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.
Despite his "foolproof" sports-betting scheme haemorrhaging money, Michael Pryde recklessly invited his friends and family to gamble their money.In the
McGill and Partners, the London-based boutique specialist re/insurance broker, has launched SAIFElimits, a coverage solution for corporate insolvency. The scheme
A builder and kitchen renovations company servicing Melbourne’s leafy inner-eastern suburbs have added to the growing list of construction insolvencies
Despite his “foolproof” sports-betting scheme haemorrhaging money, Michael Pryde recklessly invited his friends and family to gamble their money.
In the end, he lost over $1 million of their money in the failed scheme as he tried to beat the odds and recoup his losses.
Pryde ran the Simply The Bets scheme with a promise that his self-made algorithm would bring about big wins for participants betting on golf, horse racing, basketball and baseball.
The case was heard in Sydney’s Downing Centre Local Court. (SMH)
“A foolproof sports betting system designed to make you big long-term profits… guaranteed,” his profile on X, previously known as Twitter, still reads.
But the profits were never guaranteed and the 32-year-old was later declared…
McGill and Partners, the London-based boutique specialist re/insurance broker, has launched SAIFElimits, a coverage solution for corporate insolvency.
The scheme is designed to be incorporated into any primary directors and officers (D&O) policy and is triggered automatically by an insolvency event. This extension allows protection to remain in place for directors and officers for up to six years during the insolvency process.
McGill and Partners described the product as “a ready-made and self-contained coverage solution,” which means it can be attached to and (if triggered by insolvency) operate in any existing D&O program without the need for further drafting.
The risk of looming insolvency, even for large companies, can…
What’s behind this acceleration? The recession in corporate revenues is gaining traction amid lower pricing power and weaker global demand: As of Q2 2023, the revenue recession has been broad-based across all regions for the first time since mid-2020 (-1.9% y/y). This combined with continued high costs is squeezing profitability. As a result, liquidity positions are worsening fast and not likely to improve before 2025.
“Companies still have a sizable amount of excess cash, EUR3.4bn in the Eurozone and USD2.5bn in the U.S. But these cash buffers remain highly concentrated in the hands of large firms and in specific sectors such as tech and consumer discretionary. And in general, most companies are unable to…
Rubik3 founder and director Guy Earnshaw: the business remained sound and operating. Photo: Region.
Rubik3 founder and director Guy Earnshaw has moved to quash reports that the award-winning consulting and recruitment business he founded has gone bust.
Mr Earnshaw said the business had been restructured in March to June 2022 to streamline its work, including government contracts worth around $30 million.
He says a federal government client fell victim to cyber fraud and misdirected funds to an incorrect bank account in February 2022.
Mr Earnshaw said the Tax Office issued a tax debt in September 2023 and extended some leniency to the company while legal action was taken to recover the outstanding funds, some of which had been…
Dion Lee this week joins Alice McCall and Tigerlily as the latest Australian fashion label to call in the administrators in 2024.
High profile Australian fashion label Dion Lee has called in the administrators as major partner Cue announced its withdrawal from the label this week.
“After a recent strategic review, a decision has been made by the Cue Group to focus on our local Cue and Veronika Maine operations,” a spokesperson said.
For its Australian operations, dVT Group have been appointed as voluntary administrators under Antony Resnick and his team. “We are in the very early stages of our administration process and our focus right now is on speaking with the Australian and US-based team and getting across all the relevant…
Katie Price has been declared bankrupt for a second time. The former glamour model – who was previously declared bankrupt in 2019 – owes more than £750,000 to HM Revenue and Customs (HMRC) and failed to respond to the organisation over the debt, a court was told on Monday (19.03.24). Insolvency and Companies Court Judge Sebastian Prentis said: He said: “There has been no response from the debtor. The papers are in order. “There is a substantial debt due from Ms Price to HMRC, and therefore I will make a bankruptcy order.” The judge explained the £761,994.05 bill “derives from self-assessments from the year 2020-2021 and from the year 2021-22” and includes income tax, VAT, surcharges and interest. HMRC had issued a bankruptcy…
Chartered accountant Lorcan O’Connor has joined the Insolvency Service Board as non-executive member
Mr O’Connor was the founder of the Insolvency Service of Ireland (ISI) and led the organisation for seven years
He joined the UK Insolvency Service Board on 2 April and was inducted on 2 May 2024
Lorcan O’Connor, founder and former leader of the Insolvency Service of Ireland, has joined the UK Insolvency Service’s Board as a non-executive member.
Mr O’Connor, who founded the Insolvency Service of Ireland (ISI) in 2012, joined the UK’s Insolvency Service Board on 2 April 2024, and was inducted on 2 May 2024. The Board is the agency’s main decision-making body and is responsible for the long-term success of the agency
A builder and kitchen renovations company servicing Melbourne’s leafy inner-eastern suburbs have added to the growing list of construction insolvencies hitting boutique companies servicing wealthy clients.
Builder Warwick Constructions went into administration in late October, followed four days later by fellow Hawthorn East-based renovations business Ultimate Kitchens & Bathrooms, when director Jeff Richards appointed a liquidator to wind up his company.
Workers at two NSW factories have slammed their former employer after the company went bust, leaving them and other creditors multiple millions out of pocket.
Last month, two companies linked to the Sydney-based Apollo group, which manufactures kitchen and bathroom joinery, collapsed into liquidation after 56 years in business.
Its main clients were big builders who will likely have to wear the cost in an already difficult market. Apollo also had showrooms in Sydney and the Central Coast where customers could come in to order cabinets or bench tops for their homes directly.
The Federal Court ordered Apollo Kitchens (NSW) Pty Ltd into liquidation in March over a $7.8 million unpaid tax debt, leading to around 100 people losing their jobs….
