Jul 7, 2024 10.30pm Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? The threshold for involuntary bankruptcy will rise to $20,000 and bankrupts will have their official records cleared after seven years, under an overhaul of personal insolvency laws being unveiled…
Normal text sizeLarger text sizeVery large text size The number of people entering personal insolvency in the year to June 30, 2024 was 20 per cent higher than the preceding financial year, as more people find themselves unable to repay debts. Personal insolvency includes bankruptcies and debt agreements, and a relatively small number of insolvency…
Guangzhou R&F Properties is the latest Chinese property developer facing a liquidation suit filed by creditors. The cash-strapped R&F said on Tuesday its unit Trillion Glory had received a winding-up petition from a Singapore-based private equity fund due to non-repayment of a loan. The petition was filed on Monday at a Hong Kong Court by…
A key business behind home builder Modco Residential has been sent to liquidation one year after the embattled construction company collapsed. Modco and Ms Lu Holdings were linked to glamour couple Cynthia Lu and Yusuf Khan Ms Lu was director of Ms Lu Holdings while Mr Khan was registered as Modcos supervisor with building regulators.…
In early 2024, Switzerland’s GDP continued a moderate growth, mostly due to the service economy. Most conjunctural indicators have stabilised in recent months. The Swiss federal government’s Expert Group on Economic Forecasts therefore expects, in its latest forecast, growth for the Swiss economy in 2024 to be similar to 2023; i.e., a GDP growth rate…
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…
Whats going on here? German company insolvencies soared by 41% in the first half of 2024, with real estate, automotive, and mechanical engineering firms bearing the brunt. What does this mean? The rise in insolvencies is a stark reminder of the sustained financial strain German companies are under. In the first six months of 2024,…
Insolvencies across the board have peaked at 1,711 in May 2024, up by 59.9 per cent from last year. This is according to new data from the Australian Securities and Investments Commission (ASIC), which show that insolvency rates have been steadily increasing post-COVID. First-time insolvencies also hit a new peak in May, up 383 from…
July 5, 2024 Photo: Depositphotos.com Doctors chain Zorg BV, a part of Co-Med, has been declared bankrupt at a court in Maastricht, after weeks of uncertainty. The chain, which served 50,000 patients, was effectively brought to a standstill two weeks ago when insurers stopped working with it. They feared that shortages meant that its patients…
July 5, 2024 Photo: Depositphotos.com Doctors chain Zorg BV, a part of Co-Med, has been declared bankrupt at a court in Maastricht, after weeks of uncertainty. The chain, which served 50,000 patients, was effectively brought to a standstill two weeks ago when insurers stopped working with it. They feared that shortages meant that its patients…