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…
New Delhi: The ED said on Wednesday that it has arrested three persons including a chartered accountant and a resolution professional as part of a money laundering probe linked to an alleged bank loan fraud related to regaining control of an insolvent company from the NCLT. Chartered accountant (CA) Rakesh Kumar Gulati, Ajay Yadav of…
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…
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…
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.…
Joint liquidators Daniel Lopresti and Simon Miller are urgently seeking parties who may be interested in making offers to purchase the business or assets of Hindmarsh-based knitwear maker Silver Fleece. The company best known for making the Australian cricket teams woollen tops went into liquidation on Wednesday after more than 70 years of creating custom…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…