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 Rodeo Software, a cloud-native project management software provider, has been declared bankrupt by the court in Amsterdam by termination
Amsterdam-based Rodeo Software, a cloud-native project management software provider, has been declared bankrupt by the court in Amsterdam by termination of the suspension of payment on Wednesday, April 24.
The announcement comes a week after the Dutch company got into a controversy following allegations of financial irregularities.
A brief overview
As a result, US-based growth equity firm PSG Equity, which invested in Rodeo in 2022, has taken legal action against the company’s founder, Pieter Vos, seizing €67M.
Rodeo Software has informed its shareholders of potential financial irregularities within the organisation, prompting an investigation led by forensic accountants.
Vos, who founded Rodeo in 2016 and was the CEO until…
Australian insolvencies hit a record high in March, according to the latest data released by the corporate regulator. In total, 1131 businesses went bust in the month, which was the largest number since ASIC started collecting these statistics in 1999. Intensifying labour and input costs are a killer for companies with little pricing power.
Seasonally adjusting the data, we get the same result: corporate failures hit a 25-year high despite the fact the economy continues to expand and maintained a historically very low 3.9 per cent unemployment rate in March.
Every eligible hospital in North Carolina has opted in to Gov. Roy Cooper’s medical debt relief initiative, which promises extra payments to hospitals that agree to forgive old medical debt and beef up their charity care policies, state officials said Monday.
The program calls for hospitals to wipe out about $4 billion in medical debt for nearly 2 million low- and middle-income patients across the state, according to the N.C. Department of Health and Human Services.
“This will make a tremendous difference in the lives of North Carolinians,” said Cooper, a Democrat. “Unlike most other debt, medical debt is not a choice. People don’t choose to have accidents and get cancer and suffer a heart…
Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year.
Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large percentage of personal solvencies has also been connected to business failures.
Nationwide insolvency trends and their business impacts
The AFSA report revealed that insolvencies have risen across most states and territories, with New South Wales recording the highest number at 885, followed by Queensland at 759.
In a published notice from the Australian Securities and Investments Commission (ASIC) last week, it was revealed that start-up superannuation fund GigSuper has entered voluntary liquidation.
At a general meeting on 24 June, it was resolved that the company would be wound up and that principal at DW Advisory, Paul Gerard Weston, would be appointed liquidator.
The fund was first launched in 2017 by two former staffers of IG Australia, Peter Stanhope and Martin Batur, and aimed at self-employed people.
At the time, Stanhope emphasised his and Batur’s understanding of the importance of flexibility and ease of use.
“Working job-to-job means your income fluctuates through the year, and the ability to access your money if needed is…
After rumors circulated that Bruno Mars would need a bit of 24-karat magic to pay back the millions he reportedly owed MGM Resorts in gambling debt, the hospitality empire is clearing the air.
“We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers,” MGM Resorts International said in a statement provided to Business Insider. (A representative for Mars did not respond to a request for comment from BI.)
“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 continued. “MGM and Bruno’s partnership is longstanding and rooted in mutual respect. Any speculation otherwise is…
Zhongzhi Enterprise Group, a Chinese shadow bank with deep ties to the country’s property sector, filed for bankruptcy Friday. The group no longer has the means to pay off its debts, according to a statement from Beijing’s First Intermediate People’s Court, which accepted the shadow bank’s bankruptcy application.
Zhongzhi has looked shaky since late November. In a letter to investors, the company calculated its total liabilities at around 420 billion to 460 billion yuan, or around $59 billion to $65 billion, and its tangible assets at just 200 billion yuan ($28.2 billion), meaning the bank had a shortfall of around $36.4 billion.
Yet issues were emerging as early as August, when one of the bank’s affiliated companies…
Rex has entered into voluntary administration, the second domestic airline to fail this year in a market dominated by Qantas. Regional Express Holdings Ltd., as Rex is formally known, has appointed Ernst & Young as administrators. Domestic flights on Rex’s fleet of Boeing 737 jets have been canceled, while regional flights operated using Saab 340 aircraft are unaffected.
The federal government has announced it will wipe $3 billion from Australians’ HECS-HELP debt. Millions of Australians have faced ballooning debts as student loans were indexed in line with inflation.
But, the government said it will move to adjust how the debt is indexed, so it’s either in relation to the consumer price index (CPI) or wage price index (WPI), whichever is lower. This won’t only benefit those facing a looming 4.7 per cent indexation this year, but it would also be backdated to undo the horror 7.1 per cent increase last year.
WEST HOLLYWOOD, CA – JANUARY 02: A processor (R) fills orders for bud tenders (L) who sell the … [+] product at MedMen, one of the two Los Angeles area pot shops that began selling marijuana for recreational use under the new California marijuana law today, on January 2, 2018 in West Hollywood, California. Los Angeles and other nearby cities outside of West Hollywood have not finalized their local permitting rules so licenses to businesses in those jurisdictions are yet to be granted. (Photo by David McNew/Getty Images)
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Multistate cannabis company MedMen leaves the industry by filing bankruptcy proceedings in Canada with about $411 million in liabilities.
MedMen announced on April 26 that it filed for bankruptcy under…
Business failures are on the rise in Britain, with several high-profile names lost already this year. But since the 1980s, the UK has made it a priority to throw a lifeline to struggling companies. It appears, however, that these efforts to enhance the law are being hampered by sloppy language in the media, increasing the stigma around insolvency and potentially deterring businesses from seeking help.
Legal terms and concepts need to be accurate. The law of insolvency is no different.
Unfortunately, accuracy is often missing in insolvency coverage. MPs have used insolvency terms incorrectly, while media outlets, including the BBC, have a habit of referring to insolvency procedures in overly negative, and sometimes inaccurate,…
