More retailers are shutting up shop for good as the cost-of-living crisis cripples household spending, with insolvencies in the retail sector more than doubling in the past two years.

Data from ASIC shows 502 retail businesses have entered administration so far this financial year, compared to 193 businesses during the same period in 2022, with low-cost…

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• Some experts say any loan above student loan or mortgage interest rates is high-interest debt, a range of about 2% to 6%.
• Financial planners often recommend paying off “high-interest debt” before saving or focusing on other financial priorities.
• Look into a balance transfer credit card or…

People and companies go bankrupt every so often—but in the U.K., cities are going bankrupt, too.

Nottingham, home to 323,700 residents, well-known universities and fictional character Robin Hood, effectively declared itself bankrupt on Wednesday as its council is set to to overspend by £23 million ($29 million) in the 2023-24 financial year.

This means a pause on all non-essential spending on services not required to be provided by law.

A report raised at the Labour-run Nottingham City Council’s Executive Board meeting last week first revealed the budget shortfall.

The Nottingham City Council highlighted that it was facing a slew of challenges resulting in the gaping hole in its budget in a Wednesday report. These include high demand…

As a book lover and borderline reading addict, it has pained me to see another book distributor go into voluntary administration, and in fact, it’s answering a few of the questions I have had for months.

It was announced yesterday that Booktopia, one of Australia’s biggest and most loved online bookstores, has gone into voluntary administration with many customers still waiting on their orders, myself included.

I made an order all the way back on March 21, 2024. The order had six books in it, and all seemed okay in the beginning.

When I placed the order, the website said the first six books, which were all part of a series, would be shipped within 1-10 days.

The other book, the first book in the new Maze Runner Trilogy,…

Major League Baseball officials will tell anyone who listens that the integrity of the sport is safer than ever. Despite the widespread legalization of sports gambling, despite MLB’s lucrative partnerships with the gambling platforms, despite Americans legally wagering about $120 billion on sports last year alone, and despite in-game advertisements that encourage fans to place bets right now—despite all that, everything’s fine. Third-party security companies, baseball officials point out, are monitoring traffic on DraftKings, FanDuel, BetMGM, and other legal apps, and can see wagers in real time. They can flag curious activity in a matter of minutes and then trace the activity all the way to an IP address, usually someone’s…

A fresh round of legal action could also unearth if any secret backers have ever paid his legal bills.

Legal sources have told news.com.au that the combined costs of Lisa Wilkinson and her employer Channel 10 are likely to amount to between $5 million and $6 million.

Mr Lehrmann is an unemployed law student who has not worked full-time since late 2021. During that period he also had his rent paid for by Channel 7 over the last year along with dinners and drinks at expensive restaurants.

But what isn’t clear is how he’s been paying his legal bills.

He was privately represented in the criminal trial by Steve…

Company collapses surged in February and reached a level that hasn’t been seen for the past nine years, according to new data released on Monday by the corporate regulator, the Australian Securities and Investments Commission (ASIC).

“Insolvencies are increasing significantly,” Cliff Sanderson of insolvency firm Dissolve told news.com.au.

According to ASIC, 967 companies across Australia went under in February.

“This is the highest monthly figure since October 2015, which was 1000 insolvencies,” Mr Sanderson said.

Compared with the same month the year before, February’s insolvency figures are up by an eye-watering 39 per cent. Last…

The decision of the Australian Government to cut student debts has been welcomed by the Independent Tertiary Education Council Australia (ITECA), the peak body representing independent skills training, higher education, and international education providers.

The Australian Government will cap the higher education HELP indexation rate at the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI) with effect from 1 June 2023. This relief will be backdated to all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other student support loan accounts that existed on 1 June last year.

“The Australian Government’s initiative will be most welcome for the millions of people with student debt struggling to…

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Greek Aussie run tech start-up E-Mersion Media was allegedly losing money from the start, long before its collapse earlier this year.

According to news.com.au, the Melbourne based company with offices in the UK had debts of more than $12 million when it went into liquidation in April this year.

E-Mersion’s sole director is John Iliopoulos.

The liquidator’s report states that E-Mersion’s idea of digitising traditional print magazines had captured plenty of interest from investors but only managed to make four sales in the four years it was in operation, coming in at a measly $84,274.

The report submitted to ASIC also said the company received $200,000 from the government’s JobKeeper grant to pay staff during…

So, is there any truth to the recent media report about mega star Bruno Mars being up to his eyeballs in gambling debt with MGM – to the tune of $50 million even?

MGM says it’s all false.

Putting the rumor about the Silk Sonic member to bed once and for all, MGM Resorts International issued a statement calling NewsNation’s recent report about the singer “completely false.”

“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers. 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 said in a statement sent to Buzzfeed. “MGM and Bruno’s partnership is…