The family has raised questions after a father of three went overboard from a cruise ship after losing $9,000 over two nights on the P&O Pacific Adventure. Shane Dixon, 50, first lost $5,000, then borrowed money off his mother and lost another $4,000. Dixons family maintained he was lured by high-roller incentives into losing the…
DetailsA 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…
DetailsDive Brief: Toy company Basic Fun on Friday filed for Chapter 11 in bankruptcy court in Delaware. The company sells its owned and licensed brand portfolio, which includes iconic toys by Lite Brite, Tonka, Knex, Lincoln Logs and the Care Bears, to Walmart, Target, Amazon and amusement parks. Basic Fun said the 2017 bankruptcy of…
DetailsThe European Commission has approved the restructuring plan of SAS Scandinavian Airlines (SK, Copenhagen Kastrup), stressing that Denmarks and Swedens participation in the process is in line with European Union state aid rules, a company statement said. The effectiveness of SASs chapter 11 plan of reorganisation remains subject to various conditions precedent, including approvals from…
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…
DetailsSequoia Financial Group has announced it is restructuring its business and reducing headcount by 10 per cent. The firm said it will move from having four reporting divisions to having two for FY24-25; the new divisions will be licensee & adviser services and legal & administration services. Licensee and adviser services will include Interprac Financial…
DetailsOver 80% of industry experts expect volume of restructurings to continue rising Regulations favoring liquidation over rehabilitation seen as biggest challenge, with survival further hampered by inexperienced management teams and rising interest rates North America and Europe experiencing significant restructuring WILMINGTON, Del.–BUSINESS WIRE– The volume of new corporate restructuring mandates is set to continue rising…
DetailsBy David Ngira Somalias healthcare sector is ailing. This is despite the country receiving USD 4.5 Billion debt relief from IMF and the World Bank last year which moved the countrys debt to GDP ratio from 64% to 6%. The relief followed protracted negotiations under the Highly indebted Poor Countries Initiative. The countrys investment in…
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…
Details