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.…
By Jessica Yun Updated July 3, 2024 5.34pmfirst published at 10.40am Normal text sizeLarger text sizeVery large text size Booktopia has gone into voluntary administration weeks after suspending its shares on the ASX as rival Dymocks considers snapping up some of its assets. The embattled online book retailer, which has been scrambling to secure emergency…
Former glamour model Katie Price has been declared bankrupt for a second time over an unpaid tax bill of more than 750,000. Ms Price, who was previously declared bankrupt in 2019, owes 761,994.05 to HM Revenue and Customs (HMRC), a court was told on Monday. At a short hearing at London’s Rolls Building, Insolvency and…
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…
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.…
Rumors that Bruno Mars owes millions of dollars in gambling debts to MGM Resorts are false. “We’re proud of our relationship,” the hospitality empire said in a statement to BI. Mars inked a long-term residency deal with MGM in 2016. After rumors circulated that Bruno Mars would need a bit of 24-karat magic to pay back…