The number of companies going out of business jumped more than 50 per cent between July and September, even as new businesses continued to be created. There were 185 insolvencies during the third quarter of the year, up from 120 a year ago, according to credit risk firm CRIFVision-net. The increase suggests inflation pressures are…
Oct 9, 2023 4.08pm The ASX is set to become a hunting hotspot for private money as cashed-up global funds zero in on distressed companies. Thats the view of White & Case restructuring partner Timothy Sackar amid a spike in corporate insolvencies in Australia. We continue to see listed companies in a number of sectors…
Australian businesses and households are vulnerable to further shocks following high inflation and the tightening of monetary policy. According to the Reserve Bank of Australia’s (RBA) most recent Financial Stability Review, the Australian business sector remains resilient off the back of strong demand and high cash buffers supporting profitability and balance sheets. Nonetheless, the report…
A sharp rise in business insolvencies is being linked to ongoing inflation pressures faced by businesses in all sectors. Data from CRIFVision-Net for the third quarter shows the number of companies becoming insolvent rose by 54% compared to the same period last year. A total of 185 insolvencies were recorded in July, August, and September,…
Aspiring legislators should not make light of the affidavits to be filed by them before the Election Commission of India (EC) disclosing their assets and liabilities. An affidavit filed by one such politician during the 2011 Assembly election, claiming to have taken a loan of 6.25 crore from a businessman, has landed him in trouble…
An increasing number of Queensland businesses being squeezed from both ends are seeking help from insolvency experts before going into administration or liquidation. While Australian Securities and Investments Commission statistics rise and fall dramatically every month, managing partner at WCT Advisory Group Andrew Weatherley said inquires from businesses were steadily increasing. Weve had quite a…
When you or your company are facing cash flow problems and are concerned about your financial solvency, choosing the right course of action to take or understanding the potential outcomes can be difficult. In many cases, if you act quickly enough, there are solutions you can rely on to recover your business, or at least…
We’ve all pushed the boat a little too far out and probably been guilty of the whole ‘treat yourself’ excuse every now and again. But one woman took her spending to a whole new level to the extent she declared bankruptcy aged just 24 years old after going on holiday as you ‘only live once’.…
Two experienced Labour politicians are part of the team appointed by ministers to help turn around the bankrupt Birmingham city council. John Hutton, a Labour peer and former defence secretary, and John Biggs, a former mayor of Tower Hamlets in London, will provide political advice to the councils leadership as they take the difficult decisions…
John Gerard Metcalfe, from Essex, was declared bankrupt in 2013 following legal action after he defrauded several individuals and at least one company as part of an investment scam he had run, which saw the victims lose over 2 million. Metcalfe was subsequently convicted of fraud offences in 2017 and the Crown Prosecution Service (CPS)…