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…
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…
More than 150 jobs have been cut at embattled bookseller Booktopia as the company stops taking customer orders. The major Australian online book retailer entered voluntary administration last week, with customers complaining of being left in the dark about pending orders. An urgent assessment of Booktopia is being undertaken by administrators from McGrathNicol, who are…
Only 18 staff members remain at recently collapsed retailer Booktopia as 165 of their colleagues were sacked from the beleaguered company. The virtual bookseller announced last Wednesday it had entered voluntary administration after a major slump in share value, less than four years after it went public on the ASX. The major Australian retailer…
The administrators handling the collapse of Booktopia have announced that orders placed with Australias largest online bookseller will not be filled and there may be no refunds either. It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors which voids store credits…
July 5, 2024 Photo: Depositphotos.com Doctors chain Zorg BV, a part of Co-Med, has been declared bankrupt at a court in Maastricht, after weeks of uncertainty. The chain, which served 50,000 patients, was effectively brought to a standstill two weeks ago when insurers stopped working with it. They feared that shortages meant that its patients…
The administrators handling the collapse of Booktopia have announced that orders placed with Australias largest online bookseller will not be filled and there may be no refunds either. It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors which voids store credits…
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…
July 5, 2024 Photo: Depositphotos.com Doctors chain Zorg BV, a part of Co-Med, has been declared bankrupt at a court in Maastricht, after weeks of uncertainty. The chain, which served 50,000 patients, was effectively brought to a standstill two weeks ago when insurers stopped working with it. They feared that shortages meant that its patients…
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.…