Average global air temperatures breached 1.5C for the first time at the start of 2024 at least five years earlier than predicted. So, while developing countries burn, global climate injustice persists. No high-emitting country has complied with the 1.5C target set by the Paris agreement. Governments in the UK and Scotland are exacerbating the crisis…
Advertorial ARYZAs new head of corporate insolvency, Tom OConnor. Aryza, a leading provider of financial software solutions, announces the appointment of Tom OConnoras its Head of Corporate Insolvency. With an extensive career spanning over a decade in the insolvency sector and a proven track record in product development and client engagement, Tom brings invaluable experience…
The Australian startup ecosystem is facing its next wave of financial challenges. With a 54% decline in capital raised by Australian startups in 2023 and a 14.5% rise in insolvencies, Australian startups are financially strained. For those operating in the capital-intensive tech sector in particular, the time between funding rounds is harder than ever. Tech…
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
The Australian Financial Security Authority (AFSA) will sharpen its regulatory posture to maximise its impact as personal insolvencies head back towards pre-pandemic levels, chief executive Tim Beresford says. He said a modernisation program was underway that would make it simpler for most bankrupts typically consumers involving small amounts to go through administration so AFSA could…
The Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
Key Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…
Australian airline Bonza will be placed into liquidation just months after going into involuntary administration. On Tuesday, administrator Hall Chadwick announced the news following a second meeting of creditors, where it was revealed that they had not received any offers for the sale of Bonza. The Administrators ran an extensive sales campaign involving numerous investors,…
The holding company of a superannuation fund created seven years ago to service gig economy and self-employed workers has entered voluntary liquidation. The GigSuper Group collapsed just over two years ago, reportedly owing creditors $2.7 million. Both the holding company, GigSuper Holdings Pty Ltd, and the subsidiary company, GigSuper Pty Ltd, entered voluntary administration in…
Examples of products and food ingredients produced using Australian Plant Proteins product.In a regional area where employment and value-added industries are essential, its disappointing that a significant manufacturing plant has announced its potential closure after eight years of operations. Horsham based Australian Plant Proteins (APP) went into voluntary administration at the end of June. The…