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.
A wave of business failures in construction, hospitality and retail has pushed up the number of monthly insolvencies to the highest in almost a decade, as rising borrowing costs, weaker consumer spending and a more aggressive Tax Office take their toll.
Some 967 companies entered administration in February, up 40 per cent on the same month last year, according to new preliminary figures from the Australian Securities and Investments Commission.
Millions of Australians with student loans will have hundreds of dollars wiped from their HECS debts as the federal government rolls out its plans for cost-of-living relief in the upcoming budget.
Every June HECS debts are indexed and bumped up a few…
Families at hundreds of schools across the country could be left out of pocket for annual student portraits and yearbooks after a national photography business went bust.
Academy Photography Australia entered liquidation on May 10, with Anthony Phillips of Heard Phillips Lieberenz appointed as liquidator, according to ASIC.
This week, Phillips sent a letter to affected schools, confirming to 9news.com.au about 200 schools were affected.
A national photography company has gone into liquidation. (Getty Images/iStockphoto)
He notified them that Academy Photography no longer employed any photographers and would be unable to complete any current books.
“One of my key priorities for the liquidation is securing the data held by the company…
AllHere Education Inc., the Boston-based Harvard Innovation Labs venture that sold AI-powered chatbots to schools, filed for Chapter 7 liquidation in Delaware on Tuesday amid concerns about the privacy of students’…
News broke Wednesday afternoon when the Los Angeles Times published a shocking report that Ohtani’s interpreter, Ippei Mizuhara, had perpetrated a “massive theft” of millions of dollars of the baseball superstar’s money to place bets with an illegal bookmaker.
But things took an even stranger turn when a spokesman for Ohtani originally told ESPN that the Dodgers player had transferred funds to help cover Mizuhara’s gambling debt and made the interpreter available to the outlet to explain the situation.
Nottingham City Council has become the latest local authority to effectively declare bankruptcy as it is unable to fulfil its legal obligation to balance its budget.
The state of the council’s spreadsheets has been blamed partly on mistakes of its own making – namely the collapse of an energy firm it launched back in 2020, and using funding ringfenced for housing in its general budget that then had to be replaced.
But it is far from the only authority facing such pressures, and the issuing of Section 114 notices is a story being echoed across a number of local authorities in England.
More than three million Australians will have their student debt wiped in a bid to win over younger voters crushed by the cost of living crisis.
Education Minister Jason Clare on Sunday announced the government would cap the Higher Education Loan Program (HELP) indexation rate, eliminating about $3 billion of student debt.
The capped rate would ensure indexation matched either the Consumer Price Index (CPI) or Wage Price Index (WPI) — whichever was lower —
About $3 billion in student debt will be wiped for some three million Australians, Jason Clare says. Source: AAP / Lukas Coch
The was based on CPI, whereas under WPI, the debt spike would have only been 3.2 per cent.
The government said it would backdate the change — which formed…
US electric vehicle (EV) manufacturer Fisker has filed for Chapter 11 bankruptcy, less than two years after it launched its Ocean SUV as a rival to the best-selling Tesla Model Y.
“Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promises to deliver the most sustainable vehicle in the world,” said a Fisker spokesperson in a statement.
“We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North America and Europe.
“But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our…
Monthly business insolvencies have risen to a level not seen since 2015, as a long-expected landslide of corporate collapses hits the Australian economy.
Figures presented by the Australian Securities and Investments Commission (ASIC) this week show 967 businesses entered external administration or had a controller appointed to them in February.
That is a significant jump over the 555 collapses recorded in January, and the single largest monthly tally since October 2015.
