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.
Amsterdam-based The Next Closet, a peer-to-peer marketplace for secondhand designer clothes and accessories has been declared bankrupt by the Amsterdam
Having been declared bankrupt by a court on June 3, trustees will be appointed to seize and dispose of his assets, which could include medals and trophies.
A recent survey revealed that 49% of Americans can’t cover a $1,000 emergency, putting them at risk when unexpected expenses arise.1 When Alex Marukos realized that many people were facing financial challenges, he decided to do something about it. That’s why he started Moneyskope, a Conshohocken-based financial coaching service aimed at empowering individuals to take charge of their financial well-being. Beyond his coaching services, Alex recently wrote Wealthy Together, a guidebook designed to help couples establish a solid financial foundation. We spoke with him to delve into his background, the mission of Moneyskope, and the insights shared in his new book.
Tell us a little bit about yourself and your background.
Amsterdam-based The Next Closet, a peer-to-peer marketplace for secondhand designer clothes and accessories has been declared bankrupt by the Amsterdam court.
It is still being determined why bankruptcy was filed by the company.
“The resale market in the fashion industry is currently very competitive, so profit margins have become very thin. That is the main reason for the insolvency,” says the insolvency administrator in a statement to FashionUnited.
Despite reaching out to CEO Quirine Naaijen, Silicon Canals has yet to receive a response at the time of writing this article.
The Next Closet: What you need to know
The entrepreneurial duo — Lieke Pijpers and Thalita van Ogtrop started Holland’s first fashion resale platform…
Children as young as 11 are racking up thousands of dollars in debt because of online gambling, according to a support service.
The head of Mapu Maia said it had had an increase in school counsellors and social workers reaching out with concerns of problem online gambling among secondary school students and even some children at intermediate.
The organisation works to prevent harm from online gambling and said more research and support was needed, with offshore gambling websites posing a particular risk.
Mapu Maia chief executive Pesio Ah-Honi said she was approached by distressed parents, whose child was up all night gambling online.
“Parents of a child who was in intermediate, so that would be around 11 to…
More Australian companies are failing and the construction industry is faring the worst of all.
During the nine-month period from 1 July 2023 to 31 March 2024, more than 7,700 companies entered external administration, a 36.2 per cent increase on the previous corresponding nine-month period ending 31 March 2023.
According to the Australian Securities and Investments Commission (ASIC) data released Thursday (18 April), of these external administrations, construction (2,142), constructed represented the greatest number of company failures, accounting for 27.7 per cent of all insolvencies.
Accommodation and food services industries (1,174) represented the next highest number of company failures, accounting for…
In In the matter of Academy Construction & Development Pty Ltd (subject to Deed of Company Arrangement) [2024] NSWSC 808, the New South Wales Supreme Court had to determine whether to terminate a Deed of Company Arrangement (DOCA) on the basis that it was oppressive, unfairly prejudicial or discriminatory.
Key Takeaways
While a Deed of Company Arrangement (DOCA) can provide for differential returns between creditors, it must have a sound underlying commercial rationale for doing so.
Where a DOCA materially disadvantages a creditor or a minority of creditors, there will be a greater risk of aggrieved creditors challenging the commercial rationale put forward.
Administrators should carefully consider the comparative benefits and…
The HECS debt cost-of-living crisis is getting serious when a high school teacher joins the swelling ranks questioning the value of a university degree.
Teacher Georgina Routley, 48, has a $26,000 HECS debt – right on the average.
“I know for my teenage children who are starting to think about what careers they might have,…
It’s been a rough year for some household-name US retailers and businesses. As the economy emerged out of the Covid-19 pandemic, companies faced a laundry list of problems arising from high costs, supply shortages and growing competition.
As a result, several big names filed for bankruptcy in 2023.
A bankruptcy doesn’t necessarily mean a business is going bust, of course. Many businesses in the US file for bankruptcy to wind down some operations, shed debt and save on costs. A common route is Chapter 11 bankruptcy, which allows the company to solve its financial problems through reorganization.
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Bruno Mars accepts the Song Of The Year award for Silk Sonic’s ‘Leave The Door Open’ onstage during the 64th Annual GRAMMY Awards at MGM Grand Garden Arena on April 3, 2022 in Las Vegas, Nevada. (Photo by Rich Fury/Getty Images for The Recording Academy)Getty Images
