Tax debt has emerged as one of the biggest drivers of corporate insolvencies over the past year, with the latest data from Alares Insights showing April tracked at 50 per cent higher than pre-COVID levels. According to Patrick Schweizer, author of Alares Monthly Credit Risk Insights, there has been a sharp increase in the number of companies seeking…
The 2024-25 Federal Budget has landed, and it has brought a number of changes for Australians. One particularly positive thing we can look forward to is the cutting of about $3 billion worth of student HECS-HELP debt. Heres what you need to know. Table of contents Australian Government announces cut to HECS-HELP and student loans…
777 Partners has called in Los Angeles-headquartered restructuring advisors B Riley Advisory Services (a division of B Riley Financial) to assist with various operational challenges. The outcome follows the collapse of Australian low-cost carrier Bonza (AB, Sunshine Coast) in which 777 held a majority stake. We have retained a team of professionals from B Riley…
The Bankruptcy Amendment (Discharge from Bankruptcy) Bill 2023 (Bill) has been agreed to by both the House of Representative and the Senate and will now be presented to the Governor-General. The Bill seeks to amend the Bankruptcy Act 1966 (Cth) (the Act) to provide legal certainty on the calculation of bankruptcy discharge dates, aligning the…
By Audrey Naa Dei KOTEY& Clara METTLE-NUNOO The Insurance Act, 2021 (Act 1061) was passed on 5th January 2021 to provide a comprehensive framework for regulating activities in the insurance sector. This brief note focuses exclusively on the provisions concerned with the resolution of insolvencies in the insurance sector. This is a fitting enquiry, as…
The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of…
News ByStartupStory | May 14, 2024 In a strategic move amid restructuring at Ola Cabs, Ankush Aggarwal, the brother of founder Bhavish Aggarwal, has returned to the ride-hailing business after his stint with Ola Electric. Aggarwal, previously the Chief Business Officer at Ola Electric, will now assume a key role within Ola Cabs senior leadership team,…
Millions of Australians are set to have $3 billion worth of HECS-HELP debt wiped under a plan to revamp student loan indexation. The move was confirmed as Treasurer Jim Chalmers outlined the 2024 Federal Budget on Tuesday night. Instead of interest, student debts rise each year in line with the consumer price index (CPI). But…
The family has raised questions after a father of three went overboard from a cruise ship after losing $9,000 over two nights on the P&O Pacific Adventure. Shane Dixon, 50, first lost $5,000, then borrowed money off his mother and lost another $4,000. Dixons family maintained he was lured by high-roller incentives into losing the…
Treasurer Jim Chalmers will hand down his third budget on Tuesday night, but has been tempering expectations for weeks in the lead-up, warning Australians not to expect a “cash splash”. Inflation remains a key challenge for the government, and we already have a pretty good idea of how Mr Chalmers plans to use his budget to…