Online book retailer Booktopia has appointed voluntary administrators after it failed to secure enough funding to avoid collapse. The Australian online business has appointed Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol to oversee a sale, or the selling of parts. The Administrators are undertaking an urgent assessment of Booktopias business while options for…
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…
In short: Australian book retailer Booktopia has gone into voluntary administration. The company has been trading at a loss for over a year and earlier made 50 staff redundant. What’s next? Administrators are looking at selling or restructuring the main Booktopia business and its three subsidiaries. Australian online book retailer Booktopia has gone into voluntary…
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…
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.…
The family has raised questions after a father of three went overboard from a cruise ship after losing $9,000 over two nights on the P&O Pacific Adventure. Shane Dixon, 50, first lost $5,000, then borrowed money off his mother and lost another $4,000. Dixons family maintained he was lured by high-roller incentives into losing the…
A 16-year-old Melbourne boy was able to gamble nearly $100,000, including at suburban pubs, despite his mother desperately seeking help, a court has heard. The Melbourne magistrates court heard that when his mother discovered his gambling habits, she began a frantic mission to get him help, only to be repeatedly turned away. In April last…
Last week I scored a trifecta, managing to upset people in three ways. First, for my supposed anti-immigration stance, second, for hating on Elon Musk (the bromance is still strong with some readers, even though his car company is as bad as the rest in terms of spying on drivers) and, finally, from animal lovers…
The European Commission has approved the restructuring plan of SAS Scandinavian Airlines (SK, Copenhagen Kastrup), stressing that Denmarks and Swedens participation in the process is in line with European Union state aid rules, a company statement said. The effectiveness of SASs chapter 11 plan of reorganisation remains subject to various conditions precedent, including approvals from…