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Australian book retailer Booktopia has gone into voluntary administration.
The company has been trading at a loss for over a year and earlier made 50 staff redundant.
What’s next?
Administrators are looking at selling or restructuring the main Booktopia business and its three subsidiaries.
Australian online book retailer Booktopia has gone into voluntary administration, leaving customers in the dark about the status of their orders.
An “urgent assessment” of Booktopia’s assets has been flagged, with a possible sale or restructure the focus of three administrators from McGrathNicol Restructuring, who have been appointed to head the evaluation of Booktopia Group Limited and three subsidiaries.
So weighed down have Americans become by student debt, and so potent a political issue has it become in the US, that President Joe Biden plans to waive interest or write off money owing by 30 million of them.
He is doing it bit by bit, in the face of resistance from the US Supreme Court. He has already axed or wound back 4.3 million debts, and on Friday cancelled 277,000 more.
The benefits, as he keeps telling anyone who will listen in the lead-up to the November election, are likely to be increased consumer spending, better mental health and credit scores for borrowers, and increased home ownership.
In Australia, Prime Minister Anthony Albanese is under pressure to do something — anything — for Australians under the same sort of…
Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders’ asset quality.
Bloomberg | Bloomberg | Getty Images
BEIJING — China’s struggling real estate developers won’t be getting a major bailout, Chinese authorities have indicated, warning that those who “harm the interests of the masses” will be punished.
“For real estate companies that are seriously insolvent and have lost the ability to operate, those that must go bankrupt should go bankrupt, or be restructured, in accordance with the law and market principles,” Ni Hong, Minister of Housing and Urban-Rural Development,…
4 min read Last Updated : May 26 2024 | 11:11 PM IST
In the three years since its launch, the prepackaged insolvency resolution process has had a slow start, with limited interest from micro, small, and medium enterprises (MSMEs) and lower recoveries than the normal corporate insolvency resolution process.
In 2021 when the country was reeling from the Covid-19 pandemic, the government promulgated an ordinance and amended the insolvency law to help MSMEs avoid bankruptcy. However, the prepack scheme has not attracted many takers due to lack of advocacy, awareness, and a structure more formal than intended.
“We made it a non-starter by hardcoding the informal part of the prepack process in
Bruno Mars allegedly owes $50 million in gambling debt
Bruno Mars, the “24K Magic” singer has allegedly piled up over $50 million in gambling dept at MGM.
A source disclosed to News Nation the reason for his long-term residency at the outlet, “He owed millions to the MGM,”.
In 2016 the singer announced a multi-year residency with MGM Resorts International, but the diamond maker’s relationship with the resort started to get worse as the million dollar debt in gambling racked up at poker tables in Los Vegas.
Another source added, “[MGM] basically own him. He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt, (He) only make $1.5 million per night after taxes.”
Following a consultation in 2023, the Insolvency Service will merge the monthly and quarterly statistics while maintaining monthly frequency. This the last release in the current format. The first release in the new format will be published on 26 April 2024. It will be available on the Company Insolvency Statistics releases page.
1. Main messages for England and Wales
Annual Summary for 2023
In 2023, there were 25,158 registered company insolvencies, comprising
20,577 creditors’ voluntary liquidations (CVLs), 2,827 compulsory
liquidations, 1,567 administrations, 185 company voluntary
arrangements (CVAs) and two receivership appointments. The number of
company insolvencies was the highest annual number since 1993.
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Rite Aid filed for Chapter 11 bankruptcy protection Sunday, a casualty of a miserable environment for drug stores, exacerbated by its runner-up status to bigger chains and expensive legal battles for allegedly filling unlawful opioid prescriptions.
The bankruptcy was not a surprise. Its bigger rivals, CVS and Walgreens, are also facing many of the same problems. They, too, are closing stores as Amazon and big-box chains like Walmart, Target and Costco serve as more customer-friendly alternatives to nationwide pharmacy chains.
But Rite Aid is in much worse financial shape than its competitors and…
MGM Grand Resorts International has denied reports that Bruno Mars is in debt with the entertainment company via a statement received by Complex.
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” MGM wrote in the statement. “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.”
The message continued, “Any speculation otherwise is completely false; he has no debt with MGM. Together, we are excited to continue creating unforgettable experiences for our guests.”
Billionaire and owner of top companies like Tesla, SpaceX, and X Corp, Elon Musk, issued a stark warning to the United States about its spending habits, suggesting that continued overspending could lead the country to bankruptcy.
“Overspending must cease or America faces bankruptcy,” Musk emphasized on Twitter.
His remarks came in response to a tweet highlighting the significant portion of tax money being allocated towards servicing the national debt. Economist E.J. Antoni pointed out, “It took 63% of all personal income taxes in Feb to pay the interest on the debt – no roads, no military, no schools, no social security – JUST INTEREST.”
In a retweet, another user underscored the alarming trajectory, stating, “This is an astounding…
