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.
The Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing.
The case reiterates how crucial it is for directors to maintain adequate books and records of the company and to comply with ATO reporting and payment requirements.
Background
The defendant was the sole director of RIC Admin Pty Ltd (in liq) (Company), a construction consulting service company providing administrative services.
From the Company’s registration for GST on 1 January 2017 until its winding up on 13 November…
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Bruno Mars’ $50 million gambling debt denied by casino company | Image: Instagram/@brunomars
Casino giant MGM debunked rumors that singer-songwriter Bruno Mars currently faces a $50-million gambling debt.
A spokesperson of the international casino and entertainment company, with whom Mars has an ongoing partnership, told Variety that the reports on the singer’s debt were “completely false.”
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers. Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect,” said the management.
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The federal government will cut around $3bn in student debts through a key change to the Hecs and Help programs, reversing last year’s horror indexation hike and delivering a $1,200 saving for the average person.
The measure, to be outlined in this month’s federal budget, will ensure student debts can’t outpace wage growth in the future by capping the indexation rate for Hecs and Help loans – tying them to whichever is lower of the consumer price index (CPI) or wage price index (WPI).
Until now debts have been indexed to the CPI. The WPI has been significantly lower than the CPI in 2022 and 2023, but is expected to overtake the CPI by 2025. In 2023, the indexation rate based on the WPI would have been less than half that of the…
Former England rugby captain Phil Vickery has been made bankrupt with documents showing he owes £100,000 to a company which is in liquidation.
Mr Vickery, 48, of Bath, who was part of England’s triumphant 2003 World Cup winning side, applied to make himself bankrupt using debtor’s petition, last month.
His management consultancy Vix Limited is in liquidation and he owed the business £97,806. The company also owes HMRC £71,000 in VAT and PAYE and National Insurance payments.
The Office of the Adjudicator granted his request to be made bankrupt on February 21 and on or before that date he stood down from at least four businesses.
One source said he had amassed debts of ‘hundreds of thousands of pounds’ to a lot of contacts and the…
Bruno Mars entered into a partnership with MGM in 2016. (Photo Credits: Instagram)
A report recently claimed that Bruno Mars owes around $50 million to MGM International. However, MGM International cleared the air. Read on.
Popular American singer-songwriter Bruno Mars, best known for his hit songs and stage performances, recently made it to the headlines for all the wrong reasons. As per the latest reports, it was claimed that Mars owes a massive debt, years after announcing a multi-year residency with MGM Resorts International. The source further claimed that the music artist owed $50 million to MGM as he entered his ninth year of residency, adding that Mars…
A volatile cocktail of decade-high insolvency rates and booming investor appetite has driven short-seller Bronte Capital to begin betting against corporate debt, hoping to cash in if the companies behind the loans go bust.
Bronte founder John Hempton has told his investors that the so-called junk rally – which this year drove global equities to their best quarter since 2019 – had allowed “very suspect companies to obtain billions of dollars of debt”.
Changes in the May 14 budget will cut the student debt of more than three million people, wiping more than $3 billion from what people owe.
The government will cap the HELP indexation rate to be the lower of either the Consumer Price Index (CPI) or the Wages Price Index (WPI), backdated from June 1 last year. At present the indexation is based on the CPI.
The new indexation arrangement will be backdated to all HELP, VET Student Loan, Australian Apprenticeship Support and other student support loan accounts operating on June 1 last year.
The government’s recent Universities Accord report pointed to the need for reform of the student debt arrangements, and recommended rejigging indexation, although it did not go as far as…
