A meeting is due to take place within the next 21 days to discuss the situation and the authority said a dedicated page on its website would provide updates.

The council said in a statement: “Senior officers and members remain committed to continuing to work with the Improvement and Assurance Board and the Department for Levelling Up, Housing and Communities to put the council on a stable financial footing for the future.”

Nottingham City Council leader David Mellen has told the BBC he will not be stepping down following the news that the authority is effectively bankrupt.

“We will continue to pay our bills, we will continue to pay our staff,” he said.

He added the council was not going to close its new £10m library – which officially…

Booktopia has entered voluntary administration after struggling with the expense of transitioning to a $12 million robot-enabled warehouse facility and to raise further funds.

The Australian e-tailer began building a new highly automated customer fulfilment centre (CFC) in Sydney last year in a bid to support future expansion.

However,…

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A professional organization for romance authors filed bankruptcy, blaming the high cost of its annual conference and a membership crisis triggered by the suspension of a prominent writer who accused another member of allegedly using racist stereotypes in her book.

Romance Writers of America Inc. filed Chapter 11 on Wednesday saying it lost thousands of members in recent years and can’t cover expenses related to keynote conferences it planned to hold at Marriott hotels in Philadelphia and Austin.

Since the pandemic, during which insolvency rates were low due to government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and which are now difficult to repay. In addition, high inflation and energy costs, lower consumer confidence and volatile supply chains have all contributed to making the last few years very difficult for businesses.

An increase in company insolvencies throughout 2023

Insolvency specialists ^{estimate that more than 47,000 businesses are near collapse in the UK at the start of 2024 and,…}

For three million Australians, the announcement of a reduction in indexation on their HECS and HELP student loan debt is welcome. The change means an estimated $3 billion will be wiped from student’s debt from July, because the amount is backdated to include the indexation added in 2023.

Also, proposed changes to the rate of indexation (similar to an interest rate) will not be based on inflation, but on more stable rates. The government is proposing it should be indexed using the Consumer Price Index or Wage Price Index, depending on which is lower on any given year.

The gender lens

Women are more likely to have a HECS or HELP debt. According to the 2022-23 Australian Tax Office data, women make up about 60 per cent of those…

A recent judgment of Chief Justice Blow in ARL2 Pty Ltd v Flex Realty Pty Ltd [2024] TASSC 5 is a reminder of the crucial role that compelling evidence plays in rebutting a presumption of insolvency.

The court ultimately dismissed the plaintiff’s winding up application on the ground of insolvency based on the defendant’s failure to comply with a creditor’s statutory demand. The court held that the defendant met its burden of proving it was solvent.

Background

Australian airline Bonza will be placed into liquidation just months after going into involuntary administration.

On Tuesday, administrator Hall Chadwick announced the news following a second meeting of creditors, where it was revealed that they “had not received any offers for the sale” of Bonza.

“The Administrators ran an extensive sales campaign involving numerous investors, other airlines and companies from the travel industry. The Administrators assisted these interested parties, allowing each party to conduct due diligence to help formulate any offer,” a statement given to Mumbrella reads.

“Unfortunately, the Administrators had not received any offers for the sale of the Company business and/or assets at the…

The MGM Grand have denied that Bruno Mars reportedly owes the casino $50million (£39million) in gambling debt.

Mars is set to enter his ninth year performing a residency in Las Vegas, however earlier this week saw News Nation report that the singer is paying off his debts to MGM.

A “well-placed Vegas insider” reported that Mars “owes millions” to them from gambling, alleging the total comes close to $50milion. “(MGM) basically own him,” they added.

They went on to say that Mars apparently makes $90million off the deal he makes with the casino, but after paying off his debts and taxes, takes home $1.5million per night.

Now, MGM have responded to deny the claims.

“We’re proud of our relationship with Bruno Mars, one of…

Booktopia has been placed in voluntary administration, with its administrators exploring options for selling and/or recapitalising the business.

The book retailer has appointed McGrathNicol Restructuring partners Keith Crawford, Matthew Caddy and Damien Pasfield as voluntary administrators, who issued a statement saying they are undertaking “an urgent assessment” of the company’s trading position.

The first statutory meeting of Booktopia’s creditors will be held on July 15.

The site continues to trade as normal as the administrators evaluate its financial position.

Booktopia asked for its share to be suspended from trading on June 23 as it pursued refinancing options. The suspension will continue during…

Bruce Chapman, economist & designer of HECS loan system, says the student debt relief will not do anything to inflation numbers, “nothing will happen because of this.”

Andrew Norton, ANU Professor in the Practice of Higher Education Policy questions if HECS debts should be pegged to the CPI or WPI, or if a different system need to be in place.

Hear more highlights from Money News with Deborah Knight below: