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
The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12 months. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. Prices after the first 12 months may be varied as per full Terms and Conditions. See www.theaustralian.com.au/subscriptionterms for full details.
“However, in 2024, I do believe it’s well past time to Elon to step aside. The lack of focus on the core business is hurting the company’s long-term prospects, especially in China, where there is a huge amount of competition, and those companies are redesigning products every two years,” Abuelsamid said.
“A change of leadership wouldn’t be a guarantee to fix anything, especially if Elon can’t keep himself from interfering, but bringing in fresh leadership could help,” Abuelsamid continued. “Ideally, a new leader could start to change the corporate culture, especially in the factories, put more emphasis on safety both in manufacturing and the products, and improve quality. Tesla has many…
The Employment (Collective Redundancies and Miscellaneous Provisions) Act 2024 has been signed into law. The Act, once commenced, will amend the existing collective redundancy regime in insolvency situations and will deliver on key Programme for Government commitments detailed in the Plan of Action – Collective Redundancies following Insolvency.
Background
In June 2020, the coalition parties committed in the Programme for Government to review whether the legal provisions surrounding collective redundancies and the liquidation of companies effectively protect the rights of workers.
As a result, a Plan of Action was published in May 2021 outlining the following decisions that had been taken:
Analysis and Commentary on the Insolvency Statistics Q2 2023
The quarterly insolvency statistics for April to June 2023 show that corporate insolvencies across the UK1 are at a 14-year high.
Increased insolvencies appear to be continuing with the monthly statistics for both August and September 2023, showing corporate insolvency numbers were higher than the same month last year. July’s figures showed a slight decrease year on year.
This article will analyse the figures in the Q2 statistics, examine the factors contributing to the current predicament and briefly consider the prognosis for the future.
Data
The Government currently publishes insolvency statistics both on a monthly and quarterly basis.2 This article predominantly…
Canberra day spa Adytum offered holistic wellness and mindfulness treatments — but manager Audrey Lianglois says she has been left stressed and facing the prospect of deportation after the business went bust.
The French national said when she locked the doors of the Braddon business for the last time in January, she had no idea the job she loved would be ripped away two hours…
Britain’s second-biggest city effectively declared itself bankrupt on Tuesday, shutting down all nonessential spending after being issued with equal pay claims totaling up to £760 million ($954 million).
Birmingham City Council, which provides services for more than one million people, filed a Section 114 notice on Tuesday, halting all spending except on essential services.
The deficit arose due to difficulties paying between £650 million (around $816 million) and £760 million (around $954 million) in equal pay claims, the notice report says.
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…
