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.
Officials from Australia's corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in
The online gambling industry in the Philippines, which includes many companies known as Philippine Online Gaming Corporations (POGOs), took root and thrived during the administration of President Rodrigo Duterte. During Duterte’s 2016-2022 tenure, hundreds of gambling companies were officially registered, employing half a million foreign workers and supporting thousands of related businesses. POGOs are estimated to have contributed around $500 million annually to the Philippine government, employed many Filipinos, and generated significant indirect revenues.
The COVID-19 pandemic led to a significant decline in POGOs. While President Ferdinand Marcos Jr. has banned the establishment of new POGOs, the existing ones have been allowed to…
The former NBA player banned for life for sports betting admitted Wednesday to tipping off gamblers to games he purposely was going to rig — and earning them $1 million — in an effort to clear his own gambling debt.
Former Toronto Raptors forward Jontay Porter, 24, pleaded guilty to conspiracy to commit wire fraud in the gambling scandal and will owe an estimated $456,000 in fines and restitution.
Porter admitted to placing bets and working with others “in order to get out from under a large gambling debt.”
Former NBA player Jontay Porter admitted to participating in a gambling scheme. Christopher Katsarov/The Canadian Press via AP, File
“I know what I did was wrong and unlawful, and I’m deeply sorry…
The Centre for Transnational Commercial Law (“CTCL”) is a constituent unit and specialized research centre of the National Law University Delhi established in 2008 by Act No. 1 of 2008 of Delhi. Since its establishment in 2016, CTCL has actively undertaken various initiatives to promote research and scholarship in the area of commercial laws.
CTCL envisages being a centre of excellence in private and government transnational commercial law reform, advice, and policy evaluation, to conduct research, and provide consultative services to Governments, Institutions, and Organizations, dedicated to the development of Transnational Commercial Law and Policy.
These courses introduce legal and secretarial practitioners, as well as…
Connecticut’s Mohegan Sun Casino is pursuing former Hollywood executive Ron Meyer for over $2.7 million in unpaid markers, according to a lawsuit filed in the state’s Superior Court in New London. Meyer, 79, who served as president and COO of Universal Studios from 1995 to 2013, is known for his fondness for playing craps. The legal dispute centers around a line of credit Meyer signed for $6 million at Mohegan Sun in Montville, Connecticut, around August 14, 2015. The lawsuit, brought by the Mohegan Gaming Commission, claims that Meyer gambled using this line of credit in October 2017 and subsequently lost $5 million in a single day.
Officials from Australia’s corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in the 2023/24 financial year.
ASIC commissioner Kate O’Rourke said while the proportion of businesses going into administration was not the highest, the past year had the most overall.
“The highest number in terms of proportion remains 2011/12 … Â the number we’ve got now is…
ASIC’s annual insolvency data shows more than 11,000 companies entered external administration for the first time in 2023-24. While this is slightly higher than prior peaks seen in 2011–12 and 2012–13, it is proportionately smaller as there are now nearly 3.4 million companies in Australia compared to around two million in 2012.
The current ratio of companies entering external administration compared to the number registered (0.33%) is still below 2012-2013 (0.53%) levels.
Overall, the number of external administrations grew by 39% in 2023–24 compared to 2022–23. The top three industries – Construction (27%), Accommodation and Food Services (15%) and Other Services (9%) represented over half of total external administrations…
A liquidator says the business My Tiny Home Kit had no real prospect of actually delivering homes and may have been trading while insolvent.
The company owes customers more than $3.4 million, according to initial estimates.
What’s next?
The liquidator says further investigation into the business is required. There is also an ongoing investigation by Consumer Affairs Victoria.
The liquidator of a tiny home business believes the company may have been trading insolvent for almost one year, saying the director had “no real prospect” of supplying the product he sold.
Menzies Advisory principal Michael Caspaney’s statutory report into Melbourne business My Tiny Home Kit was sent to creditors, including former employees and more than 130…
The High Court of Australia has upheld the New South Wales Court of Appeal decision that foreign state immunity extends to a national airline subject to a winding up proceeding. The High Court held that there is nothing in the Foreign State Immunities Act 1985 (Cth) (FSIA) to suggest that the legislation intended to expose a foreign State and its separate entities to bankruptcy, insolvency or winding up proceedings in Australia. The High Court held that:
separate entities of a foreign State are afforded the same immunity as the foreign…
