While I was the head of the Corporate Finance Department at National Finance (now known as Thanachart Bank), I handled many cases of debt restructuring. The largest one was the 20-billion-baht debt of a hospital chain. Much like Thai Airways, creditors had to determine which has more value: liquidating assets or keeping the business running.…
ONE of the regions largest liquidation firms fear waves of insolvency rates will flow on the Sunshine Coast once the government support tap turns off. Worrells Solvency and Forensic Accountants partner Paul Nogueira said insolvency rates had been down since March due to the Federal Governments lifeline packages which kept businesses afloat. READ: No incentive:…
Happy Monday’s legend Bez went into the Celebrity Big Brother house unashamedly admitting he was in it for the money. The Manchester maraca player had been declared bankrupt months before he signed up to the Channel 4 show and he was determined to use his fee – or even better the winnings – to pay…
An instantly recognisable star of what might be termed the golden age of snooker, Willie Thorne, has died aged 66 after suffering from leukaemia. With his bald head, magnificent moustache and standing 6ft 2in tall, he became popular when television took up the sport in earnest. But for all his natural brilliance as a player,…
Cricket Australia will cut 40 staff and slash executive pay as part of a restructuring effort to shore up finances hit by the coronavirus pandemic, the board said on Wednesday. The cost-cutting measures, which also include the suspension of international tours for lower-tier and junior teams, will save the board up to A$40 million a…
Construction disputes expert Lawrence Davies of Pinsent Masons, the law firm behind Out-Law, said the eagerly anticipated decision means that contractors can expect to receive a significant increase in adjudications brought by insolvent sub-contractors, especially in light of the economic difficulties many companies in the construction industry are likely to face as a result of…
Imogen didn’t want to dip into her super early. She’s a uni student from Brisbane, and has been working casually in hospitality while studying. Then the pandemic hit. She’s out of work, and just misses out on Centrelink payments because she’s 21. The government still considers her a dependent, supported by her parents – even…
Need to know CHOICE is calling on banks to cap interest rates at 10% to stop the spread of long-term credit card debt High-interest cards can have you paying back nearly ten times more in interest than low-rate cards over the long term We identify the ten nastiest credit cards in Australia There’s a reason…
The Vocational Education and Training (VET) Ombudsman has recommended the re-credit of VET FEE-HELP debts following the closure of investigations into 5,838 complaints made to the ombudsman, as at 31 March 2020. The total value of this debt was $94.2 million, including $78.6 million in tuition fees and $15.6 million in loan fees, amidst what…
NORTHERN EXPOSURE NORTH Lakes, north of Brisbane, has emerged as one of Australia’s worst bankruptcy hot spots. According to figures from the Australian Financial Security Authority, the suburb in the heart of Brisbane’s mortgage belt had the highest per capita number of personal insolvencies at the end of March. The percentage was 0.096 per cent,…