The 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…
The 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…
Darlinghurst Theatre Company has announced via social media and its website that its directors have resolved to place the company into voluntary administration as of 17 June 2024. The company was formed in 1993 by Glenn Terry. Housed in The Eternity Playhouse since 2013, the Darlo has been a mainstay of Australian theatre for three…
The Kirribilli Club in Sydneys north shore has entered voluntary administration. The club appointed Hugh Armenis of SV Partners administrator on June 19. After an initial period of trading to assess the status of the club, it ceased trading on June 24. The ex-services club, with over 18,000 members, was founded in 1946, and boasts…
Above: Sule Arnautovic from Salea Advisory Access Print Solutions, Graphic Print Group (GPG) and Graphic Web in Sydney and Adelaide are now for sale after entering voluntary administration with 50 employees affected. Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three businesses by the directors of the business. Arnautovic is a…
In part one of The Secret Brewer: Voluntary Administration, a brewery owner discussed a number of their concerns surrounding the impact of two years of VAs across the local beer industry. We put a number of questions raised by the article to the people running breweries that have been through the VA process in the past…
It 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…
There has been an increase in company insolvencies in Australia. Startups and early-stage technology companies have not been shielded from this, with recent high-profile collapses including Tritium and Milkrun. In this article we discuss insolvent trading risks, the state of the startup market, unique risks to startups and the protections offered by the “safe harbour”…
International bus and coach manufacturing giant Van Hool is hoping for a rapid restart after reaching a binding offer with other brands to rescue it from bankruptcy. On April 8, Van Hool was declared bankrupt, with the major global manufacturer facing permanent closure. Now, a board of four curators, including coach and bus group VDL…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…