The recent Kenyan protests are a warning that the International Monetary Fund (IMF) is failing. The public does not think it is helping its member countries manage their economic and financial problems, which are being exacerbated by a rapidly changing global political economy. To be sure, the IMF is not the only cause of Kenyas…
In short: Student debts will be lowered for more than three million Australians under reforms designed to stop HECS loans growing faster than wages. Loan indexation will now match whichever is lower out of the Consumer Price Index or the Wage Price Index which the government says will prevent another shock increase like last year’s 7.1 per cent…
Brett McGrath, President of the Law Society of NSW, has renewed calls for a debt relief scheme to incentivise lawyers to practice in rural, regional, and remote (RRR) areas. During a visit to Lismore, which experienced a significant exodus of lawyers following the devastating floods in 2022, McGrath highlighted the urgent need for legal services…
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…
Table of Contents {{ tocState.toggleTocShowMore ? ‘Show more’ : ‘Show less’ }} Australias business landscape has seen a steady rise in the number of insolvencies in recent months as cost-of-living pressures bite and economic conditions slow down. Although numbers had declined for several years, business collapses are now back above pre-pandemic trends, putting the spotlight…
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.…
Joint liquidators Daniel Lopresti and Simon Miller are urgently seeking parties who may be interested in making offers to purchase the business or assets of Hindmarsh-based knitwear maker Silver Fleece. The company best known for making the Australian cricket teams woollen tops went into liquidation on Wednesday after more than 70 years of creating custom…
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.…