A 16-year-old Melbourne boy was able to gamble nearly $100,000, including at suburban pubs, despite his mother desperately seeking help, a court has heard. The Melbourne magistrates court heard that when his mother discovered his gambling habits, she began a frantic mission to get him help, only to be repeatedly turned away. In April last…
DetailsLast week I scored a trifecta, managing to upset people in three ways. First, for my supposed anti-immigration stance, second, for hating on Elon Musk (the bromance is still strong with some readers, even though his car company is as bad as the rest in terms of spying on drivers) and, finally, from animal lovers…
DetailsAustralia has not been immune to the economic impacts of global financial and geopolitical events. The recent global economic downturn has brought about a heightened focus on financial stability and risk management in Australian businesses. Sponsors and financiers alike are now navigating a complex economic terrain marked by: volatile markets; supply chain disruptions; asset re-valuations;…
DetailsWhat is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
DetailsMichael Neumeister has joined Cooley as a partner in the firms business restructuring practice and global litigation department in Los Angeles, the firm said Tuesday. Neumeister will support clients in financial distress on a range of matters, including in out-of-court restructurings and as debtors in Chapter 11 cases in California and across Cooleys global platform,…
DetailsSouth Australian small businesses are facing a choice between calling in the liquidators or bringing in restructuring firms to go on payment plans amid mounting tax debts owed to the Australian Tax Office (ATO). At an information night held three weeks ago by licensed small business restructuring (SMB) firm Small Business Restructuring Specialists, five clients…
DetailsPartnership enables a faster payment execution and greater visibility into money movement TORRANCE, Calif., July 9, 2024 /PRNewswire/ — Happy Money, a leading provider of unsecured lending that helps credit unions grow, today announced a strategic partnership with Method, a leading provider of real-time data and payment access for consumer liabilities, to enhance the way…
DetailsBrett McGrath, President of the Law Society of NSW, has renewed calls for a debt relief scheme to incentivise lawyers to practice in rural, regional, and remote (RRR) areas. During a visit to Lismore, which experienced a significant exodus of lawyers following the devastating floods in 2022, McGrath highlighted the urgent need for legal services…
DetailsThere are a few ways to pay off $30,000 (or more) in credit card debt, experts say. Getty Images Over the last couple of years, issues with persistent inflation have sparked an increase in the price of many necessities like gas, food and housing. In turn, many households are struggling to pay for these essentials…
DetailsThe involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action. On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape. In…
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