By 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…
DetailsNew Delhi: The ministry of corporate affairs (MCA) is working on increasing the recovery from its corporate insolvency process under the insolvency and bankruptcy code, said MCA secretary Manoj Govil at an event in New Delhi on Monday. This aligns with the government’s plan to increase ease of doing business, Govil said. Ease of doing…
DetailsThe Australian startup ecosystem is facing its next wave of financial challenges. With a 54% decline in capital raised by Australian startups in 2023 and a 14.5% rise in insolvencies, Australian startups are financially strained. For those operating in the capital-intensive tech sector in particular, the time between funding rounds is harder than ever. Tech…
DetailsIt has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
DetailsThe holding company of a superannuation fund created seven years ago to service gig economy and self-employed workers has entered voluntary liquidation. The GigSuper Group collapsed just over two years ago, reportedly owing creditors $2.7 million. Both the holding company, GigSuper Holdings Pty Ltd, and the subsidiary company, GigSuper Pty Ltd, entered voluntary administration in…
DetailsTable of Contents {{ tocState.toggleTocShowMore ? ‘Show more’ : ‘Show less’ }} Australias business landscape has seen a steady rise in the number of insolvencies in recent months as cost-of-living pressures bite and economic conditions slow down. Although numbers had declined for several years, business collapses are now back above pre-pandemic trends, putting the spotlight…
DetailsThe Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
DetailsKey Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…
DetailsAPP founders Brendan McKeegan and Phil McFarlane. Photo: Food Frontier ISOLATES manufacturer Australian Plant Proteins has entered voluntary administration, with hopes that a buyer or investor can step in to continue operations. Founded in 2016 by Brendan McKeegan and Phil McFarlane, APP employs more than 30 people at two Victorian locations, a research-and-development site at…
DetailsMajor private debt collector Panthera Finance has appointed new directors and put parts of the company into administration as it seeks to sell off its scandal-plagued business. Last month, Guardian Australia revealed Panthera, one of the countrys biggest private debt collection firms, had circumvented a blacklisting designed to stop it from operating in Victoria and…
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