Australian businesses are teetering towards an insolvency cliff, as rocketing interest rates cause companies to miss payments at a record rate. Business to business trade payment defaults jumped to a high of 1586 in June – a 52 per cent increase on the previous year – according to the latest CreditorWatch business risk index. The…
DetailsA community support officer who “financially exploited a vulnerable woman” has been sacked following an investigation by the police watchdog. The Independent Office for Police Conduct (IOPC) said the unnamed Merseyside officer made frequent visits to the woman’s house and was caught on CCTV visiting her in hospital. It said when confronted, the officer admitted…
DetailsThe Arkansas Economic Development Commission (AEDC) is expanding its focus on small business and entrepreneurship by restructuring its Small Business and Entrepreneurship Development Division. AEDC will consolidate resources across the agency to best leverage them in support of small businesses and entrepreneurs in Arkansas, the agency said in a press release. The new division has…
DetailsThe National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held…
DetailsMADRID/LONDON, July 11 (Reuters) – Shareholders and creditors of Spain’s largest private industrial group, Celsa, have clashed over the company’s valuation as part of a longstanding debt-restructuring dispute, legal representatives for the two camps said on Tuesday. The valuation of Celsa is key to the dispute as a low valuation could render equity worthless. Celsa’s…
DetailsIn one of the largest health-related bankruptcies ever seen, US medical group Envision Healthcare Corp. and certain of its wholly owned subsidiaries have filed for Chapter 11 bankruptcy protection. As part of the process, Envision has entered into a restructuring support agreement (RSA) with its key stakeholders to restructure 60 percent of its approximately $7.7bn…
DetailsTwo new programs implemented by the Biden Administration–‘On-Ramp’ and ‘Fresh Start’–will give borrowers debt relief options despite a recent ruling from SCOTUS. CENTRAL, Texas For a year, student loans have been the topic of discussion with more than half of the nation in debt. Last summer, President Biden had promised to cancel up to $20,000…
DetailsTwo top restaurants in Melbourne have gone into administration after struggling to make ends meet amid the cost of living crisis and crippling lockdowns. Calia Australia, which serves modern Asian-inspired cuisine, called in insolvency experts on June 28. The business was opened in 2016 and was popular with well-heeled Melburnians who adored its Michelin-starred inspired…
DetailsAmong the insolvencies handled by Begbies were Paperchase, Worcester Rugby Club and the operator of the Park Lane Casino. (David Davies/ PA) (PA Wire) Insolvency specialists Begbies Traynor said the amount of companies going bust could keep rising all the way into 2024, but the growth will be steady rather than a sudden jump. Profit…
DetailsThe Independent Office for Police Conduct (IOPC) directed an investigation, carried out by Merseyside Police, after concerns were raised. Investigators found evidence of frequent visits by the PCSO to the building where the woman lived. CCTV showed him visiting her in hospital when he had no policing purpose for doing so. Evidence gathered showed the…
Details