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.
Tritium, an Australian high-speed EV-charging equipment manufacturer with a large-scale factory in Tennessee, notified regulators on Thursday that it was insolvent,
MGM Resorts denied an anonymously sourced report from last week claiming singer Bruno Mars owed the resort company millions of dollars in gambling debts accumulated at the company’s Las Vegas casinos, telling Forbes no such debt actually exists.
Bruno Mars of Silk Sonic performs onstage during the 64th Annual GRAMMY Awards at MGM Grand Garden … [+] Arena on April 03, 2022 in Las Vegas, Nevada. (Photo by Rich Fury/Getty Images for The Recording Academy)
Getty Images for The Recording Academy
Key Facts
Jenn Michaels, the senior vice president of public relations at MGM Resorts International, told Forbes on Monday that Mars “has no debt with MGM,” adding that “MGM and Bruno’s partnership is longstanding and rooted…
CreditorWatch has revealed that business insolvencies reached a record high of 1,378 last month, a 38 per cent increase in the rate of insolvencies over the 12 months to May 2024.
The credit reporting agency found that the total number of insolvencies has increased 34 per cent year on year and is currently 41 per cent above the pre-COVID-19 record of 978, which was reached in July 2019.
The electricity, gas, water, and waste services sector had the most significant rate of increase in business insolvencies year on year, up 89 per cent in the year to April 2024, compared to the 12 months to April 2023.
CreditorWatch said that the increase in insolvency rate in the electricity, gas, water, and waste services sector was driven primarily by…
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When compared with countries like the US, Australians have often felt pretty chuffed about our student loans system. HECS, devised in 1989 − and known as HECS-HELP since 2005 − has long been considered a relatively fair scheme, to the point where many advocates label it as “the best debt you can have”.
Australia has a pretty good student loan scheme, but it’s affected by inflation.Credit: Michael Howard
Of course, the best debt is no debt (looking at you, Baby Boomers who had the benefit of free uni), but all things…
Nottingham city council has issued a section 114 notice, in effect declaring itself bankrupt, as experts warn an increasing number of councils are “reaching breaking point”.
In an announcement on Wednesday, the local authority said it had a significant gap in its budget and the council’s chief financial officer had decided it was not able to produce a balanced budget for this year.
The Labour-run council attributed its financial problems to issues affecting councils across the country, including an increased demand for children and adults’ social care, rising homelessness presentations and the impact of inflation.
It also acknowledged previous issues relating to financial governance and an overspend in the past financial year had…
Billson’s Brewery has announced that the business has been placed into voluntary administration in a statement shared on social media today.
Billson’s Brewery was established in 1865 in Beechworth, Victoria, and is currently run by Nathan Cowan and his wife Felicity Cottrill. The beverage brand is widely known as an RTD manufacturer, but also produces spirits, beer and cordial.
The husband-and-wife duo announced the decision in a statement on Facebook today, explaining that the business has made some mistakes while scaling, and despite restructuring on two previous occasions, does not have the systems or processes in place to keep pace.
The venue and online store will continue to operate as usual while the best…
Following a report that singer Bruno Mars owed the MGM Grand Casino in Las Vegas a whopping $50 million in gambling debt, the casino released a statement through TMZ.com refuting the rumor.
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” said the MGM Grand.
“MGM and Bruno’s partnership is longstanding and rooted in mutual respect. Any speculation otherwise is completely false; he has no debt with MGM.”
The singer, who can often be found at Sin City poker tables, is reportedly preparing for an upcoming residency at the MGM resort.
Redbox’s parent has reportedly filed for bankruptcy protection after defaulting on loans and missing payroll.
Chicken Soup for the Soul Entertainment, which acquired the DVD rental kiosk company in 2022, told employees of its bankruptcy plans late Friday, The Verge reported Saturday (June 29), citing an internal email.
The company says it has filed for a debtor-in-possession loan, which would let it secure additional working capital to meet payroll as it reorganizes. Employees have been waiting to get paid since June 21, the report said, while their health insurance lapsed in May.
But the report noted that it’s not clear whether Chicken Soup will be able to obtain the loan, as its bankruptcy filing shows it…
Tritium, an Australian high-speed EV-charging equipment manufacturer with a large-scale factory in Tennessee, notified regulators on Thursday that it was insolvent, casting uncertainty over whether it can continue to fulfill remaining orders for chargers or service those that its customers have already installed.
In a Thursday filing with the U.S. Securities and Exchange Commission, Tritium DCFC Ltd., a publicly traded company on the Nasdaq stock exchange, announced that it and three subsidiary companies “were insolvent or likely to become insolvent,” and proposed placing control of the company under administrators working for accounting firm KPMG under Australian law.
McGrathNicol, an Australia-based firm specializing in…
Aussie online retailer Booktopia insists it was at all times trading in line with insolvency laws, as administrators continue to pore over its books.
Administrators said the company could be as much as $60m in debt on Monday, the first day creditors have met since the bookseller collapsed less than two weeks ago.
The ABC reported administrators would also investigate whether Booktopia, which had ambitions to rival US behemoth Amazon, could have been trading while insolvent.
In a statement to the ABC, Booktopia said the company has “at all times complied with the law in relation to insolvent trading”.
“Booktopia had advanced discussions with shareholders and brokers in relation to a capital raising,” it said.
A bitter dispute that emerged after a widely publicised PR stunt involving Roxy Jacenko has taken another turn as the company involved was plunged into liquidation.
On Wednesday, the Supreme Court of NSW ordered that provisional liquidators take over Roxy’s Bootcamp Pty Ltd.
Then late on Thursday, an ASIC notice revealed that Andrew Blundell and Simon Cathro of restructuring firm Cathro Partners had taken over the business and that it is now in liquidation.
Roxy’s Bootcamp was involved in an already controversial and sensational $10 million competition, of which the eponymous Jacenko, a well-known PR maven, was the figurehead.
Ms Jacenko, alongside her then business partners Kassim Alaouie and Youssef Tleis, encouraged punters to…
