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Smiths City Dunedin, which moved to Crawford St this year, was among nine stores that temporarily closed yesterday after the company was placed into voluntary administration.

Property investor Jason La Hood, who is also a director of the city’s Golden Centre mall, said the announcement was “very unfortunate” for staff.

“If you are in a low-margin business with increasing fixed costs and your competitor is an Australian heavyweight such as Harvey Norman with immense buying power and a strong balance sheet then it doesn’t take much of a downturn for the dam to break.”

There was still strong demand…

We’ve all heard of the “American Dream.” But what that dream looks like depends on who you ask. According to Investopedia’s American Dream survey, 84% of respondents rated living debt-free as part of their dream, landing it among the top five most popular goals, along with owning a home, raising a family, being able to afford quality health care, and being able to retire comfortably.

Between a mortgage, credit cards, student loans, and the rising cost of living, debt has become a part of life for many. So, can you truly live debt-free? Here’s how to pay off debt without neglecting other priorities.

The Director-General of Nigeria’s Debt Management Office, Ms. Patience Oniha, has called on state governments to adopt Public-Private Partnerships and prioritise tax revenue generation over borrowing to fund infrastructure projects.

She made these remarks during a one-day workshop in Lagos on Tuesday, organised under the States Action on Business Enabling Reforms Programme with World Bank support.

Oniha emphasised that PPPs can drive Nigeria’s economic growth by leveraging private sector investment and expertise for infrastructure development and public service delivery.

This approach, she noted, reduces fiscal strain on governments, ensures faster project completion, and delivers…

“Despite closures of some stores and further downsizing measures, declining sales meant that the director of the company took the decision that trading could no longer continue.

“The voluntary administration process aims to achieve the best outcome for all stakeholders. This may include selling the business and assets to interested parties.”

The administrators said they were calling for urgent expressions of interest.

Administrators said they met with staff at 8.30am today to explain the process going forward.

“The aim is to reopen stores later this week,” they said.

“The administrators appreciate this is an unsettling time for everyone at the company.”

Customers who have paid deposits for purchases will be contacted directly…

US-based financial and risk-advisory firm Kroll has acquired Kirby Healy, a specialist corporate-insolvency practice based in Dublin.

Kroll said that the deal would significantly enhance its restructuring capabilities in Ireland and would doubling the size of its team in the country to more than 70 employees.

The Kirby Healy team will integrate with Kroll’s existing operations to deliver a wider range of services in Ireland – including fraud and white-collar-crime…

“I think the ban on RMG apps is very important and necessary. Many people have lost money in online rummy and other real-money games, with Tamil Nadu alone reporting 20 to 30 suicides…

The Spanish government approved on Tuesday a draft law to forgive part of the debt of the country’s autonomous communities.

In total, €83.3 billion will be forgiven, with €17 billion allocated to Catalonia. Andalusia will be the biggest beneficiary, receiving €18.8 billion, followed by Catalonia and Valencia with €11.2 billion each.

The measure stems from an agreement between the governing Socialists and pro-independence Esquerra Republicana in exchange for their support of PM Pedro Sánchez’s investiture.

For Catalonia, the debt relief will reduce nearly 20% of the regional government’s total debt.

The allocation for each autonomous community was calculated based on population, per-capita debt forgiveness, and tax…

The Insolvency and Bankruptcy Code, 2016 (IBC) and the Prevention of Money Laundering Act, 2002 (PMLA) are landmark legislation, enacted with separate objectives. The IBC aims to consolidate and resolve insolvency processes within a specific time frame to maximise asset value. The PMLA is concerned with identifying and attaching the proceeds of crime, ensuring criminal accountability and deterring money laundering. The meeting of these statutes has led to the recurring legal question as to which law prevails when insolvency proceedings under the IBC are underway, and attachment proceedings are initiated by the Enforcement Directorate (ED) under the PMLA.

The IBC was introduced to…