Banned NBA player Jontay Porter intentionally removed himself from games as a way to pay back “large gambling debts” according to a complaint filed in US District Court for the Eastern District of New York. One of Porter’s “co-conspirators” was arrested on Monday (3 June) and appeared in court the following day. Long Phi Pham,…
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…
With businesses collapsing at levels not seen since 2012, Grant Thornton Australias John McInerney suggested that the small business restructuring scheme could be a more favourable option than a payment plan. He made the comments ahead of his session at the ACE24 Accounting Conference and Expo 2024, where he will unpack how accountants can help…
City Chic Collective CEO Phil Ryan has confirmed that the recent sale of its Avenue business will drive further restructuring actions ahead, resulting in a focused single brand and simplified operating model. This week, the group signed a definitive agreement to divest its US-based Avenue business to FullBeauty Brands for US$12 million (~A$18 million) as…
What is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
Brett McGrath, President of the Law Society of NSW, has renewed calls for a debt relief scheme to incentivise lawyers to practice in rural, regional, and remote (RRR) areas. During a visit to Lismore, which experienced a significant exodus of lawyers following the devastating floods in 2022, McGrath highlighted the urgent need for legal services…
Analysis Relieve Debt to Protect the Environment Debt-for-nature swaps on a grand scale could slow climate change and promote economic growth in the Global South. By Elizabeth Losos, Alexander Pfaff, and Stuart Pimm Aerial view of a deforested area of the Amazonia rainforest in the surroundings of the BR-319 highway at the city of Humaita, Amazonas…
On the 24 September 2020, the Australian Government announced changes to Australias insolvency framework to better serve Australian small businesses, their creditors and their employees. The changes introduced new processes suitable for small businesses, reducing complexity, time and costs for small businesses. Effective from 1 January 2021, these are the most significant reforms to Australias…
The upward trend in insolvency numbers remains unbroken, although the momentum decreased slightly in May. Early indicators collected by the Leibniz Institute for Economic Research Halle (IWH) suggest a decline in numbers for the coming months, but credit rating agency Crif anticipates a higher default rate compared to recent figures. The payment discipline of German…
Insolvency professionals warn the Tax Office is using DPNs and legal action to take a “far more aggressive” recovery stance. The ATO is hellbent on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. Insolvency Australia (IA) members said that recent activity…