June 26 (Reuters) – British cinema chain operator Cineworld Group (CINE.L) on Monday said it will file for administration as part of a proposed restructuring plan. The world’s second-largest movie theatre chain operator filed for U.S. bankruptcy protection in September, hoping to restructure its massive debt after being hit hard by the COVID-19 pandemic. The…
DetailsA popular Australian gym chain has collapsed after it was embroiled in a legal battle with three of its franchisees. Ultimate Franchising Group Pty Ltd, UFC Gym Prospect Pty Ltd and Ultimate Franchising Group Properties Pty Ltd the three parent companies behind UFC Gym Australia went into voluntary administration on May 23. The three companies…
DetailsJun 26, 2023 4.05pm Business collapses have hit the highest monthly level in more than seven years, as failures spread beyond property construction to retail, healthcare, childcare and mining. Higher interest rates, weaker consumer spending and directors throwing in the keys after a temporary pandemic reprieve are the main reasons for the jump in insolvencies.…
DetailsThe parent companies behind a major Australian gym chain have quietly collapsed into administration after becoming embroiled in a messy $5 million court case with several disgruntled franchisee owners. UFC Gym Australia, which at its peak had more than 10 fitness centres in Sydney, Melbourne, Perth and the Gold Coast, is a mixed martial arts…
DetailsOlivia Fitzpatrick, 29, has 10,000 Australian dollars in student debt.Olivia Fitzpatrick Redeem now Olivia Fitzpatrick, 29, has $7,000 in student debt in Australia, but she’s not too worried about it. Under the repayment system, she doesn’t have to pay the loans until she reaches a certain income. But Australian student-debt balances are growing due to…
DetailsPersonal guarantees can lead small and medium businesses into bankruptcy, warns national insolvency and turnaround firm Jirsch Sutherland. Already have an account? Sign in below: The firm said owners of small and medium businesses needed to understand the risks associated with a personal guarantee before signing up for one. Jirsch Sutherland said a personal guarantee,…
DetailsA 20-year-old youth from Warangal district of Telangana lost Rs 46,000 in a single session on an online betting game early on Saturday. According to reports, distressed on losing the amount, the victim a second-year ITI student from Narsampet commited suicide. The victim used his mothers phone to place bets in the online game as…
DetailsThis was published 3 months ago By Chris Vedelago Updated February 27, 2023 12.47pmfirst published at 10.41am Normal text sizeLarger text sizeVery large text size The company behind the Coles and Woolworths soft plastics recycling program has been declared insolvent after failing to pay storage fees for the thousands of tonnes of plastics it secretly…
DetailsQuestion 1 My daughter is two years into full-time employment after graduating with a $75,000 HELP debt. As of end of financial year 2022, her debt has increased even after repaying a total of $5000 in the 21 and 22 financial years. FY2023 will see her repay 4 per cent of her gross salary yet…
DetailsThe clothing store chain Score was declared bankrupt by the court in Zutphen. The jeans brand Chasin’, owned by the same owner, also falls under bankruptcy. The bankruptcy puts the jobs of about 450 employees at risk. Score had been present in Dutch shopping streets for decades. Entrepreneur Jan Peters opened the first store in…
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