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…
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…
The number of jobs lost as a result of bankruptcies in Luxembourg in the first half of this year was the highest in more than a decade, according to data published by the countrys official statistics agency Statec on Wednesday. There were 1,759 job losses following bankruptcies in the first six months of 2024, Statec…
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…
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.…
A Las Vegas casino has denied Bruno Mars racked up a $50 million (39 million) gambling debt. A representative for MGM Resorts International issued a formal statement on Monday to describe a supportive relationship with the Uptown Funk singer, and refute reports Bruno, 38, had incurred multimillion dollar debts at the company’s casinos. “We’re proud…
A 16-year-old Melbourne boy was able to gamble nearly $100,000, including at suburban pubs, despite his mother desperately seeking help, a court has heard. The Melbourne magistrates court heard that when his mother discovered his gambling habits, she began a frantic mission to get him help, only to be repeatedly turned away. In April last…
Last week I scored a trifecta, managing to upset people in three ways. First, for my supposed anti-immigration stance, second, for hating on Elon Musk (the bromance is still strong with some readers, even though his car company is as bad as the rest in terms of spying on drivers) and, finally, from animal lovers…
Michael Neumeister has joined Cooley as a partner in the firms business restructuring practice and global litigation department in Los Angeles, the firm said Tuesday. Neumeister will support clients in financial distress on a range of matters, including in out-of-court restructurings and as debtors in Chapter 11 cases in California and across Cooleys global platform,…
Breakfast Seminar | Event | Canberra This event will be held on Thursday, 14 March 2024. We are delighted to extend a special invitation to you for our upcoming seminar Insolvency Trends, Small Business Restructuring, Industry Pressures & Solutions focused on providing a comprehensive update on the insolvency market, small business restructuring, and addressing critical…