A bankrupt Sydney gym and construction entrepreneur previously involved in several collapsed companies is being chased by Brisbane tradespeople who claim they are owed thousands of dollars for work on an inner-city ‘fitness village’. Texture Creative and Wilson Emergency Lighting were this week owed a combined $31,000 for work completed for Fit Village at Paddington,…
DetailsAccounting firms are increasingly at risk of being owed bad debts by business clients who go under, the Australian personal insolvency regulator has found. The Australian Financial Security Authority (AFSA) has marked accountants as one of six common businesses that are highly exposed to trade credit debt, with new statistics revealing that such debts are…
Details2020s been a tough time for airlines, as international tourism has ground to a halt thanks to COVID-19. Australian airlines have suffered even more than others, thanks to both domestic border closures and strict restrictions on overseas travel. Virgin Australia notably went into voluntary administration earlier this year, but Qantas the national carrier and one…
DetailsThe African country struggles to convince lenders that it cannot pay its debt, preferring to divert money to saving lives at home. After facing off powerful private creditors, the small African country of Zambia is now at loggerheads with Chinese lenders on the matter of deferring debt repayments which have crippled its economy. Zambia is…
DetailsG20 finance ministers and central bankers are set to hold talks Wednesday aimed at spurring global recovery from a coronavirus-triggered recession while considering a proposal to extend debt relief for crisis-hit poor countries. The virtual talks, hosted by current G20 president Saudi Arabia, come a day after the International Monetary Fund warned that global GDP…
DetailsTuesday, October 13, 2020 Background The Corporate Insolvency and Governance Act (CIGA) came into force on 26 June 2020, introducing a number of permanent and temporary changes to the UKs insolvency and company laws (for further details,please refer to our GT Alert on CIGA). Certain of the temporary changes introduced by CIGA were due to…
DetailsZambia has said it will resist pressure from Chinese creditors to make paying arrears a condition of pursuing debt relief talks, as the southern African nation battles to restructure $11bn of external debts. Africas second-biggest copper producer has become a test case for the ability of poor and indebted nations to find debt relief as…
DetailsDownload CSVShow datatableNumber of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days Number of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days 2016 October 303 2016 November 417 2016 December 332 2017 January 336 2017 February 292 2017 March 304 2017 April 263 2017 May…
DetailsBank Australia has written to its customers informing them that the banks credit cards cant be used for gambling transactions from December 1 this year. This move brings Bank Australia in line with a number of Australian banks, such as Macquarie Bank and Suncorp, and international banks such as American Express and Citibank. The bank…
DetailsJonas Stankevicius, from Doncaster, was appointed the sole director of S Jonas Solutions Ltd in July 2018, at the same time the payroll services company was incorporated. However, only a few months later entered the company entered into creditors voluntary liquidation in December 2018. The payroll companys liquidation and the length of trading resulted in…
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