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.
At a time when the right-wing in this nation gets energized from politicians who advocate border walls, another Middle Eastern ground invasion and the banning of Muslims from entering the U.S., left-wing candidates and legislators are trying to appeal to voters with a very different idea: debt-free college.
Earlier this month, 10 legislators in 10 states said that theyd introduce legislation to make college debt-free for students. According to this Dec. 7 story from Marketplace, The push is being organized by the Progressive Change Campaign Committee, which advocates for expanding Social Security, Wall Street regulation, campaign finance regulation and lowering student debt.
Hawaii is one of those 10 states, and the legislation will …
Gold Coast financier Peter Drake. Photo: Louie Douvis
Alleged union fraudsters such as Kathy Jackson and the heads of some of Australia’s largest collapsed financiers could be key beneficiaries of reforms to bankruptcy laws proposed by the Turnbull government.
The federal government on Monday launched reforms to make it easier to bounce back from a business failure, including changing the default period for personal bankruptcies from one year to three years.
It unclear whether the bankruptcy reforms, which are expected to be legislated in mid-2017, will apply retrospectively to existing bankrupts as the gov…
College was supposed to be a stepping stone to a better life for Jessica King. Instead, her decision several years ago to go to school and train to become a medical assistant has left her mired in debt that she cant escape.
King, 33, has about $32,000 in student loans from the nine months she spent attending a college multiple government agencies and la…
Baby goods retailer in NSW falls into voluntary administration
My Baby Warehouse NSW operates 11 outlets in New South Wales, the company is continuing to trade but they have stopped issuing gift cards, refunds, and lay-bys.
Robert Kite and Ozem Kassem were appointed as administrators on the 10th of December. The first creditor meeting will be held on the 21st of September.
The voluntary administration does not cover every My Baby Warehouse store in New South Wales, with the Bankstown and Campbelltown My Baby Warehouse stores not being included in the voluntary administration. These stores will continue to operate normally.
Also excluded from the administration are all of the My Baby Warehouse stores operating in other states or territories.
BHP share price hits 10 year low
The BHP share price has continued to drop after recently hitting lows not seen since the Global Financial Crisis.
Shares reached GFC level in September this year, there was a brief recovery in early October but the price has continued to slide since then.
BHP Billiton is currently sitting at around $16.69, the lowest price since May 2005.
Poor commodity prices are being blamed for the company’s lacklustre performance this year.
As many as 1 in 3 bank branches tipped to close
Earlier this year it was estimated that as many as 1 in 10 bank branches in Australia would be closed as mobile banking continues to reduce the demand for physical branches.
Now, some are predicting that as many as 1 in 3 bank branches will be closed as mobile banking services continue to gain traction.
This latest prediction comes from global management and consulting firm Bain & Company.
“Visits to Australian bank branches were down almost 10 per cent in the September quarter compared to the same period two years earlier” Bain & Company’s Boston-based head of global banking Gerard du Toit said.
“Everything suggests this market has more branches than it is going to need five years from now. It is hard to say how many closures there will be but global trends indicate a possible reduction of 10 per cent to 30 per cent”.
Don’t expect to see branches disappearing overnight, the big banks are well aware that they need to maintain a strong physical presence to avoid losing market share.
BC Iron shuts Pilbara Mine
Iron ore miner BC iron has announced that it will be shutting its Pilbara mine as a result of poor commodity prices.
Hundreds of jobs are at risk after the company confirmed that it will suspend production at its Nullagine operations.
The suspension is set to come into effect during the next few weeks. The decision to suspend operations came after the prolonged slide in the iron ore price.
“Despite achieving material cost reductions at the Nullagine joint venture, the continued decline in the iron ore price, in particular in the last two weeks, has resulted in an iron ore price and outlook whereby the BC Iron board believes it is not in the interests of the company’s shareholders for the NJV to continue to operate in its current form,” the business said in a statement.
The business is in possession of an 11 million tonne stockpile of low grade ore and is currently trying to figure out what it will do with this stockpile.
The business has stated that operations would resume should the market conditions improve.
NEW YORK/HOUSTON Dec 14 Law firms and banks are
adding staff to their restructuring practices from Houston to
New York City to scoop up new business as oil prices sink near
11-year lows, pressuring energy companies to slash debt or file
for bankruptcy.
At least two investment banks and one law firm have bulked
up their energy and restructuring departments with new hires to
handle the building workload. Another three law firms have
re-jigged staff for the new work, and other restructuring
advisors have partnered with banks who already have deep roots
in the clubby oil and gas world, centered in Houston, the
world’s energy capital.
The 17-month downturn in oil prices has reached far and wide
across the oil and gas industry,…
NEW YORK/HOUSTON Dec 14 Law firms and banks are
adding staff to their restructuring practices from Houston to
New York City to scoop up new business as oil prices sink near
11-year lows, pressuring energy companies to slash debt or file
for bankruptcy.
At least two investment banks and one law firm have bulked
up their energy and restructuring departments with new hires to
handle the building workload. Another three law firms have
re-jigged staff for the new work, and other restructuring
advisors have partnered with banks who already have deep roots
in the clubby oil and gas world, centered in Houston, the
world’s energy capital.
The 17-month downturn in oil prices has reached far and wide
across the oil and gas industry,…
Frimley Estate, on the northern edge of Hastings. The development is not complete, and has not been a success for investors.
An unsuccessful property development in Hastings has been put into liquidation with a judge saying those running the company appeared to be rewarding themselves rather than meeting obligations to creditors.
Frimley Estate was incorporated in late 2004 with the purpose of subdividing 7.86 hectares near Hastings.
Well-known author Alan Duff and his brother Nick, also known as Stephen, were founding directors and also shar…
The Supreme Court on Friday agreed to hear two related cases that could help Puerto Rico restructure some of its debt under the Recovery Act, a local law that a coalition of creditors has said is preempted by federal bankruptcy law.
An appeals court in July agreed with the creditors and ruled that Chapter 9 of the Bankruptcy Code displaced the beleaguered commonwealth’s own version.
But pointing to “the most acute fiscal crisis in its history,” lawyers for Puerto Rico said the island “lacks access to any legal mechanism to restructure the debts of its public utilities” — a $20 billion burden they said leaves the commonwealth in a “no man’s land” beyond the reach of both federal and local bankruptcy protections.
A baby goods retailer with 11 outlets across New South Wales has collapsed into voluntary administration just weeks before Christmas.
My Baby Warehouse NSW is continuing to trade but a freeze has been placed on gift cards, refunds and lay-bys as December 25 quickly approaches, according to the Daily Telegraph.
Robert Kite and Ozem Kassem from Cor Cordis were appointed to BHLS and Baby Zone, which trade as My Baby Warehouse on Thursday, December 10 and the first meeting of the companys creditors will be held on December 21.
The voluntary administration does not include the My Baby Warehouse stores in Bankstown and Campbelltown in NSW or the My Baby Warehouse stores in all other states and territories.
