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.
Australians with student debts are set to have hundreds of dollars added to their loans amid calls to change how increases are calculated.
Some 2.95 million Australians have a Higher Education Loan Program (HELP) debt, such as , totalling more than $78 billion in outstanding debt, according to the most recent Australian Taxation Office (ATO) data.
The average debt is almost $26,500, and that will increase through indexation which is calculated when the March quarter inflation figure is released.
That occurs in late April, but forecasts on what the inflation figure could come in at have already emerged.
Harry Murphy Cruise, an economist at Moody’s Analytics, told The Guardian on Wednesday that “partial data” suggested inflation would come…
Nippon Electric Glass’ (NEG) site in Westerbroek, The Netherlands was declared bankrupt yesterday (Tuesday).
It means around 275 employees are at risk of losing their jobs as well as 50 temporary workers.
District Curator Jeroen Reiziger said its Japanese owner had decided it could no longer afford to keep absorbing losses of up to €1 million a month, partly as a result of higher energy prices.
The site was formerly owned by PPG but was sold to NEG in 2016. The Japanese invested €70 million in the factory but a new furnace investment was not completed The site was opened in 1963 and at its peak employed 1,300 people.
The site makes fibreglass for the automotive industry.
The Kirribilli Club in Sydney’s north shore has entered voluntary administration.
The club appointed Hugh Armenis of SV Partners administrator on June 19. After an initial period of trading to “assess the status” of the club, it ceased trading on June 24.
The ex-services club, with over 18,000 members, was founded in 1946, and boasts some of the best harbourside views.
“The administrator recognises the emotional and financial hardship that this closure will cause to many people and will work closely with the staff and management of the Kirribilli Club to ensure a smooth and orderly transition, and to assist those affected clients as much as possible,” SV Partners said in a statement.
OWENSBORO, Ky. — Since sports betting became legal in Kentucky, there has been a significant increase in people calling into the gambling addiction hotline.
What You Need To Know
October had the largest volume of calls Kentucky’s gambling hotline has ever received
Dr. RonSonlyn Clark, President of the Kentucky Council on Problem Gambling, says in each of the last four months, at least one of the phone calls they took were from someone who was suicidal
From Jan. 22 to Jan. 26, the Kentucky Council on Problem Gambling is offering a 30-hour training for clinicians in Kentucky
The goal, Clark said, is to add 10 to 15 more certified counselors by the end of the year
One of the state’s few certified counselors says her schedule…
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Katie Price has been declared bankrupt for a second time over an unpaid tax bill worth more than £750,000.
The former glamour model, who was previously declared bankrupt in 2019, owes £761,994.05 to HM Revenue and Customs (HMRC), a court was told on Monday.
At a short hearing at London’s Rolls Building, Insolvency and Companies Court Judge Sebastian Prentis said that Price had not responded to HMRC over the debt and declared her bankrupt.
He said: “There has been no response from the debtor. The papers are in order.
“There is a substantial debt due from Ms Price to HMRC, and therefore I will make a bankruptcy…
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The UK government is updating water company insolvency laws as fears grow over the financial health of the privatised monopolies — including the country’s largest, Thames Water.
The Department for Environment, Food and Rural Affairs last week quietly issued legislation to update the three-decade-old special administration regime for water monopolies in England and Wales.
The new law provides more options for special administrators to restructure companies that are unable to repay their debts and may make it less likely that the government is forced into renationalising water utilities.
When it comes to helping Americans manage rising health care costs, one increasingly popular policy stands out for both its simplicity and potential payoff: Buy up vast amounts of medical debt for pennies on the dollar and cancel it, thereby giving struggling families a break from one major stressor.
Over the last two years, 15 state or local governments passed programs to acquire about $8 billion worth of medical fees that have either been — or are about to be — sent to bill collectors. Five others are considering programs that would raise that total to nearly $13 billion.
It’s not just governments that think medical debt relief holds promise: Private donors are financing the purchase of outstanding medical debts worth billions of…
He said more than two-thirds of the ATO’s $50 billion in collectable debt was owed by small firms.
“During the pandemic, we took a different audit posture with individuals and small businesses, chased fewer lodgements and recovered less debt,” Hirshchorn said.
“While we resumed stronger action in late 2021, we have observed a behavioural shift as to the priority of paying tax and super. We are concerned with an increased reliance on unpaid tax and unpaid super to prop up the cash flow of some businesses.”
KordaMentha partner Craig Shepard said business insolvencies would ramp up in the March quarter as Australians settled back into work, following the summer break.
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“The ATO is now back in court, they’re enforcing,…
Betting giant Tabcorp has been ordered to stop accepting cash at its machines in Victorian pubs and clubs unless they are properly supervised by staff after a teenager – with gambling debts of nearly $100,000 – placed bets at multiple venues.
According to the state’s gaming regulator, the 16-year-old was able to gamble on more than 30 occasions between May 2022 and October 2023 at multiple venues across Melbourne’s northern suburbs. The matter is the subject of ongoing court action against venues.
In a victim impact statement tendered in court in one case, the teenager’s mother said he had borrowed money to finance his gambling addiction from people who later threatened their safety. She alleges two people broke into her home…
The consequences of bankruptcy can be devastating, as the Post Office scandal has laid bare.
As dramatised in the ITV hit Mr Bates vs the Post Office, several former Post Office workers were forced to go bankrupt after they struggled to cover the fictional financial losses out of their own pocket or fight in court to clear their name.
But thousands of people file for bankruptcy every month 2,466 in November alone up by 21 per cent in just one year.
And for many, it is their only option and can be a chance for those who are struggling with debts to wipe the slate clean.
Polly Arrowsmith, 56, is a qualified accountant who worked on some insolvency cases before she herself was made bankrupt
The hits keep coming at collection outfit Panthera Finance.
PwC Australia has been appointed voluntary administrator to PF Group Holdings Pty Ltd and PF Management Holdings Pty Ltd – the parent entities of Brookfield Special Investments-backed Panthera Finance Group’s subsidiary companies – by the group’s secured creditor.
