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.
Administrators of troubled dental supplier SmileStyler have found the company backed by Melbourne-based businessman Paul Docherty may have been trading
Dear Ms Wise, how can we help out our kids without spoiling them? With HECS indexation up to 7 per cent, I’d argue it’s well worth paying down this debt for them. But my wife disagrees and says they need to find their own way financially. Rob
The wisdom: Financial planner Marisa Broome agrees it’s worth helping out when HECS (which is now called HELP) indexation is this high (rising inflation has pushed debts 7.1 per cent higher), but says a way of getting your kids to understand it’s not a handout is to treat it as a loan – perhaps from any inheritance.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Company insolvencies are running at a 30-year high in the UK, signalling a busy year ahead for corporate restructuring and bankruptcy specialists.
More than 25,000 companies in Britain registered as insolvent in 2023, a 14 per cent increase on 2022, according to the UK’s Insolvency Service.
Corporate distress experts say demand for their services is increasing as businesses battle the effects of inflation, higher interest rates and a tight labour market.
“When you’re talking around town, all the professionals, lawyers and people in restructuring are saying they are busier,” says David Fleming UK head of…
Administrators of troubled dental supplier SmileStyler have found the company backed by Melbourne-based businessman Paul Docherty may have been trading while insolvent for at least the last 18 months, subject to further investigations.
The findings are contained in a preliminary report to creditors filed with the Australian Securities and Investments Commission (ASIC) on January 12.
As many low- and middle-income countries (LMICs) grapple with a sharp rise in payments on their sovereign debt in the wake of the COVID-19 pandemic and the war in Ukraine, leaders across the world are calling for urgent debt restructuring and reforms to the development financing system. Their calls are often framed in humanitarian and ethical terms.
An August 2023 UN report described the global debt crisis as a product of “inequalities in the international financial architecture” and argued that the provision of debt relief from high-income countries is an essential step toward creating a more just world economy. Two months later, U.S. Assistant Secretary of the Treasury for International Finance Brent Neiman cited the example of…
UK Government records indicate that UK synth manufacturer Modal Electronics has gone into administration.
Records on Companies House show that the last time Modal filed accounts was in 2021, and that it was declared insolvent and went into administration on 8 September 2023.
From its budget Craft and Skulpt synths through to the high end 00 range, Modal has a variety of well-reviewed instruments on its roster. It’s been relatively quiet over the past year, though, with the last major releases being firmware updates for the Cobalt8 and Argon8 keyboards. The Carbon8, which was previewed at Superbooth in May, has yet to be released.
Synth Anatomy reports that Modal has confirmed that it’s gone into administration as part of a wider…
Seven childcare centres in Adelaide are in danger of shutting down after the company behind them went into voluntary administration.
Precious Cargo Education called in administrators this morning, with founder and director Cheryl Shigrov saying difficulties facing the entire industry were behind the company’s struggles.
“In recent years there have been some challenges that the company has not been able to overcome that have been experienced sector-wide,” she said.
Precious Cargo Education has gone into voluntary administration. (Precious Cargo Education/Facebook)
“In my role, I as director take responsibility for not being able to navigate these challenges.
“To our children, families and staff I apologise that my journey has come to…
Steven* was just 10 years old when he started gambling online, an addiction that by the age of 15 would see him lose about $2,000 and grappling with embarrassment and despair.
He remembers gambling away $500 in birthday money when he was 12. “I was late to school because I didn’t want to leave my computer,” he says.
Now 24 and living in Melbourne, he says the habit led to drug use, as well as mental health issues that he is “only just starting to recover from”.
A Guardian Australia investigation has revealed an increasing number of young people are entering adulthood with depression and anxiety, alongside debt and relationship breakdowns, because of gambling in their youth.
Data provided by Gambling Help Online revealed a 16%…
A former Manchester City player is now living off benefits with just £2 left in his bank account, according to reports.
Pep Guardiola’s side are currently at the height of their powers. Following a historic treble winning season in 2022/23, City are now in prime position to secure another Premier League trophy this season.
As well as this, they will also face local rivals Manchester United in the FA Cup final, in a bid to complete an impressive domestic double.
The reigning champions sit in second place currently, just one point behind leaders Arsenal. City do hold a game in hand on their title rivals, as we approach the next round of fixtures this weekend.
When most people think of players who have played within teams such as City, they…
In the years since the Covid-19 pandemic, many businesses have struggled to weather tough times. Prolonged closures and disruptions during the pandemic followed by the cost of living crisis and sustained inflation are taking a toll on businesses across the board.
And an increasing number of companies are facing the worst-case scenario this year: insolvency.
When a business becomes insolvent, it means it cannot repay debts when they’re due – either due to a lack of cash or because the business has more liabilities than assets on its balance sheet.
In December 2023, according to data from the government’s Insolvency Service, 2,002 registered companies went into insolvency in England and Wales – 2% higher than the same month the…
