The $25 trillion US Treasury market, the basis of the global financial system, where US government debt is bought and sold, is increasingly coming to resemble a giant gambling casino. Traditional mechanisms, generally models of financial conservatism, through which the market has functioned for decades, are being dispensed with. It is becoming more and more…
Redundancies, technological improvements and the consolidation of property have all contributed to an expected $79 million hit to the Bank of Queensland’s (ASX: BOQ) after-tax profit for the second half of FY23, which for the Brisbane-headquartered group ended on 31 August. BOQ estimates after-tax costs of $35 million from restructuring and $44 million for integrations with ME Bank…
Young disabled people turn to debt advice charities image credit: shutterstock.com Almost one in three (29%) young disabled people have contacted debt advice charities over money worries. This is three times the average across the UK (10%). One in four (24%) of 1824-year-olds are relying on credit and loans to pay their bills. But this…
INCREASING numbers of people are falling into debt as the cost-of-living crisis persists, despite slight improvements in interest rates. The UK debt-help charity Christians Against Poverty (CAP) says that even some households customarily regarded as financially stable are now seeking assistance. Through a recent YouGov poll, whose results were released this month, CAP found that…
In this weeks TGIF, we examine the recent case of Mandalinic v Stone (Liquidator) [2023] FCAFC 146 which provides useful guidance as to the ability of a director to challenge an insolvent companys PAYG liability. Key takeaways A director cannot rely on an affidavit in proceedings relating to their personal liability under a directors penalty…
Any business facing financial challenges will likely be concerned about what steps they need to take going forward. For businesses facing these kinds of challenges, or looking to wind down their operations, its generally necessary to use the services of an insolvency practitioner. If youre a small business looking for assistance in these matters, then…
The Dutch branch of vertical farming startup Infarm, best known for its global network of modular container farms, has been declared bankrupt according to official documents. Infarm says the bankruptcy is not impacting its current restructure in which the company is focusing on markets where profitability is likely attainable. Multiple industry sources say Infarm has…
Table of Contents {{ tocState.toggleTocShowMore ? ‘Show more’ : ‘Show less’ }} Australias business landscape has seen a steady rise in the number of insolvencies in recent months as cost-of-living pressures bite and economic conditions slow down. Although numbers had declined for several years, business collapses are now back above pre-pandemic trends, putting the spotlight…
Byjus will reportedly fire employees in large numbers. Now, the company has reportedly prohibited its employees from talking to the media.The edtech company is making significant changes to its operations, and one of the recent moves is the introduction of a strict social media policy for its employees. This policy prevents them from communicating with…
Shares in embattled Chinese developer Evergrande Group and its two subsidiaries were suspended from trading in Hong Kong on Thursday, after fears grew about its ability to restructure its mammoth debt and stave off a liquidation of the business. The world’s most indebted real estate developer, which has total liabilities worth $514.26 billion ($USD328 billion)…