The haircuts taken by creditors in bankruptcy resolutions have increased to 73 per cent in FY24 from the 64 per cent in FY23, a report said on Friday.

A total of 269 resolution plans were approved by the National Company Law Tribunals (NCLTs) in FY24, up from 189 in the year-ago period, the report by domestic rating agency Icra said.

The new admissions declined to 987 in FY24 from the 1,263 in FY23, the agency said, attributing the same to a higher base in the previous fiscal because of the Covid-19 pandemic-related stress.

It can be noted that the haircuts, or…

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More retailers are shutting up shop for good as the cost-of-living crisis cripples household spending, with insolvencies in the retail sector more than doubling in the past two years.

Data from ASIC shows 502 retail businesses have entered administration so far this financial year, compared to 193 businesses during the same period in 2022, with low-cost…

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People and companies go bankrupt every so often—but in the U.K., cities are going bankrupt, too.

Nottingham, home to 323,700 residents, well-known universities and fictional character Robin Hood, effectively declared itself bankrupt on Wednesday as its council is set to to overspend by £23 million ($29 million) in the 2023-24 financial year.

This means a pause on all non-essential spending on services not required to be provided by law.

A report raised at the Labour-run Nottingham City Council’s Executive Board meeting last week first revealed the budget shortfall.

The Nottingham City Council highlighted that it was facing a slew of challenges resulting in the gaping hole in its budget in a Wednesday report. These include high demand…

As a book lover and borderline reading addict, it has pained me to see another book distributor go into voluntary administration, and in fact, it’s answering a few of the questions I have had for months.

It was announced yesterday that Booktopia, one of Australia’s biggest and most loved online bookstores, has gone into voluntary administration with many customers still waiting on their orders, myself included.

I made an order all the way back on March 21, 2024. The order had six books in it, and all seemed okay in the beginning.

When I placed the order, the website said the first six books, which were all part of a series, would be shipped within 1-10 days.

The other book, the first book in the new Maze Runner Trilogy,…

Major League Baseball officials will tell anyone who listens that the integrity of the sport is safer than ever. Despite the widespread legalization of sports gambling, despite MLB’s lucrative partnerships with the gambling platforms, despite Americans legally wagering about $120 billion on sports last year alone, and despite in-game advertisements that encourage fans to place bets right now—despite all that, everything’s fine. Third-party security companies, baseball officials point out, are monitoring traffic on DraftKings, FanDuel, BetMGM, and other legal apps, and can see wagers in real time. They can flag curious activity in a matter of minutes and then trace the activity all the way to an IP address, usually someone’s…

A fresh round of legal action could also unearth if any secret backers have ever paid his legal bills.

Legal sources have told news.com.au that the combined costs of Lisa Wilkinson and her employer Channel 10 are likely to amount to between $5 million and $6 million.

Mr Lehrmann is an unemployed law student who has not worked full-time since late 2021. During that period he also had his rent paid for by Channel 7 over the last year along with dinners and drinks at expensive restaurants.

But what isn’t clear is how he’s been paying his legal bills.

He was privately represented in the criminal trial by Steve…