Insolvency and tech burning bright and fast: the cash runway challenge and navigating insolvency – Clayton Utz

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”…

Bonza Aviation enters liquidation Capital Brief – Capital Brief

The news: Budget airline Bonza Aviation has entered liquidation after the company’s creditors held a second meeting on the future of the company on Tuesday. The context: In April, Bonza entered into voluntary administration after abruptly cancelling flights across Australia, stranding hundreds of domestic passengers, as it considered “the ongoing viability of the business”. Bonza’s…

Bonza Liquidation Ensures Worker Certainty, Isolates Regional Australia: TWU – Mirage News

Transport Workers’ Union Bonza creditors have today voted to liquidate the company, providing workers access to the government’s Fair Entitlements Guarantee scheme. However, the TWU warns regional Australia won’t reconnect with the rest of the country without a Safe and Secure Skies Commission. Approximately 500 Bonza workers were terminated on 11 June but the government’s…

GigSuper holding company, for gig workers and sole traders, enters voluntary liquidation – 7NEWS

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…

Victoria's Australian Plant Proteins enters administration – Grain Central

APP founders Brendan McKeegan and Phil McFarlane. Photo: Food Frontier ISOLATES manufacturer Australian Plant Proteins has entered voluntary administration, with hopes that a buyer or investor can step in to continue operations. Founded in 2016 by Brendan McKeegan and Phil McFarlane, APP employs more than 30 people at two Victorian locations, a research-and-development site at…

Debt collection giant Panthera puts large parts of its business into administration – The Guardian Australia

Major private debt collector Panthera Finance has appointed new directors and put parts of the company into administration as it seeks to sell off its scandal-plagued business. Last month, Guardian Australia revealed Panthera, one of the countrys biggest private debt collection firms, had circumvented a blacklisting designed to stop it from operating in Victoria and…

Insolvencies are rising. What precautions should leaders take? – Consultancy.com.au

The number of companies entering external administration has hit a ten-year record high last month, illustrating the mounting pressures on businesses. John Park, senior managing director at FTI Consulting, outlines why and how businesses of all sorts and sizes should be taking sensible precautions. For the nine-month period from 1 July 2023 to 31 March 2024,…

Insolvency and tech burning bright and fast: the cash runway challenge and navigating insolvency – Clayton Utz

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”…