When you profess expertise in cost control, cashflow management and the sundry other indicia of insolvency, acquired during a career spanning decades, receiving a winding up notice must come as a surprise.

When that notice is filed in a court by lawyers acting on behalf of the Australian Taxation Office (ATO), along with affidavits in support and a liquidator’s consent well, surprise might concede the field to shock.

iNO can report however that in this case the recipient of the ATO’s unwelcome missive has assured he is on the front foot so the chances of a registered liquidator having his company liquidated from underneath him might be considered remote.

“I am aware of the subject…

Los Angeles Dodgers star Shohei Ohtani issued his first public comments since he became embroiled in a betting scandal involving his former interpreter, Ippei Mizuhara. The athlete said he was “saddened and shocked” by the illegal gambling allegations against his longtime interpreter Ippei Mizuhara, and denied placing bets on sports.

With his new interpreter Will Ireton by his side, Ohtani said that he did not discover Mizuhara’s gambling addiction until after a postgame clubhouse meeting in Korea last Wednesday.

“I never bet on baseball or any other sports, or never have asked somebody to do it on my behalf. I have never went through a bookmaker to bet on sports,” he stated on Monday afternoon.

He…

The retail group which owns the iconic Berlin department store KaDeWe and two other large luxury German shopping malls has declared bankruptcy, the corporation announced in Berlin on Monday.

KaDeWe Group, part of the troubled Signa real estate empire, is 49.9% owned by Signa Retail, an Austrian-based property empire which itself filed for insolvency last year. The other 50.1% is held by the Central Group of Thailand.

KaDeWe Group said “exorbitantly high rents” in Berlin, Hamburg and Munich “make it almost impossible to operate profitably in the long term.”

Since the start of the pandemic rent has risen 37%, it said.

“There is no question that the group can have a strong future with normal rents,” KaDeWe CEO Michael Peterseim…

A Southern California debtor’s rights attorney, Daniel Stephen March, has been placed on involuntary inactive status by the State Bar of California after being accused of embezzling up to 60,000 clients out of as much as $282 million. According to the State Bar’s complaint, March’s law firm, Litigation Practice Group (LPG), charged his clients monthly fees to try to work out deals with their creditors, but when those clients sent in their money to pay off those deals, their money — which should have been held in trust or remitted to the appropriate creditors — simply disappeared. This left the debtor clients still exposed to their creditors, even though they thought they had paid them…

Katie Price has arrived at the Royal Courts of Justice in London for a hearing related to her bankruptcies following her arrest at Heathrow Airport.

The former glamour model arrived on foot through the main entrance wearing a beige outfit and black head covering on Friday, surrounded by photographers, ahead of a hearing due to start at 2pm.

Ms Price was detained at Heathrow on her return to the UK on Thursday evening, the Metropolitan Police previously said.

The 46-year-old’s arrest came after a warrant was issued by a judge on July 30 over her failure to attend a previous hearing, where she was due to face questions about her finances…

P&O’s Pacific Adventure was due to dock in Sydney Harbour at 6am on Monday, May 6 at the end of a three-day Elvis-themed cruise, but Shane Dixon, 50, went overboard in the early hours.

The ship remained in the waters just off the city’s eastern suburbs while a huge search was underway and a man’s body was retrieved from the water at 10.30am, 10 nautical miles off Sydney Heads.

His brother spoke to Daily Mail Australia saying their mother was “devastated” and “broken”.

“She has already buried one son and now she has to bury another one,”…

The rapid surge that put construction industry insolvencies up more than one-third on their total last year is set to ease, Commonwealth Bank of Australia’s business banking head says.

Australia’s largest bank watched the Australian Securities and Investments Commission’s insolvency statistics “very closely”, Mike Vacy-Lyle said. These showed property businesses were suffering from rising labour costs and “remarkably high” input costs – especially those working with fixed-price contracts.

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It’s the middle of August, which means back-to-school time for millions of Americans. It also may be a time of year that reminds people about the college loans they have to pay back. 

President Joe Biden and Vice President Kamala Harris want you to know they’re on the case, even though they are well aware the ploys they’ve put in place to “cancel” or greatly reduce student debt are unconstitutional and unable to withstand judicial scrutiny.

In recent days, they’ve emailed 25 million borrowers to let them know about other avenues they may have for loan help. Trouble is, the rule that would allow the Biden administration to do this has yet to take effect, and it’s not clear when it will. More on that shortly.