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…
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…
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 Australian Government will introduce reforms to ensure Australia’s bankruptcy system is fairer and operates in the best interests of all Australians. Key changes include: Increasing the threshold for involuntary bankruptcies from $10,000 to $20,000, with the threshold to be indexed each year; Increasing the timeframe in which a debtor may respond to a bankruptcy…
Jul 7, 2024 10.30pm Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? The threshold for involuntary bankruptcy will rise to $20,000 and bankrupts will have their official records cleared after seven years, under an overhaul of personal insolvency laws being unveiled…
Joint liquidators Daniel Lopresti and Simon Miller are urgently seeking parties who may be interested in making offers to purchase the business or assets of Hindmarsh-based knitwear maker Silver Fleece. The company best known for making the Australian cricket teams woollen tops went into liquidation on Wednesday after more than 70 years of creating custom…
A key business behind home builder Modco Residential has been sent to liquidation one year after the embattled construction company collapsed. Modco and Ms Lu Holdings were linked to glamour couple Cynthia Lu and Yusuf Khan Ms Lu was director of Ms Lu Holdings while Mr Khan was registered as Modcos supervisor with building regulators.…
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…
By Jessica Yun Updated July 3, 2024 5.34pmfirst published at 10.40am Normal text sizeLarger text sizeVery large text size 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…
Booktopia has entered voluntary administration after failing to secure emergency funding. In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring. “The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are…