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.
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,…
Since the pandemic, during which insolvency rates were low due to Government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and which are now difficult to repay. In addition, high inflation and energy costs, lower consumer confidence and volatile supply chains have all contributed to making the last few years very difficult for businesses.
An increase in company insolvencies throughout 2023
Insolvency specialists estimate that more than 47,000…
Clare Megahey is one university graduate who has racked up a HECS-HELP of more than $50,000.
When her university debt was slugged with a 7.1 per cent increase last year as part of indexation, it shot up by $3500 to almost $53,600.
That year, she only paid $2400 off; meaning her debt was growing despite her trying to pay it off.
“It was definitely going up faster than I would have been able to pay it off, which was scary,” Ms Megahey, who completed a five year degree in international relations and media from the University of NSW in 2021, told news.com.au.
“It was definitely disheartening not seeing it paid off as I worked a full-time job.
“I did think it was alarming as I was obviously paying off the minimum amount, so in theory that…
Croydon Council has declared bankruptcy for the third time in two years. Photo by Dan Kitwood/Getty Images.
This article was originally published on 19 December. It has been republished following the news that Middlesbrough council needs emergency financial help to avoid bankruptcy.
Today Nottingham City Council declared bankruptcy, becoming the latest local authority to issue a Section 114 notice. It follows on from Labour-led Birmingham council declaring bankruptcy and Conservative-led Croydon council in south London declaring bankruptcy three times in two years, Thurrock in Essex becoming the largest bankruptcy in local government history last…
Rex Airlines has announced it has gone into voluntary administration and cancelled all flights between major airports.
A statement posted on Rex’s website on Tuesday said Regional Express Holdings Limited and a number of its subsidiaries under the Rex Group have entered voluntary administration.
Ernst & Young Australia have been appointed administrators.
The statement said regional Saab 340 flights were unaffected and will continue to operate, but domestic 737 services have been grounded with Virgin Australia offering impacted Rex passengers free rebooking.
“Flights between major airports have been cancelled, with the Rex Group’s domestic fleet of Boeing 737 aircraft all grounded,” the statement said.
The hospitality and entertainment company has come forward after an ‘insider’ claimed the ’24K Gold’ singer had incurred millions in debt.
MGM has responded to accusations that Bruno Mars is in $50 million debt to it.
The hospitality and entertainment company and the ‘Locked Out of Heaven’ singer announced ‘a multi-year partnership’ back in 2016, Mars set to be one of the first to take to the stage at two of its new venues in Las Vegas and Maryland.
Katie Price has launched her latest money-making scheme after being declared bankrupt for a second time. The ex-glamour model is selling video messages to fans for a hefty price in a bid to make more cash.
Katie, 45, announced she’s joined Cameo, a platform which enables fans to get in contact with their celebrity idols and pay for messages, videos and more. She shared a snap from her profile and told fans on Instagram: “Book a personal video message from me on Cameo.”
A personalised message from the mum-of-five will set you back by a staggering £120. She describes herself as a “model, author, podcaster” on her profile.
Katie Price is charging fans £120 for a video message -Credit:Instagram/ @katieprice
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Since taking office the government has talked up reforms to higher education as its blueprint to transform universities for decades to come.
The reforms are known as the “Australian Universities Accord”, in which a government-appointed panel delivered a meaty 400-plus page report, outlining 47 recommendations.
