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.
When Rex expanded its operations into the Golden Triangle routes between Sydney, Melbourne and Brisbane, it knew it was an ambitious plan.
But if the risk paid off, the financial windfall would be considerable.
The Sydney-Melbourne route is one of the most lucrative in the world and delivers our two biggest airlines, Qantas and Virgin, with more revenue than any other.
While that would be more than enough to entice any would-be entrant, there was another likely reason why Rex believed it could pull off such a bold initiative.
In 2020, one of its major competitors on the capital city routes, Virgin Australia (VA), was on shaky footing.
VA went into voluntary administration in April that year, owing an eye watering $6.9 billion sum to…
The High Court on Tuesday declared media tycoon Yu Pun-hoi bankrupt, after a failure to repay debts of more than HK$400 million to a mainland investment bank.
Yu is the chairman of formerly listed Nan Hai Corporation, the parent company of online media outlet HK01.
The court heard that the creditor, CCB International Overseas Limited, cited an audit report which suspected Nan Hai was unable to pay its debts, adding it had asked for the payment in July last year.
Yu’s lawyers said he had used the company’s shares and had an independent accountant’s report on their value as a guarantee of intent to pay back the debt.
His legal representatives also requested to adjourn the hearing further.
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Britain’s second-largest city has reportedly declared itself bankrupt and has shut down all non-essential spending after being issued with equal pay claims totaling up to £760 million ($956 million).
According to a report by CNN, the deficit arose due to difficulties paying between around $816 million and around $954 million in equal pay claims.
Birmingham City Council said it has a shortfall of £87 million ($109 million) in the current financial year and also faces a “potential liability relating to equal pay claims in the region of £650 million to £760 million.”
Sharon Thompson, deputy leader of the council said it faces “longstanding issues, including the council’s historic equal pay liability concerns”. Thompson also blamed…
The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12 months. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. Prices after the first 12 months may be varied as per full Terms and Conditions. See www.theaustralian.com.au/subscriptionterms for full details.
“However, in 2024, I do believe it’s well past time to Elon to step aside. The lack of focus on the core business is hurting the company’s long-term prospects, especially in China, where there is a huge amount of competition, and those companies are redesigning products every two years,” Abuelsamid said.
“A change of leadership wouldn’t be a guarantee to fix anything, especially if Elon can’t keep himself from interfering, but bringing in fresh leadership could help,” Abuelsamid continued. “Ideally, a new leader could start to change the corporate culture, especially in the factories, put more emphasis on safety both in manufacturing and the products, and improve quality. Tesla has many…
The Employment (Collective Redundancies and Miscellaneous Provisions) Act 2024 has been signed into law. The Act, once commenced, will amend the existing collective redundancy regime in insolvency situations and will deliver on key Programme for Government commitments detailed in the Plan of Action – Collective Redundancies following Insolvency.
Background
In June 2020, the coalition parties committed in the Programme for Government to review whether the legal provisions surrounding collective redundancies and the liquidation of companies effectively protect the rights of workers.
As a result, a Plan of Action was published in May 2021 outlining the following decisions that had been taken:
Analysis and Commentary on the Insolvency Statistics Q2 2023
The quarterly insolvency statistics for April to June 2023 show that corporate insolvencies across the UK1 are at a 14-year high.
Increased insolvencies appear to be continuing with the monthly statistics for both August and September 2023, showing corporate insolvency numbers were higher than the same month last year. July’s figures showed a slight decrease year on year.
This article will analyse the figures in the Q2 statistics, examine the factors contributing to the current predicament and briefly consider the prognosis for the future.
Data
The Government currently publishes insolvency statistics both on a monthly and quarterly basis.2 This article predominantly…
Canberra day spa Adytum offered holistic wellness and mindfulness treatments — but manager Audrey Lianglois says she has been left stressed and facing the prospect of deportation after the business went bust.
The French national said when she locked the doors of the Braddon business for the last time in January, she had no idea the job she loved would be ripped away two hours…
Britain’s second-biggest city effectively declared itself bankrupt on Tuesday, shutting down all nonessential spending after being issued with equal pay claims totaling up to £760 million ($954 million).
Birmingham City Council, which provides services for more than one million people, filed a Section 114 notice on Tuesday, halting all spending except on essential services.
The deficit arose due to difficulties paying between £650 million (around $816 million) and £760 million (around $954 million) in equal pay claims, the notice report says.
