Insolvency Guardian Media Centre
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 has entered voluntary administration after failing to secure emergency funding.
In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring.
“The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored,” the statement reads.
“The shares of Booktopia Group Limited (Administrators appointed) will remain suspended from trading during the administration process.
“Shareholder updates will be uploaded to the ASX platform as required.”
Booktopia last month…
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Bruno Mars is reportedly crumbling under pressure to pay off a hefty debt of $50 million that he made whilst gambling.
The musician, who announced his multi-year residency with MGM Resorts International in 2016 in Las Vegas, racked up large debts at the table, per an insider cited by News Nation.
“He owes millions to the MGM (from gambling),” the source told the outlet. “(MGM) basically own him.”
The insider added, “He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt… after taxes (Mars makes $1.5 million per night).”
After tax deduction, Mars is left with a sum of around $60 million.
Back in 2016, the…
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Fashion chain Esprit’s Dutch subsidiary declared bankrupt, over 200 jobs lost The Brussels Times
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On the 24 September 2020, the Australian Government announced changes to Australia’s insolvency framework to better serve Australian small businesses, their creditors and their employees. The changes introduced new processes suitable for small businesses, reducing complexity, time and costs for small businesses. Effective from 1 January 2021, these are the most significant reforms to Australia’s insolvency framework in 30 years as part of the economic recovery plan to help business and protect jobs, which draw on key features from Chapter 11 of the Bankruptcy Code in the United States. Two years into the effectiveness of these measures, we will have a review of both the measures and the reality, with a comparison to those in…
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The average student debt is going to increase by at least $1100 in June, according to new parliamentary projections, but Prime Minister Anthony Albanese has hinted relief is coming in next month’s federal budget.
Almost three million Australians have student debt, which will increase on June 1 when HECS-HELP indexation comes into effect.
According to projections done by the Parliamentary Library for the Greens released this morning, this year’s indexation will be the second highest on record at between 4.2 to 4.8 per cent, trailing only last year’s 7.1 per cent increase.
The exact rate won’t be known until after the March inflation figures are announced next week, but even the low end of the estimate will see the average student…
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Guerra said some medium and large businesses were also struggling with high land and payroll taxes and Workcover premiums, warning the added pain would ultimately be passed on to consumers. He urged the government not to impose new taxes in the upcoming May budget.
“If they can’t pass that on, then it starts to impact their profitability, and if they’re being squeezed by supply chain costs and staff costs, it just adds to their inability to get through. They cannot absorb increases in taxes.”
The rise in insolvencies coincided with 13 consecutive interest rate hikes over about 18 months, with the Reserve Bank lifting its cash rate from a historic low of just 0.1 per cent in May 2022 to 4.35 per cent by November last year as part…
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Consultants overseeing process say they hope to get the airline’s four planes back in the skies as soon as possible.
Air Vanuatu, the national carrier of the Pacific Islands nation of Vanuatu, has gone into liquidation a day after it cancelled all flights leaving thousands of travellers stranded.
More than 20 flights to and from the Australian cities of Sydney and Brisbane, as well as the New Zealand city of Auckland have been cancelled, with the airline blaming “extended maintenance requirements” on their aircraft.
EY, the international consultants appointed by the government to oversee the liquidation, assured travellers stranded in Vanuatu that it hoped to get the company’s small fleet of planes back in the sky as soon as…
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MGM has responded to the rumor about Bruno Mars owing millions in gambling debt.
In a statement to ET on Monday, MGM Resorts International denied the performer is in debt with the hospitality empire amid a NewsNation story that alleged Mars owes up to $50 million in gambling debts.
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” the statement reads. “From his shows at Dolby Live at Park MGM to the new Pinky Ring lounge at Bellagio, Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect.”
“Any speculation otherwise is completely false; he has no debt with MGM,” the statement…
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The city council has faced a number of major financial shocks in recent years.
One of the major challenges has been been the long-running saga over the renovation of the Broadmarsh centre (pictured below).
Work to revamp the 1970s complex began in 2019, but within months owners Intu went into liquidation leaving the city council, which had invested £17m in the project, picking up the very expensive pieces, leading the scheme to sort the half-demolished site.
Soon after, the council found itself with another financial and reputational headache in the form of the failed Robin Hood Energy scheme.
The flagship project – a community-minded energy supplier that counted former Labour leader Jeremy Corbyn as one of its customers – came crashing…
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Government to guarantee Rex flights as airline in administration
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Six ways to minimise your HECS-HELP debt Money magazine
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Katie Price has said she missed a court hearing where she was declared bankrupt for the second time because she was “dealing with serious stuff”.
The former glamour model and TV personality owes nearly £762,000 to HM Revenue & Customs (HMRC), which issued a bankruptcy petition last October.
The debt comes from her tax self-assessments from the years 2020-2021 and 2021-22, and includes income tax, VAT, surcharges and interest, a judge said.
Price, 45, failed to appear at the Insolvency and Companies Court on Monday.
The London hearing was told she did respond to HMRC over the debt, and she was declared bankrupt by the judge.
Ms Price, who was previously declared bankrupt in 2019, said she only found out about Monday’s ruling…