Headlines

A record number of businesses have been placed into administration in the past year, an inquiry has been told, with advocates saying inflationary pressures are affecting multiple industries, the Australian Associated Press reported. Officials from Australia's corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in the 2023/24 financial year. ASIC commissioner Kate O'Rourke said while the proportion of businesses going into administration was not the highest, the past year had the most overall.

Brazilian airlines, already struggling with high interest rates and volatile fuel costs, are being hit with more losses as currency woes and climate challenges test the sector’s operational resilience, Bloomberg News reported. Azul SA and Gol Linhas Aereas Inteligentes SA, two of the nation’s largest carriers, reported setbacks in the second quarter as a weakening Brazilian real and the closing of a key airport following torrential rains in country’s south dragged their earnings, quarterly reports showed this week.

The Thai hotel industry is reeling from the collapse of two major European tour operators, I Travel and FTI Touristik GmbH, which has left 179 hotels out of pocket to the tune of 173 million baht, Thienprasit Chaiyapatranun, president of the Thai Hotels Association (THA) said on Friday, NationThailand.com reported. The association said that the fallout has predominantly impacted establishments in Chiang Mai and Chiang Rai, with losses estimated at 3 million baht for individual hotels.

The leader of Nottingham City Council has warned another ‘bankruptcy’ notice could be issued if the authority does not make cuts to its libraries and other services, WestBridgfordWire.com reported. In November last year the Labour-run council issued a Section 114 notice, effectively declaring bankruptcy, because it could not set a balanced budget. Government-appointed commissioners arrived in February, and the authority was granted Exceptional Financial Support, allowing it to use asset sales to fund day-to-day operational costs.

High-end Toronto grocer Pusateri's Fine Foods is consolidating its operations into one location and shuttering all other branches after filing for bankruptcy earlier last week, CBC.ca reported. According to the appointed insolvency trustee, Albert Gelman Inc., the grocer filed assignments in bankruptcy Tuesday for its locations in Bayview Village, Yorkville, Little Italy and Pusateri's Kitchen in North York, which operates as the warehouse and kitchen supplying in-house branded products to other branches.

Weltbild, once one of Germany’s largest bookselling operations, is closing down on 31st August. The remaining 14 brick-and-mortar stores and Weltbild’s online shop will be affected, with 440 employees being laid off, The Bookseller reported. Owner WBD2C Group, itself a subsidiary of Düsseldorf-based private equity investor Droege Group, called in insolvency administrator Christian Plail in early June. However, while Plail talked to several possible suitors, none were prepared to buy the loss-making company.

Booktopia has been rescued by the owner of online camera store digiDirect, Shant Kradjian, who is adding 100 jobs back to the collapsed bookseller, the Sidney Morning Herald reported. The business and all its assets were transferred to Kradjian on Friday evening and the website has resumed trading. McGrathNicol administrator Keith Crawford said that he was incredibly pleased to close the sale and that the transition of Booktopia to another Australian e-commerce retailer was a great outcome for the business.

Thousands of ticket holders have been left empty handed after W-Festival was cancelled just two weeks before it was set to take place at the Ostend beach. But the chances of refunds being issued are slim as the organising company has filed for bankruptcy, the Brussels Times reported. On 8 August, W-Festival was cancelled after a sudden bankruptcy announcement of the company behind the music event, Wave to Synth, which cited ongoing financial hardships and disappointing ticket sales.

Derby dance organisation Deda is “with a heavy heart” entering into voluntary insolvency, BBC.com reported. The charity which runs the dance and movement venue in Chapel Street said that it was “impossible” to continue in its current financial situation.

Half of UK Bible colleges to close in next two years A prediction by Dr Anthony Royle, Director of King’s Evangelical Divinity School (KEDS), the Lodi Valley News reported. According to Royle, the Association of Bible College Directors warned of widespread bankruptcy. This reality is also due to the impact of the Covid-19 pandemic, economic crisis and increasing secularism. Currently, there are about 50 Bible colleges in England. Many face serious challenges. Some have already closed recently, such as St. John’s in Nottingham and Redcliffe College in Gloucestershire.