Corporate insolvencies have reached their highest level since ASIC began publishing the numbers just over twenty-five years ago.

The national number of corporate insolvencies showed fresh strength in March, reaching 1.1K in the month, which is the highest level since ASIC began compiling the statistics in 1999.

The same holds true for the seasonally adjusted number of insolvencies, which was also around 1.1K in March on CCI’s analysis, and the estimated trend in insolvencies, put at about 1K on CCI’s calculation.

The construction industry remains a key driver of rising insolvencies.

There is an unprecedented backlog of construction work at present, but builders that offered fixed-price contracts during the pandemic…

NEW YORK — A California newspaper says that Los Angeles Dodgers star Shohei Ohtani’s former interpreter Ippei Mizuhara still has gambling debt. The Dodgers fired Mizuhara after accusations he had gambled and stolen money.

The Orange County Register reported on March 27 that a source connected to a California bookmaker named Mathew Bowyer said that Mizuhara, aged 39, has “gambling debts that he hasn’t paid.” The report did not say the exact amount of debt.

Sources close to the situation explained that Mizuhara…

The administrators appointed to defunct airline Bonza say the company may have sold tickets for flights for more than a month after it became insolvent and recommended the corporate regulator investigate its directors.

Hall Chadwick’s report into the failed budget carrier found Bonza may have had significant solvency and operational concerns from November and appeared to be insolvent from March, long before its operations were suddenly ground to a halt on April 30.

It also said the airline had recorded continued losses from its inception which accumulated to $133 million by the time it entered voluntary administration at the end of…

Winding-up orders were made against five companies from the Sk:n Group of companies on Thursday 18 July 2024.

The court appointed the Official Receiver, Joseph Sullivan, as liquidator of:

• Lasercare Clinics (Harrogate) Limited (company number 02545572)

• LCHMG Limited (company number 12325705)

• ABC Lasers Ltd. (company number 04795786)

• Cosmeceuticals Limited (company number 06114019)

• Cellite Clinic Limited (company number 03639621)

The companies in liquidation traded under the following brands: Sk:n, HMG, Skinbrands, The Skin Experts, ABC Medical and ABC Lasers.

The Official Receiver’s priority is to wind-down the companies in accordance with his statutory duties, for the benefit of the companies’ creditors. He also has a duty to…

The World Bank, the International Monetary Fund (IMF) and other multilateral, bilateral and commercial creditors began the Heavily Indebted Poor Countries (HIPC) Initiative in 1996. The program was designed to ensure that the poorest countries in the world are not overwhelmed by unmanageable or unsustainable debt burdens. It reduces the debt of countries meeting strict criteria.

The following countries have qualified for debt-relief under the HIPC Initiative and the MDRI.

In December 2023, Somalia reached the HIPC initiative completion point, achieving debt service savings of $4.5 billion and getting access to critical additional financial resources to strengthen its economy.

Eritrea and Sudan are potentially eligible for debt…

NEW YORK (AP) — Rudy Giuliani filed for bankruptcy on Thursday, acknowledging severe financial strain exacerbated by his pursuit of former President Donald Trump’s lies about the 2020 election and a jury’s verdict last week requiring him to pay $148 million to two former Georgia election workers he defamed.

The former New York City mayor listed nearly $153 million in existing or potential debts, including almost $1 million in state and federal tax liabilities, money he owes lawyers, and many millions of dollars in potential judgments in lawsuits against him. He estimated he had assets worth $1 million to $10 million.

Giuliani had been teetering on the brink of financial ruin for several…

Chronext, a European watch e-tailer that had flirted with the idea of going public, announced this week that it has filed for voluntary administration.

Voluntary administration is akin to Chapter 11 bankruptcy reorganization in the United States.

“We see the current measure as a significant opportunity to reposition Chronext,” said Frederike Knop, managing director of parent company Chronext Service Germany GmbH, in a statement. “By initiating this procedure, we can make the necessary adjustments to secure the company’s future.… We are confident that this strategic decision lays the foundation for an even stronger and more customer-oriented Chronext brand.”

In its statement, Chronext—which…

As gambling on sports proliferates across America, there are record-breaking profits for the betting companies and a tax revenue windfall for state governments. But at the same time…

Sir Bradley Wiggins has been declared bankrupt and could be forced to hand over his medals and trophies after falling into financial difficulties. 

The eight-time Olympic medallist was declared bankrupt at Lancaster county court on June 3, according to The Times, following years of money troubles with numerous business ventures over the years. 

Wiggins Rights Limited, a company owned by ­Wiggins, his former wife Cath and his mother Linda, entered voluntary liquidation in 2020 with debts of £650,000. 

These debts later increased to just under £1 million in 2022 and by November 2023, creditors claimed this had not been paid, which they warned would likely lead to him being declared bankrupt. 

Trustees could now be appointéd to seize…

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Achieving the Sustainable Development Goals requires significant investment—in infrastructure, human capital, and climate change resilience, among other areas. But governments in developing countries are often limited in their ability to mobilize domestic revenues or private investment, while external grants are scarce.

Debt financing is critical for development. But it must be transparent, well-managed, and used in the context of a credible growth strategy. Yet, too often, this is not the case. Public debt at unsustainable levels harms growth, with consequences to the most vulnerable citizens. It can inhibit private investment, increase pressures on social and infrastructure spending, and limit governments’ ability to…

Black Hops was founded by Daniel Norris, Michael McGovern and Edward Oldfield, who initially undertook a non-equity crowdfunding campaign in 20https://www.businessnewsaustralia.com/16 to help fund the company’s first taproom at Burleigh Heads.

Oldfield and McGovern remain the company’s biggest shareholders with 29.83 per cent and https://www.businessnewsaustralia.com/10.82 per cent holdings respectively.

Norris, who formerly held as many shares as Oldfield, parted ways with the company in February last year and the company bought back his shareholding of four million shares for a total of…