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.
Methodological processFigure 1 shows our research framework. First, we collected datasets on the technological feasibility assessment used in the actual
The Australian Taxation Office denied debt relief to a taxpayer despite acknowledging the person was in serious financial hardship and at immediate risk of homelessness, according to details released by the tax ombudsman.
The person, whose name was not disclosed, is one of many caught by the ATO’s widely criticised “robotax” scheme that has resurrected decades-old debts in pursuit of more than $15bn.
Karen Payne, the country’s top tax bureaucrat in charge of the complaints management service, said the lack of empathy shown in the ATO’s dealings with someone in difficult circumstances shows how an agency can wrongly prioritise its debt collection function over its obligation to support the community.
One of Western Australia’s biggest residential building companies has collapsed, with Collier Homes falling into liquidation after more than 60 years.
The Australian Securities and Investment Commission confirmed the company would shut down, with Robert Conry Brauer and Linda Methven Smith, from McGrath Nicol, appointed as liquidators.
Collier Homes was created in 1959 by Raymond McCarthy.
He lived on Collier St in the affluent riverside suburb of Applecross.
In 1969, the business was sold to a national land developer, then in 1981 it was purchased by its senior executive, Ron Smith.
In 1996, Adelaide-based national home builder Home Australia acquired the business.
The brand assets were sold in November 2016 to the present owner, Dario…
A 16-year-old Melbourne boy was able to gamble nearly $100,000, including at suburban pubs, despite his mother desperately seeking help, a court has heard.
The Melbourne magistrates court heard that when his mother discovered his gambling habits, she began a frantic mission to get him help, only to be repeatedly turned away.
In April last year, she contacted more than 30 individuals and organisations. But because of his age and his unwillingness to stop gambling, none could offer her help beyond a suggestion that she not give him access to money and that she look after herself.
The court heard that the woman has cashed out her superannuation, re-mortgaged her previously paid-off home and take on extra work to cover her son’s gambling…
In part one of The Secret Brewer: Voluntary Administration, a brewery owner discussed a number of their concerns surrounding the impact of two years of VAs across the local beer industry.
We put a number of questions raised by the article to the people running breweries that have been through the VA process in the past 12 months and emerged with some of all of the previous ownership teams still in the business. Below are the responses of those who replied – along with comments from the CEO of the Independent Brewers Association (IBA).
Brewing is far from the only industry to have suffered in the face of the global economic woes of recent years, but its challenges have been more acute than most as small businesses have been…
Let me explain how that average person would have ended up there.
HELP is an income-contingent loan, which means graduates do not start paying it off until they are earning above a particular threshold.
Once a graduate starts earning more than $51,550, their employer needs to start deducting HELP repayments from their pay alongside income tax. At that wage, the repayment rate is 1 per cent, but it rises to 10 per cent for people earning $151,201 or more.
Now, there is technically no interest on a HELP. But annually on June 1, it is indexed by the rate of inflation (it’s calculated using the Australian Bureau of Statistics’ consumer price index, but is slightly different to the annual inflation rate – you can read more about…
The Body Shop‘s Belgian branch has been declared bankrupt. A German buyer is reportedly already in place to acquire the profitable remains.
Done deal
The bankruptcy was declared in the Netherlands, because the Belgian activities are part of the same entity as the Dutch shops. The receiver has not yet announced what the consequences are for the two dozen Belgian stores. Meanwhile, the 27 stores in the Netherlands are kept outside the bankruptcy and are currently open as usual.
German investor Alma24 is said to be taking over the Belgian operations after the bankruptcy, but…
Corporate insolvencies in England and Wales are now at their highest level since 2009. The rise in insolvencies follows the end to the Government’s Covid-19 support schemes, the buildup of debt post-pandemic, unprecedented inflation and interest rate increases.
More frequently than ever, questions are being raised as to what happens if a company is suffering financial difficulties. This could mean delayed or non-existent creditor payments, cashflow shortages, overdue bills, difficulties in making payroll, decreasing sales and the accumulation of more debt. Board directors might be asking whether there are any options left or value to be realised.
The family of a man who passed away after going overboard during an Australian cruise last week has a hit out at the cruise line’s gambling policy.
Shane Dixon, 50, went overboard just ten nautical miles from docking in Sydney on the Elvis-themed sailing aboard P&O Cruises Australia ship, Pacific Adventure.
(Photo courtesy of P&O Cruises)
The man overboard alert was triggered at around 4:30 a.m. local time, less than two hours before the ship was scheduled to dock in Sydney at the end of the cruise. Mr Dixon’s body was recovered a few hours later. The New South Wales Police Marine Area Command said the search operation was hampered by rough seas with five-meter waves.
Figure 1 shows our research framework. First, we collected datasets on the technological feasibility assessment used in the actual lending progress to SMEs. In the preprocessing step, we extracted technological feasibility assessment information of the manufacturing industry. We divided the datasets into three types, a general type, a technology development type, and a toll processing type, according to the kind of technology of the company. To solve the imbalance problem between insolvency and healthy companies in the dataset, we sought an appropriate sampling method by applying a data balancing method, such as under-sampling techniques and over-sampling techniques. We also used the feature selection method to…
The collapse of one of Perth’s best-known residential building companies is being blamed on mounting pressure on the home construction industry, as one lobby group tips more local builders will go under.
Collier Homes, first established in 1959 and more recently operated by veteran builder Dario Amara, was placed into liquidation earlier this week.
