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Debt can be crippling. It can snowball so large that you can barely keep up with the minimum payments and barely address the principal owed. If you fall behind, you get bombarded with creditors calling you to pay up or threatening you with legal action. You can be taken to court over your debt with a judgment against you that can put a lien on what assets you do have or put a stranglehold on your income.
Fortunately, the federal government can help with debt in some ways. This article will cover four government programs to help you settle debt. Some are better options than others. But as the founder of Yield Alley, Larry Zhong, warns, “Not everyone is eligible for federal programs.”
Which passenger airlines have gone bankrupt this year so far? We look at what went wrong, the remaining fleet and years in operation.
Aeromar ATR 42
Aeromar: ( Mexico, 1987-2023) When Aeromar declared bankruptcy they stated it had not been able to recover from financial difficulties stemming from the global downturn in travel caused by the COVID-19 pandemic starting in 2020. The Mexico City international airport said in a statement that Aeromar owed about $27.5 million in fees, services and other debts. The regional carrier operated 21 routes in Mexico and flew to McAllen and Laredo in Texas and Havana, Cuba. It specialized in flying routes between Mexico City and beach resorts. The airline had 26 ATR 42s and eight ATR 72’s….
Darlinghurst Theatre Company has announced via social media and its website that its directors have resolved to place the company into voluntary administration as of 17 June 2024.
The company was formed in 1993 by Glenn Terry. Housed in The Eternity Playhouse since 2013, the “Darlo” has been a mainstay of Australian theatre for three decades. However, its artistic output has grown smaller in recent years. In January, it hosted Overflow as part of the Sydney Festival, having premiered the piece two years earlier.
Wendy* could tell something was wrong by the look on her son’s girlfriend’s face when she came down to the kitchen on Easter morning. “He’d been out with his mates, had a few drinks, got her phone, got into her savings account, and gambled $2,800 into two bets,” she says.
Her son’s girlfriend burst into tears. “She said, ‘I never … thought he would steal from me.’”
Wendy’s 22-year-old son had started gambling just before he turned 18, when he was working as a landscape apprentice with a boss heavily into gambling.
His girlfriend has now left him and Wendy estimates that she and her husband have spent up to $25,000 paying off his gambling debts.
“The individuals who paid Mr Scholz for his tips, to attend seminars or access private online forums, as well as those individuals who purchased shares based on his recommendations or statements of opinion, did not have the benefit of these protections.”
In 2020, Ghana’s Parliament passed two significant pieces of legislation affecting the right of lenders, and borrowers both in and out of insolvency. The first was the Corporate Insolvency and Restructuring Act, 2020 (Act 1015).
The second was the Borrowers and Lenders Act, 2020 (Act 1052). While these two pieces of legislation barely make reference to each other, their mutual impact cannot be overlooked – especially within the context of an insolvency.
While the Borrowers and Lenders Act aims to guarantee payment or performance of an obligation towards an individual creditor or lender with a secured charge, the CIRA focuses on providing satisfaction to an entire creditor class…
Over the last two years high CPI-driven HELP debt indexation – 3.9% in 2022, 7.1% in 2023, probably in the vicinity of 5% this year – has been a major issue. It has brought to public attention HELP debt issues that had been waiting for their trigger.
The last time HELP debt indexation exceeded 5% was in 2001, as the the new GST flowed through into prices and an indexation rate of 5.3%. At that time 1.1 million people had HECS (as it then was) debts of about $7.2 billion. A Factiva search shows that this unusually high indexation was newsworthy at the time. But with much lower HELP balances per person than now the average debt increase was only $350. The indexation issue then went quiet for two decades, except when the…
Creditors of collapsed Western Sydney developer Toplace, which amassed debts of over $2 billion before founder and now fugitive Jean Nassif fled to Lebanon, voted on Tuesday to hold off liquidation of the group in favour of a scheme that may see them get a better payout.
Known as a holding deed of a company arrangement (DOCA), the proposal was formulated and recommended by administrators Suelen McCallum and Antony Resnick from dVT Group who were appointed on July 7 last year.
Rates of problem gambling may be more than eight times higher than previously thought, according to new data released by the betting industry regulator.
The Gambling Commission has previously said the proportion of people suffering from a gambling problem may be as low as 0.3% of adults in Great Britain.
The figure, which was based on a telephone survey, has been latched on to by betting industry lobbyists as evidence that levels of harm associated with bookmakers and online casinos are relatively limited.
But on Thursday, the commission published “higher quality” figures, based on an updated methodology, that suggest that as many as 2.5% of the adult British population may be suffering from problem gambling.
The UK government has moved to take control of the country’s second biggest city, Birmingham, after the local council effectively declared itself bankrupt earlier this month.
In a letter to the council Tuesday, the government proposed appointing commissioners to take charge of the daily running of the local authority and to oversee a financial recovery plan that could include job cuts, tax rises and the sale of assets owned by the council.
The government has also proposed an inquiry to understand how Birmingham landed in its current financial mess.
Access Print Solutions, Graphic Print Group (GPG) and Graphic Web in Sydney and Adelaide are now for sale after entering voluntary administration with 50 employees affected.
Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three businesses by the directors of the business.
Arnautovic is a chartered accountant, registered liquidator and partner of Salea Advisory.
“The directors of the companies have initially advised that the reasons for the administration of the companies can be attributable to poor economic and trading conditions, significant cost expenditure with respect to various premises leases and outstanding statutory…
