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.
Award-winning ACT and NSW-based construction company – Project Coordination (Australia) Pty Ltd – today entered voluntary administration. Company Directors –
99 Cents Only Stores LLC has filed for bankruptcy after announcing plans in April to wind down its business operations.
The California-based discount retailer listed assets of $1 billion to $10 billion and liabilities of a similar range in a Chapter 11 petition filed in Delaware. Filing Chapter 11 will give 99 Cents Only time to conduct going out—of-business sales at its roughly 370 locations.
99 Cents Only has secured $60.8 million in senior secured super priority debtor-in-possession financing to wind-down its operations and sell its real estate and other assets for as much as possible in order to repay …
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Creditors of one of the main companies in René Benko’s Signa Group have alleged it fell into insolvency because of “illicit” financial transactions, not a downturn in the European property market.
Their claim contradicts earlier findings of the company’s insolvency administrator and statements by Signa’s management and shareholders, which have so far pinned blame for the luxury property conglomerate’s collapse on rising interest rates and their impact on property valuation models.
Signa Development Selection was one of the three central entities in the Signa Group. It was declared insolvent on…
Bruno Mars isn’t in the red with MGM, that is, according to the hospitality and casino giant.
In a statement given to the Las Vegas Review-Journal on Monday, MGM Resorts shut down rumors the “24K Magic” singer had racked up a $50 million gambling debt, and that he was paying his balance via multiple business deals with MGM and its Las Vegas properties.
The company said claims that it has Mars on the hook for millions were “completely false,” writing, “We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers.”
Celebrating his residency at the Park MGM and partnership on the Bellagio’s new Pinky Ring cocktail lounge, MGM’s statement read, “Bruno’s brand of…
Award-winning ACT and NSW-based construction company – Project Coordination (Australia) Pty Ltd – today entered voluntary administration.
Company Directors – father and son, Paul and Gavin Murphy – today appointed RSM Australia Partners Jonathon Colbran, Frank Lo Pilato and Brett Lord as joint and several Administrators of the company.
The long-standing family-run company, which is in its 50th year of operation, specialised in the construction and management of small and large-scale public and private buildings and infrastructure in key sectors.
The Directors advised staff of their decision at two separate meetings at the company’s Canberra and Wollongong offices. They also released a statement (linked here) explaining…
A caravan company has suddenly collapsed, leaving dozens of customers out of pocket and a handful without homes.
On Wednesday afternoon, Victorian-based Tango Caravans Pty Ltd plunged into liquidation.
The business manufactured customised caravans and was headquartered in Somerton, Melbourne.
Tyler Edmunds, a father-of-two, had been fearing the worst for months after being promised his caravan would be completed by February – but still with no sign of it
The Albury resident had made the three-hour trek to Tango’s Melbourne head office several times demanding he get what he paid for, but each time he left empty-handed.
The young dad had been asked to make the full payment – $73,000 – for his caravan, and he is now facing the…
A landmark program created to help eliminate medical debt for those struggling to pay their hospital bills in North Carolina now has uniform support from state hospitals.
On Monday, Gov. Roy Cooper announced that all of the state’s 99 acute care hospitals will participate in an innovative new medical debt forgiveness program for low-and-middle income patients.
“We are excited to announce all of North Carolina’s 99 hospitals have signed up to participate in the program,” said Gov. Cooper at a news conference.
The initiative is being called the first of its kind with the purpose of easing medical debt for low and middle-income patients in North Carolina. The plan is a joint effort between Cooper and the North Carolina Department of Health…
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Govt gives guarantee to Rex customers
Thursday 15 August 2024
Rex Airlines crew.
In a positive update for regional communities, domestic travel and Rex Airlines, the Federal Government has just announced it will guarantee regional bookings for Rex flyers during the carrier’s voluntary…
Sean Alexander, 36, from Wimbledon, found his addictions spiralled so out of control that he owed over £60,000 in drug and gambling debts. Facing threats from dealers, he lost everything and became suicidally depressed until rehab turned his life around. He now helps others battling similar issues.
Sean Alexander’s drug and alcohol addiction issues were linked to childhood bullying. Pictured here before and after rehab. (L: supplied and R: Andrew Lunn)
Looking back, my addiction issues stem from childhood. I had a good upbringing and was raised by lovely parents, but I was bullied at school for being overweight. I’d go through the biscuits, comfort eating, and it became a self-fulfilling prophecy.
A woman who owned a Melbourne bar that went bust has revealed she is in the “scary situation” of having to file for bankruptcy as she faces $150,000 in debt.
Liv Franklin was the owner of Follies, a vegan antipasti bar in Fitzroy, which closed down at the end of March.
She said there were “so many sh***y implications” about the bar’s failure but the biggest impact will be becoming a “bankrupt girly” at just age 30.
However, she said she wanted to debunk what this meant as many people still saw bankruptcy as taboo.
“I’ve been doing heaps of work to get different advice and find out what it actually looks like because it’s really scary,” she said in a TikTok video. “But the more you know about it, the less scared I…
