Victorias largest privately owned plumbing company has gone into liquidation just months after attempting to restructure the business. Richstone Australia Group Pty Ltd, and several other related companies, officially collapsed on June 19 according to documents filed with the Australian Securities and Investments Commission (ASIC). A total of 150 people were employed by the plumbing…
The collapse of yet another Victorian building company , Kleev Homes, has underscored the dramatic plight of the industry in the state. The construction sector in Victoria has seen insolvencies surge by a massive 74 per cent in the past year. Kleeve Homes demise has left creditors owed $3.3 million and proven another kick in…
The latest edition of our weekly Dezeen Agenda newsletter features news that electric bicycle manufacturer VanMoof has been declared bankrupt in the Netherlands. Following the company’s pandemic-time boom, court-assigned administrators are now looking into whether the Dutch company could be restructured or sold so that it can continue operations in the Netherlands. Known for selling sleek high-end…
A major plumbing company has quietly collapsed into liquidation, with all 150 of its employees losing their jobs on the spot because of its demise. In March, Victorias largest privately-owned plumbing contractor Richstone Group Pty Ltd and seven related entities went into voluntary administration to urgently restructure the business. The restructuring attempt ultimately couldnt turn…
Jul 25, 2023, 9:33pmUpdated 1h ago By: News 12 Staff If you find yourself struggling with debt and lower credit scores, youre not the only one. Right now, Americans hold an estimated $17 trillion in debt, which had led to the popularization of so-called debt consolidation companies. But in this Turn To Tara investigation, News…
Distressed de-SPACed companies are increasingly turning to chapter 11 as a means of restructuring their debts and preserving going-concern value. TAKEAWAYS Many de-SPAC mergers in 2020 and 2021 involved pre-revenue or not-yet-profitable companies that are now struggling to remain viable as interest rates rise. At least a dozen distressed de-SPACed companies have turned to chapter…
July 25, 2023 Practices: Business Restructuring Law360 highlighted Ropes & Grays work representing consumer and shopping network company iMedia Brands Inc. in its Chapter 11 case in Delaware bankruptcy court. The July 21 article profiled Ryan Preston Dahl, co-chair of the business restructuring practice group, business restructuring partner Cristine Pirro Schwarzman, and business restructuring associate…
In short: The founder of collapsed soft plastics recycler REDcycle says she always thought stockpiled soft plastic stores would be spared from landfill What’s next? Governments and major supermarkets are exploring options to deal with the 11,000 tonnes of materials left by the company The founder of failed plastic recycler REDcycle has defended continuing to collect materials in the…
People seeking debt help are being urged by three charities to beware of adverts promising “quick fixes” which could lead to their problems becoming worse. StepChange, Citizens Advice and the Money Advice Trust say they have seen increasing numbers of people burdened by cost of living pressures. They warned that some adverts may mimic their…
Combatting climate change has gone from a nice idea to an economic necessity, and the sooner we accept this reality, the better off well be. The harsh reality of economic loss by climate change hit AAA insurance recently when it stopped renewing some home and auto policies in hurricane-plagued Florida. The insurer wouldnt say how…