• 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…

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News.com.au reported in April that a western Sydney factory had closed down and all workers had been terminated on the spot.

It comes after two companies linked to the Sydney-based Apollo group, which manufactures kitchen and bathroom joinery, have entered liquidation after 56 years in business.

When Apollo Kitchens (NSW) Pty Ltd went into liquidation, all its 65 workers were called to the front of the factory and learned they were jobless.

Apollo Kitchens owes $11.2 million to creditors, including staff, according to its liquidators.

Another business, called Brownlen Pty Ltd, which…

Before you sign on the dotted line for a personal loan, it can help to consider the following steps.

Compare Interest Rates

When shopping around and comparing personal loan offers, among the first things to assess are interest rates. 

Personal loan interest rates depend on the lender and your credit profile. Generally, borrowers with good credit scores qualify for the lowest interest rates. Interest rates are typically expressed as an annual percentage rate (APR), which includes both the loan rate and any fees associated with it. 

Even a small difference in loan rates can significantly affect the total amount you repay. So look for loans with low interest rates and compare the APR to see the total sum you could be…

• Corporate bankruptcies in Russia rose sharply in the first two months of 2024.

• Russia has imposed two moratoriums on bankruptcy in recent years, both of which have now expired.

• High interest rates and macroeconomic instabilities are adding pressure on the private sector.

Russia’s economy appears resilient after two years of war with Ukraine, but a rising number of companies in the country are in trouble.

The number of companies in Russia that have gone bankrupt has soared in the first two months of 2024, Russian business daily Kommersant reported on Thursday.

In January, 571 companies in Russia declared bankruptcy — a rise of 57% from 364 a year ago, Kommersant reported, citing data from the federal register for bankruptcy.

In February, 771…

Rex Airlines has gone into voluntary administration with flights between major airports cancelled.

The carrier has grounded all its Boeing 737 jets, with Virgin Australia allowing REX customers on those flights to transfer to their services free of charge. Affected customers are being contacted directly by REX.

Regional Saab 340 flights in areas including Merimbula and Moruya are currently unaffected and will continue to operate.

Prepaid ticket holders will continue to have their tickets honoured by the Rex Group on regional routes.

The announcement comes just months after budget airline, Bonza,…

Topline

Red Lobster announced late Sunday it filed for bankruptcy, days after it began shuttering dozens of restaurants— after years of struggling with ownership turnover, plateauing sales and financial issues exacerbated by debt, the pandemic and an all-you-can-eat shrimp deal.

Key Facts

Daryl Ching, a Toronto-based chartered financial analyst, has worked with dozens of small business owners over the years. Some of them, unfortunately, fell on hard times and had to close.

When that happens, he’s seen some business owners sell personal assets to cover outstanding debt. He’s seen others manage to sell their businesses to investors. And occasionally, the operators of some failing companies have just walked away.

But one thing he’s never seen? “In my 12, 13 years in business, I’ve seen companies close up, and zero of them went through a regular corporate…

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