Stay up to date with the latest news, views and media updates from the world of insolvency and Insolvency Advisory Accountants.
If your company has fallen on hard times, whether it be due to the financial strain of Coronavirus or an unrelated situation, it is vital to take immediate action. The best first step is to review our insolvency indicators and then become familiar with the Insolvency Advisory Accountants insolvency checklist. Taking immediate action…
Contents1 What is phoenix activity?2 Legal phoenix activity – the legal phoenix restructure2.1 Remember3 Illegal phoenix activity4 ‘Problematic’ phoenix activity ‘Phoenix activity’ is a broad term commonly recognised in the solvency world for its ability to help company controllers avoid the stress and pain of standing over a failed business.…
The Link Between Money And Mental Health Lockdowns around Australia have eased but restrictions are still in place to keep the unprecedented COVID-19 pandemic at bay. Both are affecting many of our nation’s small businesses, with experts predicting there will be a tidal wave of insolvencies when JobKeeper ends in…
Has money got you worrying? Has poor mental wellbeing got you neglecting your finances? The link between money and mental health is a complicated one. But, for most of us, it does exist. More recently, the COVID-19 pandemic has intensified money worries for many people. It’s unsurprising that during such…
No matter which way you slice it, 2020 has been a challenging year. That is why the Kmart Wishing Tree Appeal will be launching earlier than ever to serve its biggest demand in history. National research conducted by YouGov (September 2020) revealed that more than 4 in 10 Australians (41%)…
Are you an owner or manager of a small business in Australia? If so, you may have felt the financial effects of the global pandemic COVID-19. We would love to know more about how you’re feeling during this time.
Contents1 Indicators of insolvency2 Where did these indicators of insolvency come from?3 Is my company insolvent, or am I just going through a temporary rough patch?4 One or two indicators5 Two or more indicators6 Why are the indicators of insolvency so important?7 Civil penalties8 Compensation9 Criminal charges10 Taking action after…
From family operations to national firms, COVID-19 has made things tough for Australian businesses. Thousands have been forced to reduce their business hours, cut down on staff or shut down completely. As the global pandemic causes revenues to fall despite the unstoppable march of bills and expenses, one word becomes…
Contents1 How to tell if your business is insolvent2 One or two indicators3 Two or more indicators4 Acting after identifying indicators of insolvency As coronavirus continues to sweep across Australia, lockdowns and restrictions have brought intense financial strain upon thousands of businesses, with many facing company liquidation. Because continued restrictions…
Contents1 Company and personal details2 Company asset summary2.1 Companies entered external administration across Australia 2019-202.2 New South Wales2.3 Victoria2.4 Queensland2.5 Western Australia2.6 South Australia2.7 ACT2.8 Northern Territory2.9 Tasmania3 Liabilities4 Books and records5 Insolvency checklist – A snapshot6 Company details7 Company asset summary8 Liabilities9 Books & records10 Things to remember when…
The impact of COVID-19 lockdown restrictions on Australia’s tourism sector has hit Queensland the hardest, with the state recording nine of the top 10 for mortgage deferral hotspots. An analysis by global information solutions company Equifax revealed that when COVID-19’s first wave hit Australian shores, residents living in regions with…
QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month…
Are you looking for company liquidation support in Noosa? At Company Liquidation Noosa we understand that insolvency hurts. It is a stressful time that only feels worse knowing that there is no time to rest and reflect, because company directors must act as soon as possible when faced with insolvency…
A Brisbane tapas bar, a cocktail bar and two bakeries have been put into liquidation as the COVID-19 crisis continues to bite food and hospitality businesses. A BRISBANE tapas bar, California-inspired cocktail bar and two Far North Queensland bakeries have been put into liquidation as the COVID-19 crisis continues to…
A HEALTH food store which made ‘no sales’ for two financial years has blamed its collapse on a former employee’s misappropriation and failed plans to expand into Byron Bay, according to an administrator’s/liquidator’s report. Blessed Health Foods operated at Bundall on the Gold Coast and Byron Bay in northern New…
Brisbane-based SM Solvency Accountants have been appointed liquidators for the company formally traded as Arabella’s Restaurant. The company went into voluntary administration on Wednesday, 30 January, meaning the business owners formally shut down the company themselves. The initial creditor report was signed off and sent to creditors on Friday, 1…
The British-inspired eatery received positive reviews online, but the liquidator appointed to the company has revealed why the pub has already closed its doors. A BRITISH-inspired pub based at Paddington’s trendy Rosalie Village precinct has closed after high costs drove it into liquidation just nine months after it opened. The…
Workers have been left with unpaid superannuation after a cafe in an upmarket Brisbane suburb was sold earlier this year, as the liquidator of the previous owner’s company investigates the sale. ACCOUNTANTS will investigate if the sale of a Bulimba cafe to a relative of its previous owner was at…
An administrators report has shed some light on how Melbourne-based unlimited NBN retail service provider Mungi sank into voluntary administration only a year after it was founded. Mungi called in SM Solvency Accountants in November, blaming the inability to achieve the scale required to compete in the NBN market for…
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A TRAIL of debt has emerged from the rubble of the collapse of a prominent, Americana-themed Sunshine Coast restaurant. The Daily reported New Orleans Diner, at the Oceans building on Mooloolaba Esplanade, had closed down after opening in December last year. Australian Securities and Investments Commission documents reveal New Orleans…
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Legally Blonde star Reese Witherspoon’s expensive styling, appearance dee and bust schedule proved costly for organisers of a speaking gig which collapsed into liquidation last month.
ABC News 16 June 2016 Administrators are trying to work out what caused the financial collapse of a NSW north coast baby carrier company. The directors of Hug-a-Bub Australia Pty Ltd, based at Byron Bay, put the company into voluntary administration on Monday. Founded 15 years ago by two mums,…
Dissolve 23 June 2016 The Simpatico Connection Pty Ltd has gone into liquidation. Stanley Morgan Accountants’ Brendan Nixon has been appointed liquidator of the business on June 17, 2016. The Simpatico Connection is the company behind a women’s conference at which Hollywood actress Reese Witherspoon was to be a speaker.…
The Courier Mail 25 July 2016 LEGALLY Blonde star Reese Witherspoon’s expensive styling, appearance fee and busy schedule proved costly for organisers of a speaking gig which collapsed into liquidation last month. The actor was scheduled to appear in Brisbane this month as the headline speaker for Simpatico Connection’s…
Gold Coast Bulletin 4 April 2016 CUSTOMERS fear they could be out of pocket by tens of thousands of dollars after a Gold Coast kitchen installation company went bust. Lorraine Melling, a retiree, is one of many frustrated customers who paid Gold Coast Creative Kitchens for a job before the…
ABC News 25 July 2016 A Queensland restaurant that was forced to change its name earlier this year amid backlash from some members of the Vietnamese community has appointed voluntary administrators. Aunty Oh’s Bia Hoi in the Brisbane suburb of New Farm ceased trading in mid-July and Brendan Nixon of Stanley…
Smart Company 17 June 2016 An event company that had sold tickets to a series of motivational seminars with actress Reese Witherspoon has collapsed into voluntary liquidation. Stanley Morgan Accountants were appointed as external managers to the The Simpatico Connection Pty Ltd, organisers of the Simpatico Connection Conference, this…
Smart Company 16 June 2016 The company behind the popular baby sling brand, Hug-a-Bub, has collapsed into voluntary administration. Hug-a-bub Australia Pty Ltd, which was incorporated in 2001, has temporarily ceased trading and is not currently taking orders, after appointing Brendan Nixon of Stanley Morgan Accountants as voluntary administrator on…
The Sydney Morning Herald 16 June 2016 Here’s why the maker of a popular brand of baby carriers has collapsed into administration. The maker of a popular brand of baby slings and carriers has collapsed into voluntarily administration under the weight of mounting debts. Hug-a-Bub makes baby carriers, wraps…
The Daily Telegraph 16 June 2016 THE maker of a child sling described as the “Mercedes of Baby Carriers” has gone into voluntary administration due to mounting debts. Byron Bay based Hug-a-Bub, which makes baby carriers, slings and wraps was forced to call in administrators on Monday after it was…
SBS News 24 July 2016 After controversial beginnings in March and protests in April, the restaurant named Uncle Ho have closed down for company in liquidation. Read the entire article: http://www.sbs.com.au/yourlanguage/vietnamese/en/content/uncle-ho-restaurant-brisbane-closed-down-liquidation
The Courier Mail 24 July 2016 A VIETNAMESE restaurant that attracted protests over its controversial name has closed and the company that owned it has gone into voluntary administration. In April, the owners of Fortitude Valley restaurant Uncle Ho, changed the name, which referred to communist North Vietnamese leader Ho…
Smart Company 29 July 2016 Popular baby sling brand Hug-a-Bub has found a new home, with Sydney-based baby and maternity company Fertile Mind buying the brand’s assets for an undisclosed sum. Hug-a-Bub Australia entered voluntary administration in June and temporarily ceased trading. However, the brand is now part of the…
ABC News 11 April 2016 Owners of a new Vietnamese restaurant in Brisbane say they have decided to change the name from Uncle Ho after a protest and death threats. The name refers to the communist North Vietnamese leader Ho Chi Minh, and about 100 Vietnamese protestors turned up at…
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