Insolvencies will surge over the next few months as economic pressures combine with increasingly aggressive debt collection by the ATO and big 4 banks, Insolvency Australia says. Director Gareth Gammon said there had been a significant increase in winding-up applications and ATO-initiated court recoveries, particularly in the second half of FY23. Over the past year…
DetailsBailiffs hired by councils to recover unpaid debts have seen their profits rise to record levels during the cost of living crisis, company filings show. Newlyn Group, which is hired by councils to recover unpaid traffic fines and council tax, saw its turnover from debt collection increase by 43.8% to 25.8m in the year to…
DetailsStatistics on new company insolvencies in England and Wales, and related statistics for Scotland and Northern Ireland Get emails about this page Documents Commentary – Company Insolvency Statistics April to June 2023 HTML Infographic – Company Insolvency Statistics April to June 2023 PDF, 277 KB, 1 page This file may not be suitable for users…
DetailsAfter 12 interest rate rises over the past year, community service providers have reported a huge jump in people needing their help. One of those services is the National Debt Helpline and it wants people to know there’s free help available. Karen Cox is the CEO of the Financial Rights Legal Centre, where the calls…
DetailsCompany failures in England and Wales rose 27 per cent last month and by 51 per cent in Scotland as growing numbers of businesses succumbed to rising inflation and a stagnant economy. Corporate insolvencies in June hit 2,163, sharply up from 1,698 in the same month last year, according to Insolvency Service data. In total,…
DetailsKey takeaways Traditionally, a debt product can be used to cover expenses when you’re cash-strapped. If handled responsibly, personal loans can also serve as a tool to build wealth. Some of the ways personal loans can help you increase your net worth include improving your cash flow through debt consolidation and giving you the necessary…
DetailsA report has found a subsidiary of property developer Toplace, failed to pay $25 million it owed to the Australian Tax Office (ATO) in 2022 and claims there’s little chance of those funds being recovered. Key points: This week administrators delivered their report to creditors impacted by Toplace’s collapse Administrator Michael Hogan was appointed to…
DetailsRescon Granny Flats collapses into liquidation after failing to answer customer concerns about shoddy unfinished projects and delays in NSW – and now the owners have vanished Business has many one-star reviews Won housing excellence award in 2017 Now in liquidation after failing to respond to customers Do you know more? Contact: [email protected] By Eliza…
DetailsFans recently reacted to Jordan Spieth’s take on six-time major champion Phil Mickelson’s gambling allegation. Billy Walters has released his new book titled “Gambler: Secrets from a Life of Risk” in which the renowned gambler mentioned that Mickelson has wagered more than $1 billion. The surprising revelation has split the golfers into two distinct groups,…
DetailsThe number of bankruptcies decreased in July after an increase in June, Statistics Netherlands (CBS) reported. The number of bankruptcies showed a monthly decrease for the first time in three months. Annually, however, the number of bankruptcies has been higher for 15 months in a row than in the same months a year earlier. According…
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