The rate of Australians declaring bankruptcy is increasing as record high household debt takes its toll, new data has revealed. According to data analytics company illion, 32,350 Australians have declared bankruptcy in the 2018 financial year, marking a 4 per cent increase. The lights are flashing red across several regions in terms of rising consumer…
On the run over a gambling debt in Marseilles, he scores a job as doctor on a passenger ship about to leave for distant ports. While the captain knows he’s not the real thing, he’s the only candidate. So he’s hired and does his best by employing his well-developed flair for improvisation. By the time…
Health-focused fast-food chain Sumo Salad is still searching for a buyer after the business went into voluntary administration late last month. The Sumo Group, which boasts a network of 85 franchise stores, called in Ferrier Hodgson partners Morgan Kelly and Peter Gothard as administrators on July 18. The administration process has an approximate timeline of…
Celebrity chef Adriano Zumbo’s dessert empire will continue trading while under voluntary administration, the group’s administrator says. DW Advisory principals Justin Holzman and Anthony Elkerton were appointed voluntary administrators on July 22 to manage three of Mr Zumbo’s businesses, which reportedly owe millions to creditors. “We are hopeful that there will be a restructure by…
Cooper & Oxleys newly appointed chief executive Bob Hudson has promised the builder is entering a new era of transparency and will earn back the confidence of subcontractors working on its projects. Mr Hudson, speaking to The West Australian less than two months into his new job, admitted there were continuing issues emerging about how…
Prominent Perth hospitality and tourism operator The Prendiville Group has confirmed the purchase of bustling inner-city pub The Brisbane Hotel after its previous owner went into voluntary administration. The family-run company added another iconic pub to its portfolio with the purchase of the hip watering hole on the corner of Beaufort and Brisbane streets after prominent…
Famous celebrity pastry chef Adriano Zumbos businesses are reportedly facing a $10 million debt to creditors after three of his sweets-serving companies have entered voluntary administration. The companies, 611 Pty Ltd, Mel611 Pty Ltd and Im So Fancy Pty Ltd had administrators DW Advisory appointed on July 22. The first two companies operate eight Zumbo…
By Stephen Jewkes MILAN (Reuters) – Italian utility Enel <ENEI.MI> expects to raise up to 1.5 billion euros (1.34 billion pounds)from asset sales in the second half of the year to help cut debt after a series of acquisitions. Speaking to analysts on first half results, Enel CFO Alberto De Paoli said disposals would include…
Last month, the Australian Financial Security Authority (FSA) released personal insolvency statistics for 2017-18, which revealed a sharp rise in total personal insolvencies to the highest level since the Global Financial Crisis (GFC): In particular, debt agreements hit the highest annual number on record in all states and territories except Tasmania after posting the seventh…
Upon the termination of a project, the clients of engineering, procurement and construction (EPC) firms invoke performance bank guarantees, thereby increasing liabilities of the creditors. Photo: Priyanka Parashar/Mint Since the introduction of the Insolvency and Bankruptcy Code, 2016 (IBC), a large number of corporate debtors rather than seeing revival have been pushed into liquidation. In…