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.
(MENAFN – Baystreet.ca) The millennial generation is struggling with high debt levels.
According to a new study by Hoyes Michalos & Associates Inc., two in five insolvency filings in Ontario now come from millennials, defined as people born between 1981 and 1996. And the main debts burdening the generation are student loans and credit cards, according to the report.
“Millennials are a generation buried in student loans which is why we are seeing such a dramatic rise in student debt driven insolvencies,” said the report. “In our 2018 study, almost one in five (18%) insolvencies involved student debt with 64% of student debt insolvencies filed by millennials, followed by Generation X at 31%.”
The Lions have a chequered recent history with sponsors, with former major partner Camperdown Dairy International collapsing in 2017, only months after apparel provided BLK folded.
The debt-ridden Lions are one of a host of AFL clubs who remain heavily reliant on AFL funding, having received a $23.6 million distribution from the league last year.
At odds: The AFL and betting companies have had an on-and-off relationship over past years.Credit:neds.com.au
The club was however recently boosted by an announcement that the Federal Government would provide $15 million funding for the Lions long-awaited training and administration facility in Springfield, about 33 kilometres from the Brisbane CBD.
Should the Lions sign with Neds, it would come des…
Australian Sen. Fraser Anning, a far-right figure known for his extreme views on immigration, stood behind a bank of microphones at a Saturday news conference in Melbourne, Australia the day after he issued a statement suggesting that New Zealands decision to admit Muslim migrants was to blame for the devastating attack on two mosques that left at least 50 dead. Behind him, a 17-year-old now known worldwide as Egg Boy, steadied his cellphone with one hand and cracked an egg with another, smacking it squarely against Annings head. Without seeming to hesitate, Anning spun around and punched the teenager in the face.
Under ordinary circumstances, egging a politician mid-sp…
One of the directors of Carnegie Clean Energy has struck a deal to help fund its operations while administrators attempt to recapitalise its wave power business.
A Carnegie statement today said director and shareholder Grant Mooney, a Perth corporate adviser, along with stakeholder Asymmetric Creditor Partners had agreed in principle to provide interim funding support.
Under a recapitalisation proposal, Carnegies solar-focused Energy Made Clean business would be sold or wound down.
There will be no further losses from this business that will be funded by shareholders, the statement said.
The recapitalisation proposal being developed will allow shareholders to participate in that future through an equity raising whilst dealing with the curren…
Bedford Salvation Armys debt advice service is calling for more volunteers to help manage its six week waiting list so their small but dedicated team can continue to offer free, impartial and confidential debt advice.
The service based at the church and community centre on Commercial Rd is funded for fifteen hours each week through donations from the public and organisations.
They currently help manage 400,000 worth of debt across 28 clients.
Debt, as Karen Lister, Head of Service tells us, can happen to anyonefollowing changes in circumstance including job loss, illness, bereavement, and relationship breakdown: We see a variety of people come into our service.
Nearly half of our clients are in work but simply cant kee…
Ayda Shabanz, an indepdent property and finance investment expert and commentator, claimed that one of biggest reasons Gen Ys and Millennials do not enter the property market is because of the shame associated with bad debt from credit cards and other payment services.
What I constantly see in this age bracket is a great deal of bad debt that is, debt from multiple credit cards with high interest rates, and schemes like AfterPay where you can buy now and pay later, Ms Shabanz said.
The scary part is the actual amount they are in debt. The credit cards will have limits of $20,000 or more, and ridiculously high interest rates.
Of course, the items are not assets that will rise in value either, and these people are then paying off one cre…
This composite of file photos shows four Chinese nationals arrested by the PNP Anti-Kidnapping Group for kidnapping Jianting Chen on February 20, 2019. PHOTO from the Philippine National Police Anti-Kidnapping Group.
MANILA, Philippines The Duterte administration should intensify its efforts against kidnappings associated with high-stakes gambling in the country, opposition Senator Leila de Lima urged Monday.
De Lima said this after an anti-crime watchdog, Movement for Restoration of Peace and Order (MRPO), expressed alarm over the rising number of kidnapping incidents allegedly perpetrated by loan shark syndicates.
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The MRPO documented a total of 23 victims since 2018, the senator noted.
The founder of one of Britains best known classic car dealerships has failed to block three lawsuits against him totalling more than 100 million.
Derek Hood, 58, the founder of JD Classics, had attempted to secure a form of personal insolvency known as an individual voluntary arrangement, which could have put on hold court cases over the dealerships collapse.
He secured a temporary order for an IVA, which can be used as an alternative to bankruptcy, but it was rejected in a court hearing last week, giving a green light to cases against him.
The former Essex dentist is being sued for 64 millionMichael Cole/Corbis via Getty Images
The former Essex dentist and his wife are being sued for 64 million by the administrators to JD Classics, which…
A company that owns a Victorian site left abandoned with a large pile of recycling waste, has been placed into liquidation.
The site at Lara, near Geelong was owned by The Australian Sawmilling Company (TASCO) and leased to the failed C&D Recycling business. The recycling centre closed mid-2018 when C&D abandoned the site with a large volume of waste.
After investing more than $2 million to address safety risks since then, TASCO has been placed into liquidation, liquidators PwC Australia said on Monday. PwC said it will continue working with agencies to make the site safe.
Thin Film Electronics ASA, a leader in Near Field Communications (NFC) solutions, announced a strategic update and corporate restructuring aligning the business with the current market adoption of NFC. The Company plans to focus resources on developing and building market adoption of its brand protection and consumer engagement solutions. For more information see the IDTechEx report on Flexible, Printed and Organic Electronics 2019-2029.
Today, Thinfilm took the following steps toward this goal. The Company has:
Paused development of printed dopant polysilicon (PDPS) technology
Realigned its sales organization and its go-to-market strategy
Sharpened its focus on complete product solutions, integrating hardware and software
Millions of Americans get their health insurance and retirement accounts through their employers. Now some are getting help with their debt.
Companies including insurer Aetna and accounting firm PwC help employees pay down student loans. Others partner with startups to offer debt solutions as an employee benefit. Among the approaches:
MedPut negotiates discounts on medical debt and offers interest-free loans that are repaid through payroll deductions.
Brightside connects workers to debt consolidation loans and student loan refinancing.
HoneyBee, PayActiv and TrueConnect, among others, provide payday advances or emergency loans so struggling workers can avoid the payday loan …
