Listen to this podcastEnjoy more audio and podcasts on iOS or Android. Your browser does not support the <audio> element. Restructuring advisers are often the first on the scene when a business starts to teeter. To some, that makes these bankers, consultants and lawyers capitalisms emergency surgeons, rescuing companies from death. To others, the steep…
DetailsWhen President Barack Obama signed legislation in 2010 to create the Consumer Financial Protection Bureau, he said the new agency had one priority: looking out for people, not big banks, not lenders, not investment houses. Since then, the CFPB has done its share of policing mortgage brokers, student loan companies, and banks. But as the…
DetailsSun Art Retail Group, controlled by Alibaba Group Holding, has appointed a new chief executive as the e-commerce giant continues to consolidate its retail assets amid a restructuring and rising market competition. Hong Kong-listed Sun Art, a hypermarket business, said in a stock exchange filing on Tuesday that Lin Xiaohai, fomer chief executive officer and…
DetailsDebt can be crippling. It can snowball so large that you can barely keep up with the minimum payments and barely address the principal owed. If you fall behind, you get bombarded with creditors calling you to pay up or threatening you with legal action. You can be taken to court over your debt with…
DetailsInflation-adjusted interest rates are well above post global financial crisis lows, while medium-term growth remains weak. Persistently higher interest rates raise the cost of servicing debt, adding to fiscal pressures and posing risks to financial stability. Decisive and credible fiscal action that gradually brings global debt levels to more sustainable levels can help mitigate these…
DetailsBlack Hops Brewing have entered voluntary administration, with the Queensland brewery appointing David Mansfield and Timothy Heenan from Deloitte Financial Advisory as joint administrators according to a filing with ASIC. In a post on social media, the brewery team said it was a tough decision but “circumstances have meant there was no alternative”, adding that their…
DetailsWhat is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
DetailsIn short: Armaguard has rejected a lifeline deal worth $26 million to prevent it from becoming insolvent. It comes after Coles temporarily paused its use of the company over the Easter long weekend, but has since resumed using its services. What’s next? The cash transportation company says it is working with its customers and is…
DetailsBy AFSCME Staff Wednesday, March 27, 2024 Over 870,000 public service workers, many of them AFSCME members, have had their student debt forgiven through the Public Service Loan Forgiveness program. Now, the Biden administration is helping lessen the burden on even more people struggling with student loans. More than 7.5 million other Americans including those…
DetailsThe economy is slaughtering Aussie businesses and theres no sign of things letting up. Company collapses surged in February and reached a level that hasnt been seen for the past nine years, according to new data released on Monday by the corporate regulator, the Australian Securities and Investments Commission (ASIC). Insolvencies are increasing significantly, Cliff…
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