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.
Sydney couple Sam Peppou-Chapman and Mina Askovic have a choice to make. They have dreams of buying a home, but are still in the process of paying off their $60,000 combined student debt.
Fortunately for the pair, they have been offered support from the Bank of Mum and Dad, but they are undecided whether to use the money to pay off their debt or accept help with a home deposit.
Booktopia Group and its subsidiaries have entered voluntary administration two weeks after calling a trading halt at the ASX-listed online retailer which raised fears for its financial future.
Keith Crawford, Matthew Caddy, and Damien Pasfield from McGrathNicol Restructuring have been appointed as administrators on 3 July 2024 and are now assessing Booktopia’s business and exploring options for its sale and/or recapitalisation. Trading of Booktopia Group Limited’s shares will remain suspended during the administration process.
A first statutory meeting of creditors must be held within eight business days after the administration begins, which is set to take place by Monday, 15 July 2024.
MGM Resorts International has denied reports that Bruno Mars has a US$50mil (RM234mil) gambling debt with its casino.
In a statement to American entertainment publication Variety, MGM Resorts said the allegations of Mars’ debt are false.
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” wrote MGM Resorts in the press statement.
“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…
Katie Price has been declared bankrupt for a second time over an unpaid tax bill of £761,994.05.
The former glamour model had not responded to HM Revenue & Customs (HMRC) over the debt, a court was told on Monday.
The demand for payment was made by HMRC last October.
Price – who was first declared bankrupt in 2019 over unpaid debts – did not attend the short hearing.
A court was told the bill “derives from self-assessments” for the years 2020-2021 and 2021-22 and includes income tax, VAT, surcharges and interest.
Insolvency and Companies Court Judge Sebastian Prentis told the hearing at London’s Rolls Building: “There has been no response from the debtor. The papers are in order.
“There is a substantial debt due from Ms Price to HMRC…
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Corporate insolvencies in England and Wales rose to their highest level since 1993 last year, according to official figures that lay bare the challenges facing companies amid slowing demand and high production costs.
There were 25,158 registered company insolvencies in 2023, up 13.7 per cent from the previous year — the highest number for 30 years, the Insolvency Service said on Tuesday.
The figures included 20,577 voluntary liquidations, 9 per cent higher than in 2022 and the highest number since the series began in 1960.
Corporate insolvencies are formal measures taken when a business can no longer pay its…
The world’s poorest countries are facing a growing debt crisis. The International Monetary Fund (IMF) reported last fall that more than half of low-income developing countries are in or at high risk of debt distress, and about one-fifth of emerging markets have sovereign bonds trading at distressed levels. Meanwhile, in many lower-middle-income countries, escalating debt vulnerabilities and overlapping crises—the Covid-19 pandemic, the war in Ukraine, and the increase in global interest rates and risk aversion—are forcing a growing number of countries to seek debt restructuring from external creditors.
St Hilliers director Tim Casey will make an offer to creditors – including subcontractors owed at least $7.1 million – to revive his cash-strapped contracting business and trade out of administration.
Mr Casey, who was working with administrators of the seven contracting companies – St Hilliers real estate development arm is not in administration – to try to keep 19 of their 21 live projects going, was working on a proposal, WLP Restructuring partner Glenn Livingstone said on Wednesday.
One of the last pillars of an award-winning Queensland chef’s hospitality empire has gone bust, just a month after seven other sister venues collapsed.
Cuisinier Australis Pty Ltd trading as Montrachet has called in administrators.
Montrachet is a well known fine-dining French restaurant in the Brisbane suburb of Bowen Hills.
The appointed administrators, Mark Holland, Jamie Harris and Anthony Connelly of restructuring firm McGrath Nicol, informed news.com.au of their appointment on Friday.
Montrachet continues to trade and administrators encourage interested parties to reach out to if they’re interesting in buying the eatery.
The restaurant had been in business for 20 years and was headed by award-winning chef Shannon Kellam.
