The Australian Financial Security Authority (AFSA) released regional personal insolvency statistics for the June quarter 2018.
The numbers of new debtors increased in the capital cities except Greater Hobart in the June quarter 2018 compared to the March quarter 2018. The number of new debtors in the Australian Capital Territory was unchanged.
The Greater Sydney regions with the highest numbers of debtors entering personal insolvency were Wyong (89), Penrith (78), and Campbelltown (NSW) (71). In the rest of New South Wales, they were Newcastle (49), Lake Macquarie East (46) and Shoalhaven (44).
The Greater Melbourne regions with the highest numbers of debtors entering persona…
Read the full article at: https://www.miragenews.com/aust-gov-statistics-release-regional-personal-insolvencies-june-quarter-2018/
South Australian construction and engineering company York Civil has entered voluntary administration, but the state’s transport minister says work on two major infrastructure projects will go ahead.
The company, which employs about 400 people nationally, is involved in the $800 million Torrens to Torrens Road upgrade and the delay-plagued North Terrace tram extension.
It was announced on Monday that its directors had resolved to appoint Ferrier Hodgson as voluntary administrators, leaving the future of workers and incomplete projects in limbo.
But Transport Minister Stephan Knoll said he had received advice that work would continue on the government contracts.
“Because they’re both under a joint venture arrangement, the other partners to…
Read the full article at: https://www.news.com.au/national/breaking-news/york-civil-in-voluntary-administration/news-story/1b1a02686733d09e51bca5a9b2354961
BRITISH model and businesswoman Katie Price will appear at the bankruptcy court this week as she faces total financial collapse.
The reality star, once worth $AU75 million, is scheduled to arrive at the Rolls Building in London, part of the High Court, for a hearing that could see her formally declared insolvent, The Sun reports.
Price, 40, has been bidding to stave off bankruptcy for months as her once lucrative media empire began to fall apart after the downfall of her third marriage and the collapse of her businesses.
The star is already trying to sell her $AU3.5 million home, which sources claim is burdened with thousands of dollars in debt.
A source said: Katie has always been very proud of her reputation as a successful businesswoman, …
Read the full article at: https://www.news.com.au/entertainment/celebrity-life/katie-price-facing-bankruptcy-inside-stars-spectacular-fall-from-grace/news-story/7e4c8bb967282328e3b22ff20f4652d6
GARDENA, Calif., Aug. 6, 2018 /PRNewswire/ — National Stores, Inc. (“National Stores” or the “Company”) announced today that it has initiated a court-supervised restructuring with the support of its lenders and suppliers integral to the business. The Company filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware to facilitate its reorganization. As part of the restructuring, the Company will be closing 74 of its 344 stores. National Stores is working with its vendors, lenders and other creditors on a consensual plan of reorganization.
“National Stores, historically a profitable company, is committed to improving its financial health and returning to profita…
Read the full article at: https://www.prnewswire.com/news-releases/national-stores-inc-initiates-lender-and-supplier-supported-restructuring-300692361.html
A general view of atmosphere during Shutterfly x Baby2Baby Backpack Drive on August 1, 2018 in New York City. (Photo by Kevin Mazur/Getty Images for Shutterfly)
Keeping in mind the growth delivered in the last quarter, the market expects Shutterfly (NASDAQ:SFLY) to report a solid financial performance for its June quarter on 7th August 2018, driven by its improved customer experience and integrated product offering. Further, the success of the companys restructuring and platform consolidation strategy is likely to reduce its operating costs and improve its operating margin. We expect…
Read the full article at: https://www.forbes.com/sites/greatspeculations/2018/08/06/shutterfly-to-witness-a-strong-quarter-backed-by-its-restructuring-initiatives/
Debt capital funding is set to arrive in Australia for startup companies that cannot presently gain the advantages seen in flourishing development spaces such as Silicon Valley.
The debt venture capital (VC) scene in the US is particularly healthy, and funding access from companies such as Silicon Valley Bank and Hercules Capital have allowed many startup businesses to find their feet without strong interference from external partners.
Australian startup founders fighting uphill struggles against investment proposals that mandate large stakes in their businesses and reduce the effectiveness of their control and strategy will be looking to benefit from a new fund from early-stage technology VC company Adventure Capital
The company is…
Read the full article at: http://www.thebull.com.au/articles/a/76141-venture-capital-debt-funding-to-launch-in-australia.html
The Insolvency Service is to start interviewing former directors of the collapsed government contractor Carillion as it steps up an investigation into one of the biggest corporate failures in recent British history.
Nearly seven months after Carillion entered liquidation, the government agency said it had finished transferring 278 contracts to new suppliers as part of a painstaking process designed to ensure smooth continuity of public services.
Officials are now expected to devote more time to an investigation into why the company failed, including a closer examination of the role played by former directors, who were branded delusional by MPs earlier this year.
The service has the power to disqualify people from serving as company …
Read the full article at: https://www.theguardian.com/business/2018/aug/06/former-directors-face-questioning-over-carillions-collapse
President Donald Trump tweeted Sunday morning that his tariffs are “working big time” and made a bizarre claim that the money raised from these new import taxes will go a long way to helping pay down America’s large debt. (Short answer: That’s not what will happen).
Trump portrays the tariffs as a tax on foreigners, but the reality is that tariffs are taxes on U.S. companies and consumers. When a big U.S. retail chain or an equipment manufacturer has to pay 10 or 25 percent more to get steel from Canada or a certain part from China, that U.S. company has to pay the tax when it imports that item. U.S. businesses either eat that extra cost or pass it along to consumers.
There are already signs that prices are …
Read the full article at: http://www.chicagotribune.com/business/ct-biz-trump-tariffs-us-debt-20180806-story.html
North East England has retained its unwanted place at the top of the national table for personal insolvency for the tenth successive year.
According to the latest annual figures from the Insolvency Service, there were 27.2 individual insolvencies per 10,000 people in the region in 2017, which are comprised of bankruptcies, Debt Relief Orders (DROs) and Individual Voluntary Arrangements (IVAs).
The new figure represents a rise on the 2016 regional rate of 25.6 individual insolvencies per 10,000 people, and of 22.6 individual insolvencies per 10,000 people in the previous year
It is also over 25% higher than the personal insolvency rate (21.4) across England and Wales as a whole last year.
County Durham is the North East local authority area w…
Read the full article at: https://www.businessupnorth.co.uk/north-east-england-tops-uk-personal-insolvency-table-for-tenth-successive-year/