Just days after the Australian online bookseller asked to extend an suspension on the trading of its stock, Booktopia has taken the more drastic step of appointing a firm to oversee its voluntary administration. The move indicates the high unlikelihood that the company will continue to operate in its current form. In an announcement made…
Beleaguered online book retailer Booktopia has announced it has entered voluntary administration after it failed to secure funding. The company posted it had appointed Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol to oversee a potential restructure or sale of the business. The Administrators are undertaking an urgent assessment of Booktopias business while options…
Video: Booktopia collapses into voluntary administration Booktopia collapses into voluntary administration Were sorry, this feature is currently unavailable. Were working to restore it. Please try again later. Dismiss Skip to sections navigationSkip to contentSkip to footer Our network Open NavigationMenu Advertisement Booktopia has entered voluntary administration after failing to secure emergency funding. July 3, 2024…
By Jessica Yun Updated July 3, 2024 5.34pmfirst published at 10.40am Booktopia has gone into voluntary administration weeks after suspending its shares on the ASX as rival Dymocks considers snapping up some of its assets. The embattled online book retailer, which has been scrambling to secure emergency funding, has appointed McGrathNicol restructuring partners Keith Crawford,…
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,…
The Australian startup ecosystem is facing its next wave of financial challenges. With a 54% decline in capital raised by Australian startups in 2023 and a 14.5% rise in insolvencies, Australian startups are financially strained. For those operating in the capital-intensive tech sector in particular, the time between funding rounds is harder than ever. Tech…
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”…
A15LE E battery-electric bus (Photo: Van Hool) Belgian bus OEM Van Hool has been declared bankrupt by the Commercial Court of Mechelen, a court in Belgium which deals with commercial litigation. According to media reports the company had accumulated a debt of 400 million. This was further compounded by a family inheritance dispute over shares…
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…
Key Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…