’s biggest tour companies, has filed for insolvency.
The Munich-based business, which has recently been hit by a number of problems including poor bookings said in a press release: “After a lengthy and complex investor process, the entry of a consortium of investors was announced in April 2024. Since then, however, booking figures have fallen well short of expectations despite the positive news.
“In addition, numerous suppliers have insisted on advance payment. As a result, there was an increased need for liquidity, which could no longer be bridged until the closing of the…
LAS VEGAS, NV – MAY 20: Singer Bruno Mars speaks onstage at the 2018 Billboard Music Awards at the MGM Grand Garden Arena on May 20, 2018 in Las Vegas, Nevada. (Photo by Kevin Winter/Getty Images)
The Berlin-based startup unu was founded with the goal to accelerate the shift towards electric mobility with its stylish e-scooters. However, their business seemed to have been running smoothly for only for a rather short time. As we learned from sources close to the company, unu has just filed for bankruptcy.
The Berlin-based e-scooter manufacturer had raised a total of almost €40 million in funding. In their Series B round, which we covered in 2018, they secured $12 million from Ponooc, Capnamic Ventures, IRIS Capital, Michael Baum, NRW.BANK and others.
The bankruptcy was filed yesterday at the district court in Berlin-Charlottenburg, and the company has confirmed this today to German media representatives. They stated:…
Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990.
This year, if there is no policy change, student debt balances will be increased by 4.7%.
After sustained community pressure to change the way debts are indexed, the federal government has announced plans to help students, apprentices and trainees.
How will student debts change?
This announcement is part of the 2024 federal budget on May 14. It has two components.
First, indexation for student loans will be based on whichever is lower: the Consumer Price Index (CPI), which measures inflation, or the Wage Price Index (WPI), which measures hourly wage rates in the same…
