Insolvency Guardian Media Centre
These stars have blessed our ears with iconic music over the years, but the fame and fortune sometimes proved to be too much.
From Westlife’s Shane Filan to Blue’s Lee Ryan, many of them earned millions with their hits only to declare themselves bankrupt years later.
Not all of them stayed bankrupt, as some managed to secure gigs and better deals to make their way back to luxury living.
Blue singer Lee Ryan was recently fined 1,501 over motoring offences and claimed he had “no money” due to the coronavirus pandemic.
Meanwhile, Atomic Kitten star Kerry Katona declared herself bankrupt in 2008 after failing to pay tax bills.
Mirror have put together a list of stars who went from riches to rags after years in the limelight.
Lee Ryan (Blu…
Read the full article at: https://www.mirror.co.uk/3am/celebrity-news/pop-star-poverty-millionaires-who-24800912
The widow of a Leicester man says he was driven to suicide by a gambling addiction and debt he accrued after being enticed by free online betting offers while furloughed during lockdown.
An inquest into the death of Luke Ashton, 40, opened at Leicester Coroner’s Court yesterday (AUG 19).
The father-of-two had travelled more than 100 miles from the family home to take his own life earlier this year.
Read more: Aspiring Hollywood actor died just days after finishing first ever lead role in film
His body was found in a flat in Swinton, a borough of Rotherham, in South Yorkshire, on April 22, the hearing at Leicester Town Hall was told.
Assistant coroner for Leicester City and South Leicestershire, Dianne Hocking, said that Mr Ashton was i…
Read the full article at: https://www.leicestermercury.co.uk/news/leicester-news/leicester-man-driven-suicide-online-5808955
By Duncan Evans
Conscientious objection to voluntary assisted dying (VAD) may not be an option for Queenslanders if the state governments bill to legalise VAD is passed in its present form, a leading healthcare provider has warned.
In a media statement released last week, Mater Board Chair Francis Sullivan AO said the proposed legislation would force Mater to allow assisted dying to take place at its facilities in direct contradiction to the moral ethos upon which the healthcare provider delivers patient care to Queenslanders.
The proposed law will also compel Mater and other not-for-profit providers to allow doctors who are n…
Read the full article at: https://cqtoday.com.au/news/2021/08/20/bill-undermines-conscientious-objection-to-vad/
International high-roller gamblers left Crown Perth fighting to recover debts as high as $29 million, the Perth Casino Royal Commission has been told.
Key points:
- Luring high rollers to Crown often resulted in big debts, it was heard
- One gambler racked up $29 million in debt
- Recouping the money was hard because most lived overseas
Former Crown Resorts chief executive John Alexander told the inquiry yesterdayabout the lengths the casino would go to attract these gamblers, from luxury yachts to private jets to even subsidising multi-million-dollar weddings.
But theluxury marketing often resulted in big losses for the casino.
Counsel assisting the royal commission Patricia Cahill gave the example of a $2.75 million-plus wedding held for friends of…
Read the full article at: https://www.abc.net.au/news/2021-08-20/private-jets-for-crown-casino-high-rollers-royal-commission-told/100389546
Small business closes doors during COVID-19. Source: Unsplash/Anastasiia Chepinska.
Australias latest lockdowns pose a challenge for the Australian Tax Office: start collecting the business debts outstanding from 2020 and risk putting companies under further pressure, or allow those debts to continue to grow.
The news this week that businesses with over $100,000 in tax debts have begun receiving letters from the Australian Tax Office, has highlighted the risk to the economy as right now the relatively low rate of business collapse is being funded on the back of ATO largesse.
As long as the tax office holds off on pursuing the $34.1 billion in collectable debt that has accumulated, much of that money is available to businesses to k…
Read the full article at: https://www.smartcompany.com.au/finance/tax/ato-chasing-debts-lockdown/
A report issued this week by the global corporate consultancy firm EY, formerly known as Ernst & Young, provides a naked picture of the financial aristocracys exploitation of the COVID-19 pandemic to accelerate the pro-business restructuring of tertiary education.
The report, entitled The Peak of Higher Education, issues a blunt threat. It demands the end of universities as they currently exist, to be replaced by corporate vocational and research services, tailored to the dictates of the corporate elite. It declares in capital letters:
HIGHER EDUCATION IS DEAD. LONG LIVE THE KNOWLEDGE SERVICES SECTOR! THE FUTURE IS CLOSER THAN YOU THINK. CHANGE MUST START NOWOR NEVER.
Based o…
Read the full article at: https://www.wsws.org/en/articles/2021/08/20/unis-a20.html
PRESIDENT Samia Suluhu Hassan on Tuesday addressed the 41st Ordinary Summit of SADC Heads of State and Government, calling for debt relief to help developing nations overcome the effects of Covid-19 pandemic.
The Tanzanian President underlined the need for regional leaders to speak with one voice in asking for debt relief or extension of repayment time for African countries.
The move, she argued, would help the countries recover from the shocks of the global pandemic, in particular to effectively re-build their devastated economies.
Her call stems from the fact that the Covid-19 pandemic has wreaked havoc on the global economy, but the poorer countries have been hardest hit by the virus and face a debt crisis.
The pandemic has regre…
Read the full article at: https://allafrica.com/stories/202108190571.html
One of Sydneys most iconic restaurants and late-night hangouts in Chinatown has become the latest victim to the states strict Covid-19 lockdown restrictions.
Golden Century Seafood Restaurant on Sussex Street in the Chinatown district has gone into administration after serving Sydneysiders for 31 years.
Frequented by politicians and anyone looking for a delicious and authentic Chinese food experience, the eatery was famed for its wall-to-wall crab and lobster tanks.
The restaurant has appointed Chifley Advisory as administrators with a creditors meeting set to take place on August 27.
Speaking to news.com.au, liquidator Desmond Teng from Chifley Advisory said the restaurant went into administration on August 17 after being unable to neg…
Read the full article at: https://www.news.com.au/travel/travel-ideas/food-drink/sydney-restaurant-golden-century-goes-into-voluntary-administration/news-story/876e0b66334f5c0c841fc8679aff66a1
One of Sydneys most iconic eateries Golden Century Seafood Restaurant has gone into administration with the owners blaming the ongoing impact of COVID-19 shutdowns and a lease dispute.
Chifley Advisory has been appointed administrator of the institution in the heart of Sydneys Chinatown and a meeting of creditors will be held on August 27.
Golden Century owners Eric and Linda Wong, and son Billy.Credit:Christopher Pearce
Calls and emails to the restaurant on Thursday evening went unanswered and a notice on its website says the restaurant is temporarily closed due to COVID-19 restrictions.
A notice published by ASIC said the company went into administration on August 17.
Administrator Desmond Teng said the primary reason the rest…
Read the full article at: https://www.smh.com.au/national/nsw/iconic-sydney-restaurant-golden-century-goes-into-administration-20210819-p58kch.html
U.S. Education Secretary Miguel Cardona speaks at a March briefing at the White House. Drew Angerer/Getty Images hide caption
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Drew Angerer/Getty Images
The U.S. Education Department announced Thursday that it is discharging the outstanding student loans of more than 323,000 borrowers who have significant, permanent disabilities, and will remove barriers for borrowers who qualify for this relief in the future. The announcement will erase some $5.8 billion in debt and marks a significant step toward fixing a troubled debt relief program meant to help borrowers with disabilities.
NPR’s reporting over the past two years has shown that a fraction of eligible borrowers have been getting the relie…
Read the full article at: https://www.npr.org/2021/08/19/1029294871/education-dept-discharges-student-loans-borrowers-with-disabilities-tpd
jacoblund / Getty Images/iStockphoto
The difference between bankruptcy and insolvency can be confusing. However, its important to understand the distinction, especially if you own or run a company.
Keep reading to take a look at insolvency and explore how it differs from bankruptcy.
What Is Insolvency?
Insolvency refers to an individual or companys inability to pay debts when they fall due. In an insolvent situation, the party assets are insufficient to discharge outstanding monetary obligations at the creditors demand.
In other words, an individual is considered insolvent when their current assets do not exceed their total liabilities and obligations.
For instance, lets say a company owes $1 million but only has…
Read the full article at: https://www.gobankingrates.com/money/business/what-is-insolvency/
By Ed Frankl
Thyssenkrupp AG said Thursday that it will sell its Carbon Components business to Action Composities GmbH as it continues to slims down its portfolio as part of a corporate restructuring.
Carbon Components, which has around 100 employees, develops and produces high-performance braided wheels for sports cars, motorcycles and mountain bikes, among other things, the German steel maker said.
Thyssenkrupp assigned Carbon Components to its Multi Tracks segment last year, before deciding to sell the business in May 2021. With the sale, “the initiated discontinuation of Thyssenkrupp Carbon Components can be averted,” the company said.
“This represents another important success for the [company] in focusing its portfolio as part o…
Read the full article at: https://www.marketwatch.com/story/thyssenkrupp-sells-carbon-components-business-271629359444