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Increased number of restructuring and court liquidation appointments The report also highlighted a notable increase in restructuring and court liquidation
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.
…
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
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“We are seeing thousands of tax defaults lodged every month now, so the ATO has basically said enough is enough, time’s up, if you can’t pay this debt or at least come to an arrangement with us about how to pay it then you are in big trouble,” she said.
Increased number of restructuring and court liquidation appointments
The report also highlighted a notable increase in restructuring and court liquidation appointments. There were 878 restructuring cases, a 294.6% increase, and 1,593 court liquidations, an upsurge of 218.8% compared to the prior period. These figures exceed those recorded for the entire preceding fiscal year, which ended on June 30, 2023.
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It sounds like Bruno Mars can still afford to keep his 24-karat magic in the air.
Amid rumors that the Grammy-winning singer and songwriter owed $50 million in gambling debt at a Las Vegas casino, the establishment’s parent company has come to Mars’ defense and dismissed the chatter as “completely false.”
In a statement provided to EW on Tuesday, a spokesperson for MGM Resorts International said, “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.”
The statement added, “MGM and Bruno’s partnership is longstanding and…
