Insolvency Guardian Media Centre
LDRSNottingham, Birmingham and Woking councils all went bust in 2023. They followed and Thurrock and Croydon (for the third time) in 2022 – with half of councils warning of effective bankruptcy within five years without reform.
Councils technically can’t go bankrupt – but they can issue what’s called a section 114 notice, where they can’t commit to any new spending, and must come back with a new budget within 21 days that falls in their spending envelope.
And when they do, it often means an impact on residents with severe cuts to frontline services.
Councils are required by law to have a balanced budget each financial year and provide “Best Value” to…
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Over one-third of the corporate insolvency resolution processes that were withdrawn after admission resulted in full settlement with the creditor who filed the insolvency application, the latest data by the Insolvency and Bankruptcy Board of India (IBBI) shows. A total of 1,035 applications have been withdrawn under the Insolvency and Bankruptcy Code (IBC) process after admission till December 2023.
IBBI said that the credible threat of the code that a company may change hands has changed the behaviour of debtors.
“Thousands of debtors are resolving distress in early stages of distress. They are resolving when default is imminent…making best efforts to avoid consequences…
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Prices are rising. That’s not only true for consumer goods and services, it’s also true in terms of the cost of borrowing money. And, if you have debt with variable interest rates – like credit cards and some other loans – you may be dealing with higher minimum payments than you’re used to. Against a backdrop of rising costs, it’s becoming more difficult for some consumers to make ends meet. Especially for those with high interest debt.
If that’s true for you, you should pursue a debt relief service this May. Debt relief programs…
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The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12 months. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. Prices after the first 12 months may be varied as per full Terms and Conditions. See www.theaustralian.com.au/subscriptionterms for full details.
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An Australian manufacturer, with sites in the US and Malaysia, has collapsed owing a staggering $29 million.
The 60-year-old company, called Camatic Pty Ltd and trading as Camatic Seating, designed, manufactured and installed seating in stadiums, arenas, cinemas, theatres, educational institutions and transit areas around the world.
On its website, the firm boasted it had created seating for “some of the biggest stadiums and arenas in the US” which are home to American football teams, as well as the Australian Open tennis tournament.
But the company went bust at the start of April when it was placed into voluntary administration with Jason Stone and Glenn Franklin from insolvency firm PFK appointed to oversee it.
The company employed…
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A Psychiatrist Tried to Quit Gambling. Betting Apps Kept Her Hooked. The Wall Street Journal
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The Kuwaiti businessman behind a troubled £2.5bn Kent theme park meant to rival Disneyland has been declared bankrupt.
Abdulla Al-Humaidi, who was a key backer of the proposed London Resort development scheme, was confirmed to be insolvent at a High Court hearing last month.
It is the latest twist relating to the “Dartford Disneyland” scheme, which Mr Al-Humaidi previously ran as a director of London Resort Company Holdings.
London Resort, situated near the Thames in Ebbsfleet, was formed 12 years ago to rival the world’s biggest theme parks. However, it has been plagued by setbacks, including the discovery of a rare spider that hampered…
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The Albanese Government has today announced it will guarantee regional flight bookings for Rex customers throughout the voluntary administration process.
Regional travellers can continue to book flights on REX during the process with the certainty that they will either fly or get their money back.
“Rex’s continuation is in the best interests of Australia – and the Government is working closely with the administrators to ensure a strong regional aviation presence now and into the future,” a statement from Transport Minister Catherine King said.
“The guarantee is for all regional flight bookings with Rex made after it entered voluntary administration at 9:31pm on 30 July 2024.
Sam Freeman, the Voluntary Administrator of Rex Group…
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When her fixed interest rate ended in 2022, Mim Fox’s mortgage on her two-bedroom apartment shot up by $1,200 a month.
As a single mother-of-two, it wasn’t long before the bills started to get on top of her.
“I was really thinking about this all the time. It became a very stressful period of my life,” she said.
When she went into her…
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