The Australian Securities and Investment Commission confirmed the company would shut down, with Robert Conry Brauer and Linda Methven Smith, from McGrath Nicol, appointed as liquidators.

Collier Homes was created in 1959 by Raymond McCarthy.

He lived on Collier St in the affluent riverside suburb of Applecross.

In 1969, the business was sold to a national land developer, then in 1981 it was purchased by its senior executive, Ron Smith.

In 1996, Adelaide-based national home builder Home Australia acquired the business.

The brand assets were sold in November 2016 to the present owner, Dario…

As 2024 starts, the good news is that there haven’t been any notable
requests by a low-income country for comprehensive debt relief since
Ghana’s, more than a year ago. Despite this, vulnerabilities remain, with
high debt servicing costs a growing challenge for low-income countries.

Financing pressures due to relatively high interest payments and the pace
at which low-income countries need to repay debt are straining budgets.
That prevents these countries from spending more on essential services or
the critical investment needed to attract business, create jobs, improve
prosperity, and build climate resilience.

One important metric is the share of revenues the government collects from
its …

Rubio’s is hoping its third act will set it on a path toward profitability. Last week, the chain declared bankruptcy for the second time in four years. It first went bankrupt in 2020 due to the financial impact of the COVID-19 pandemic. 

On Dec. 30, 2020, Rubio’s emerged from its first bankruptcy with less outstanding debt and an improved store footprint, wrote Nicholas Rubin, Rubio’s chief restructuring officer, in a document filed with the U.S. Bankruptcy Court for the District of Delaware. But ongoing macroeconomic headwinds pushed the chain back into a financial crisis and its balance sheet needs further restructuring to satisfy its debt obligations. 

Much like the rest…

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Church leaders in Africa have called for large-scale debt cancellation to relieve the continent’s crushing debt burden. Source: The Tablet.

According to the African Development Bank, Africa’s total external debt stood at $US1.15 trillion in 2022 and rose to $1.52 trillion in 2023.

The Church leaders met on July 19 in the Rwandan capital Kigali, issuing a statement to the G20, G7, United Nations, IMF and World Bank that warned that Africa will spend $90 billion servicing public debt in 2024 alone, undermining its development.

The Kigali meeting was meant to prepare for the Church’s 2025 Jubilee Year, but the worsening debt burden led the Church leaders to emphasise…

Former Montreal Canadiens player Steve Bégin announced Thursday that he must declare bankruptcy.

The 46-year-old ex-hockey player confirmed the news in a Facebook post.

“The civil engineering company in which I had been proposed to invest large sums of money since 2013, has gone bankrupt, which has had a negative impact on my financial situation and consequently also caused a bankruptcy. I could have tried to avoid the subject, but opted to talk openly about it, as I believe there are lessons to be learned,” he wrote.

“I find this experience very trying, disappointing and above all hurtful for me and those close to me, but as always, I’ll keep pushing forward to achieve great projects despite this ordeal,” he…

Tally, a credit card debt management platform, has closed its doors due to a lack of funds to run its operations, founder and CEO Jason Brown said in a LinkedIn post Monday.

The nine-year-old fintech decided to shut down after considering all alternatives, underscoring the current difficulties facing financial technology companies.

“This was not the outcome we had hoped for, but after exploring all options, we were unable to secure the necessary funding to continue our operations,” Brown wrote without clarifying when the company notified its staff and customers about its decision. 

According to the company, Tally’s automated debt manager is the first of its kind, letting…

Nate from Richmond, Virginia, finds himself in a conundrum. He holds a college degree from an “expensive” school, but it hasn’t helped him achieve the high-paying career he anticipated. It’s having an effect on both his finances and relationships at work, he told radio personality Dave Ramsey on an episode of “The Ramsey Show” July 16.

“I have almost $100,000 in student loan debt,” the 26-year-old said. “I don’t really need the degree that I have to be in the job that I’m in, so a lot of my co-workers are saving $500, $600 or just have that much money to play with.”

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Ramsey had a blunt response: “Who…

CHENNAI: The special fund packages and the corpus infused by the Centre have helped the cash-starved BSNL to cut its debt to Rs 23,297 crore in March 2024 from Rs 40,400 crore in March 2022.

In his reply to a question raised in Rajya Sabha, Union Minister of State for Communications Dr Premmasani Chandra Sekhar noted that leading telecom firm Bharti Airtel had a debt of Rs 1,07,624 crore on March 31, 2022, which went up to Rs 1,25,983 crore in 2024. During the same period, Jio Infocomm witnessed its debt going up to Rs 52,740 crore from Rs 42,486 crore.

The worst was Voda Idea Limited, which is saddled with a whopping debt of Rs 2,07,885 crore (March 2023), the minister added.

As part of the revival steps taken by BSNL in 2019, the…

Senator Rod Culleton has been declared bankrupt by the federal court in Perth, which would disqualify him from parliament, but he has vowed to fight on.

Culleton, who was elected as part of Pauline Hanson’s One Nation before quitting the party this week, was found bankrupt following action taken by a creditor.

Under Section 44 of the Australian constitution, a person is not allowed to continue as a member of federal parliament if he or she is an undischarged bankrupt or insolvent.

“You’ve just executed me … before I bleed to death,” Culleton was heard to say to the judge after the decision. “You have just given my estate away.”

The WA district court had ordered Senator Culleton to pay former Wesfarmers director Dick Lester…