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…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…
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…
The troubled Australian electric vehicle fast charging company Tritium is facing financial collapse after its directors declared it to be insolvent, calling in voluntary administrators while its lenders also appointed a receiver to take control of the assets and seek buyers. In a statement issued overnight to the Nasdaq stock exchange in New York, where…
Alterna Capital Partners has joined the queue of lessors at India’s National Company Law Tribunal (NCLT) seeking to have SpiceJet (SG, Delhi International) declared insolvent. An Alterna special purpose vehicle (SPV) is attempting to enforce a March 2023 UK High Court judgement awarding it more than USD11 million. The matter of Alterna Aircraft V B…
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…
Victoria’s Supreme Court of Appeal has wiped a punter’s $150,000 debt after ruling paperwork failures rendered the bets invalid. Bookmaker David McLauchlan took action against punter Allen Ng after the punter incurred hefty losses between February and April 2020. The County Court ruled in McLauchlan’s favour in 2022, ordering Ng to pay the debt and…
With businesses collapsing at levels not seen since 2012, Grant Thornton Australias John McInerney suggested that the small business restructuring scheme could be a more favourable option than a payment plan. He made the comments ahead of his session at the ACE24 Accounting Conference and Expo 2024, where he will unpack how accountants can help…