This article attributes to the entire Australian Restructuring team. Overview There has been a growing appetite for corporate insolvency law reform in Australia in the last 18 months. In 2021, public consultations were completed on improvements to creditors schemes of arrangement and the treatment of insolvent trusts, and there was an independent review of the…
Photo: RNZ / Rebekah Parsons-King Squeezed household budgets are putting a big dent in how much money people can spend at the shops and retailers are struggling to stay afloat, some closing doors. Retailers are looking at another tough year ahead, with the latest data showing consumer spending – on everything from food to big…
Dunfast Pty Ltd has been wound up. Photo: Frogman1484. Transport business Dunfast Pty Ltd, which trades under the name Griffith Fast Freight, was wound up in insolvency by the Federal Court on Friday (8 March), ending a decade in operation. According to court documents obtained by Region, the wind up motion was lauched by the…
The Body Shop operates about 100 stores in Australia and is said to be the most profitable international arm of the stricken business. However since the UK parent entered bankruptcy last month, the Australian subsidiary and others around the world have become creditors and their access to funds has been cut off. The Guardian has quoted…
Its a business you probably havent even heard of, but is shaping up to be one of Australias biggest corporate failures for the year. The debts of a collapsed group of manufacturing companies based out of a Western Sydney factory have snowballed as liquidators wade through the mess. In the past few months, 12 companies…
In a separate announcement, e.Go writes that it has filed an application for the opening of insolvency proceedings with the Aachen district court in Germany. Dr Claus-Peter Kruth from the AndresPartner law firm has been appointed provisional insolvency administrator. e.Go describes him as a restructuring expert, but it has not yet been decided whether the…
MONTREAL — The Montreal company that operates the Just for Laughs comedy festival said Tuesday it has canceled this years event as it seeks to avoid bankruptcy. Groupe Juste pour rire Inc. said in a news release that it is seeking protection from its creditors as it begins formal restructuring under Canadas Bankruptcy and Insolvency…
Be More Geek is closing three stores, but its Newcastle branch will remain open A chain of shops selling TV, film and anime merchandise has closed some of its stores after entering liquidation. Be More Geek has shut branches in Middlesbrough, Washington in Sunderland and at Manchester’s Arndale Centre. The company was founded by James…
Restrictions have been secured against people who falsely applied for Bounce Back Loans. Individuals all made false applications, examples of which include overstating the income of their businesses, or in one case, not trading when they received the funds Bankruptcy Restrictions Orders (BROs) and Bankruptcy Restrictions Undertakings (BRUs) have been secured by the Insolvency Service …