Latest figures revealed by the Insolvency Service show that £57.5 million has been returned to the UK economy in the past year, and over 69,000 people have been supported through emergency redundancy payments.

The Annual Report and Accounts show that Insolvency Service Official Receivers handled 10,817 new insolvency cases during 2024-25 , this has resulted in a return of £57.5 million to the economy through distributions to creditors and debtors.

Additionally, there has been continued support for those who have lost their jobs unexpectedly, where their employers cannot pay their redundancy period.

For example, the Redundancy Payments Service, has processed more than 69,000 payments in the past year. The service…

The Australian Securities and Investments Commission (ASIC) has announced a probe into credit repair and debt management services amid reports of dishonest practices.

The investigation aims to weed out those exploiting financially vulnerable consumers by not meeting debt management terms, charging high fees, or not communicating adequately with customers.

ASIC said it is concerned some licencees are engaging in these unfair practices that can leave these customers worse off.

There are around 100 organisations in the sector offering these services that will come under the regulator’s scrutiny.

ASIC commissioner Alan Kirkland said there have been multiple reports of these debt management firms not…

The Albanese government’s 20% cut to student debt is the first bill introduced to the new federal parliament. It’s clever politics.

In the government’s first term, the three million Australians with a student debt turned high indexation of their loan balances into a major issue. The proposed 20% cut flipped a political negative into a positive ahead of the May 2025 federal election.

The 20% cut legislation, introduced on Wednesday, will also change how student debt is repaid. All the 1.2 million people currently repaying student loans will pay less per year as a result.

How does the cut work, and what does it mean in practice for current students and people with student debt?

Beware the fine print

These changes come with…

The Australian Securities and Investments Commission (ASIC) has announced a probe into credit repair and debt management services amid reports of dishonest practices.

The investigation aims to weed out those exploiting financially vulnerable consumers by not meeting debt management terms, charging high fees, or not communicating adequately with customers.

ASIC said it is concerned some licencees are engaging in these unfair practices that can leave these customers worse off.

There are around 100 organisations in the sector offering these services that will come under the regulator’s scrutiny.

ASIC commissioner Alan Kirkland said there have been multiple reports of these debt management firms not…

National Australia Bank has become the latest lender to ignore some Higher Education Loan Program debt when assessing new home loans.

From July 31, NAB says if someone owes $20,000 or less in student debt, it won’t affect how much they can borrow should they take out a new loan with the big four bank.

This will help lift the borrowing capacity of a potential borrower, as banks consider income, liabilities and outstandings when calculating how much they will give a potential borrower.

The level of Australian businesses going under appears to be stabilising, but firms are still becoming insolvent at record-high numbers.

Restaurants and construction firms remain hardest hit in CreditorWatch’s monthly Business Risk Index, which found more than 14,000 businesses went bust in the 2024-25 financial year.

But income tax cuts and government cost of living measures have helped the rate of insolvencies plateau, CreditorWatch said.

And with defaulted payments falling 6.5% in June, there is some hope the overall health of businesses is on the up.

“It’s a promising signal business cash flow pressures may…