On the 24 September 2020, the Australian Government announced changes to Australia’s insolvency framework to better serve Australian small businesses, their creditors and their employees. The changes introduced new processes suitable for small businesses, reducing complexity, time and costs for small businesses. Effective from 1 January 2021, these are the most significant reforms to Australia’s insolvency framework in 30 years as part of the economic recovery plan to help business and protect jobs, which draw on key features from Chapter 11 of the Bankruptcy Code in the United States. Two years into the effectiveness of these measures, we will have a review of both the measures and the reality, with a comparison to those in…

Consultants overseeing process say they hope to get the airline’s four planes back in the skies as soon as possible.

Air Vanuatu, the national carrier of the Pacific Islands nation of Vanuatu, has gone into liquidation a day after it cancelled all flights leaving thousands of travellers stranded.

More than 20 flights to and from the Australian cities of Sydney and Brisbane, as well as the New Zealand city of Auckland have been cancelled, with the airline blaming “extended maintenance requirements” on their aircraft.

EY, the international consultants appointed by the government to oversee the liquidation, assured travellers stranded in Vanuatu that it hoped to get the company’s small fleet of planes back in the sky as soon as…

MGM has responded to the rumor about Bruno Mars owing millions in gambling debt.

In a statement to ET on Monday, MGM Resorts International denied the performer is in debt with the hospitality empire amid a NewsNation story that alleged Mars owes up to $50 million in gambling debts.

“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” the statement reads. “From his shows at Dolby Live at Park MGM to the new Pinky Ring lounge at Bellagio, Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect.” 

“Any speculation otherwise is completely false; he has no debt with MGM,” the statement…

The city council has faced a number of major financial shocks in recent years.

One of the major challenges has been been the long-running saga over the renovation of the Broadmarsh centre (pictured below).

Work to revamp the 1970s complex began in 2019, but within months owners Intu went into liquidation leaving the city council, which had invested £17m in the project, picking up the very expensive pieces, leading the scheme to sort the half-demolished site.

Soon after, the council found itself with another financial and reputational headache in the form of the failed Robin Hood Energy scheme.

The flagship project – a community-minded energy supplier that counted former Labour leader Jeremy Corbyn as one of its customers – came crashing…

Katie Price has said she missed a court hearing where she was declared bankrupt for the second time because she was “dealing with serious stuff”.

The former glamour model and TV personality owes nearly £762,000 to HM Revenue & Customs (HMRC), which issued a bankruptcy petition last October.

The debt comes from her tax self-assessments from the years 2020-2021 and 2021-22, and includes income tax, VAT, surcharges and interest, a judge said.

Price, 45, failed to appear at the Insolvency and Companies Court on Monday.

The London hearing was told she did respond to HMRC over the debt, and she was declared bankrupt by the judge.

Ms Price, who was previously declared bankrupt in 2019, said she only found out about Monday’s ruling…

EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process.

Loan requests

Initially, the EY-Parthenon teams were asked to advise the bankruptcy of the parent company, with the ambition to find an alternative way ahead for the subsidiaries of Abengoa, where the majority of employees and debt were housed.

With support from EY teams, the subsidiaries requested help from the state-owned company SEPI, who are often used as a tool to implement government…

As the history books reflect, Bruno Mars is a diamond single-making machine. However, according to reports, the “24K Magic” singer has a problem with the color green.

According to NewsNation, Mars has allegedly racked up over $50 million in gambling debt at MGM. A source close to the matter spilled the chips with the outlet. “He owed millions to the MGM,” they said.

“[MGM] basically owns him,” they continued. “He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt. [He will] only make $1.5 million per night after taxes.”

Mars has become a staple in Las Vegas’ entertainment thanks to his residencies (including a solo run and one as part of Silk Sonic). But, based on…

Health officials will launch an independent review into the financial viability of the radiation oncology sector after the country’s largest provider of cancer services, GenesisCare, emerged from bankruptcy a far smaller group.

GenesisCare, founded in Brisbane and backed by KKR, fell into bankruptcy protection in the United States on June 1. As part of the finalisation of its bankruptcy, the company, which once had a valuation of some $5 billion, has struck a deal with the Department of Health to deal with historical issues including the overcharging of Medicare through the use of its propriety payments system known as EasyPay.

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