Yet another construction company has collapsed with Perth builder City Residence Pty LTD going into liquidation. Peter Malone from CRS Insolvency Services was appointed liquidator on Wednesday after a company meeting resolved City Residence should be wound up. The company was yet to complete 13 residential building projects despite the liquidation. Building and Energy acting…
DetailsTwo prominent Melbourne restaurant and cafe businesses have been placed into administration as cost-of-living struggles continue to hit hard. Calia Australia, which operates Calia venues at the Emporium on Lonsdale Street and Chadstone, appointed voluntary administrators on June 28, according to documents listed by the Australian Securities and Investments Commission. Puzzle Coffee, which has four…
DetailsPoor lonely souls stare silently at machines in front of us. No interaction with real people, just machines. Its the whirring of screens and tinny music, all designed to make us even more distressed, knowing another machine had paid, when ours had sucked us dry. No doubt I was not the only person gambling on…
DetailsVictorians seeking help with their struggle to pay for electricity have seen their average energy bill debts blow out to almost $2,500 an increase of nearly $750 since 2021, a new report has found. The Consumer Action Law Centre report, published on Thursday, found issues with energy companies not informing households of financial hardship entitlements…
DetailsOverly complex, difficult to access and creating unnecessary cost and confusion for debtors and creditors 4 min read On 12 July 2023, the Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services (Committee) released its report into corporate insolvency in Australia (Report). The Report concluded that Australia’s corporate insolvency system is too complex, hard…
DetailsJul 12, 2023 Committee chair Deborah O’Neill says she hopes the report will provide the foundation for reform. -AAP Image Australia’s corporate insolvency system is too complex, hard to access and unnecessarily costly and needs a major overhaul. That is the conclusion of a long-running inquiry into the system by the federal parliament’s corporations and…
DetailsAustralias corporate and personal insolvency laws should face a comprehensive review, and improvements to small business restructuring pathways should be investigated as a priority, according to a massive report on the nations insolvency regime. The Parliamentary Joint Committee on Corporations and Financial Services tabled its long-awaited report on Wednesday afternoon, nearly nine months after endeavouring…
DetailsThe insolvency industry has warmly welcomed a parliamentary report recommending sweeping changes to simplify corporate insolvency law and make it more efficient. The Australian Restructuring, Insolvency & Turnaround Association (ARITA) said the report echoes most of its recommendations, especially on bringing personal and corporate regimes together and addressing unfairness in the system. We are delighted…
DetailsJirsch Sutherlands Western Australian division, WA Insolvency Solutions (WAIS), has promoted a former graduate who started with the firm in 2002 to partner. The promotion of Greg Prout comes after he joined the firm with a commerce degree in November 2002 to work his way up to be one of the few insolvency practitioners in…
DetailsDebt consolidation often saves you money by giving you lower interest rates on your current debt.JuFagundes/Getty JUMP TO Section Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. What is debt consolidation? Does debt consolidation hurt your credit? How can debt consolidation raise your credit score? What is…
Details