Deloitte uses credit card chargebacks during Kleenmaid insolvency
1 report, 1 independent
Updated Oct 23
AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.
What happened
Deloitte senior liquidator Richard Hughes handled the collapse of Kleenmaid, a whitegoods company that owed $100 million. Hughes found that customers were set to lose $25 million in deposits. By utilizing credit card charge back requests, he was able to help recover $12.5 million for customers.
From abc.net.au
Why it matters
The case demonstrates that credit card payments can function as a form of insurance during business insolvencies. The charge back mechanism allows customers to retrieve funds for goods or services they did not receive.
From abc.net.au
Who's involved
- DeloitteDeloitte senior liquidator who managed the Kleenmaid collapse
- KleenmaidWhitegoods company that collapsed owing $100 million
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- How could the spate of corporate insolvencies affect Synchrony Financial?Increased corporate insolvency risk could heighten the risk environment for Synchrony Financial's credit products.Possible
- How could widespread corporate insolvencies affect Affirm's risk profile?Corporate failures may increase risk for BNPL providersPossible
Keep exploring
The entities involved
-
Mastercard
American multinational financial services corporation
-
PayPal
American worldwide online payments system
- Amazon, Google, and PayPal are noted to be operating in the life insurance segment alongside Primerica and Equitable Holdings as part of a market dominance playbook.
- Hershey and The Marzetti Company, alongside tech giants Amazon, Google, and PayPal, are noted for operating in shelf-stable food and dominating ignored markets.
-
Deloitte
multinational professional services network founded in 1845