Australian businesses are going to keep falling into dire financial trouble at a record rate, in large part due to overdue tax debts. So far this year, more than 10,000 businesses have appointed external administrators already higher than the total of about 9500 for the 2022-23 financial year, and far higher than the roughly 6100…
DetailsShane Dixon racked up a $4k debt in cruise ship casino Anti-gambling CEO says cruise ship operator breached its duty of care Have you been impacted by casinos on cruise ships? [email protected] By Olivia Day and Tita Smith For Daily Mail Australia Published: 13:30 AEST, 15 May 2024 | Updated: 13:32 AEST, 15 May 2024
DetailsTreasurer Jim Chalmers has delivered a $9.3 billion surplus this year, marking the first back-to-back surplus in almost 20 years, promising to deliver relief to Australians today and tomorrow and help every taxpayer. Handing down the 2024-25 budget on Tuesday, the treasurer stressed Australias future depended on striving for more than simply muddling through or…
DetailsTax debt has emerged as one of the biggest drivers of corporate insolvencies over the past year, with the latest data from Alares Insights showing April tracked at 50 per cent higher than pre-COVID levels. According to Patrick Schweizer, author of Alares Monthly Credit Risk Insights, there has been a sharp increase in the number of companies seeking…
DetailsThe 2024-25 Federal Budget has landed, and it has brought a number of changes for Australians. One particularly positive thing we can look forward to is the cutting of about $3 billion worth of student HECS-HELP debt. Heres what you need to know. Table of contents Australian Government announces cut to HECS-HELP and student loans…
Details777 Partners has called in Los Angeles-headquartered restructuring advisors B Riley Advisory Services (a division of B Riley Financial) to assist with various operational challenges. The outcome follows the collapse of Australian low-cost carrier Bonza (AB, Sunshine Coast) in which 777 held a majority stake. We have retained a team of professionals from B Riley…
DetailsThe Bankruptcy Amendment (Discharge from Bankruptcy) Bill 2023 (Bill) has been agreed to by both the House of Representative and the Senate and will now be presented to the Governor-General. The Bill seeks to amend the Bankruptcy Act 1966 (Cth) (the Act) to provide legal certainty on the calculation of bankruptcy discharge dates, aligning the…
DetailsBy Audrey Naa Dei KOTEY& Clara METTLE-NUNOO The Insurance Act, 2021 (Act 1061) was passed on 5th January 2021 to provide a comprehensive framework for regulating activities in the insurance sector. This brief note focuses exclusively on the provisions concerned with the resolution of insolvencies in the insurance sector. This is a fitting enquiry, as…
DetailsThe Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of…
DetailsNews ByStartupStory | May 14, 2024 In a strategic move amid restructuring at Ola Cabs, Ankush Aggarwal, the brother of founder Bhavish Aggarwal, has returned to the ride-hailing business after his stint with Ola Electric. Aggarwal, previously the Chief Business Officer at Ola Electric, will now assume a key role within Ola Cabs senior leadership team,…
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