The Federal Court’s recent decision in Hall v CAP Security Services Pty Ltd [2023] FCA 1237 highlights an interesting and practical solution for former directors who receive a director penalty notice after their directorship has ended. Director penalty notices (DPNs) The Australian Taxation Office (ATO) can issue a DPN to the director of a company…
ASIC has disqualified Anthony Murray and his son, Danny Luke Murray, of Martinsville, NSW, from managing corporations for 4 years, after their involvement in two failed companies. Between 2007 and 2019, Anthony Murray was a director of two failed companies: MKD Custom Stainless & Design Pty Ltd (ACN 615 206 025) (de-registered) (MKD); and Site…
What Is A Personal Guarantee? As a company director, lenders, some suppliers, and landlords may request that you sign a Personal Guarantee (PG). This guarantee acts as security for a companys liabilities such as debt repayments or rent. By so doing, the creditor will make you personally liable for the debt owed to them in…
Insolvency activity in the South East saw a slight reduction during September following a big increase in August, and remains only slightly higher than the same period last year. According to R3, the UKs insolvency and restructuring trade body, the figures showed a decrease in insolvency-related activities from 264 in August to 219 in September.…
Its been revealed that a building company that collapsed earlier this year had just $17.80 left in its bank account. In July, news.com.au reported that Melbourne-based bespoke building company Avra Group (Aust) Pty Ltd had entered into liquidation. A report prepared by Philip Newman of insolvency firm PCI Partners, the appointed liquidator, showed that the…
Wiggle could face insolvency following its owner Signa Holding has withdrawn funds from the division that owns the bikes etailer. According to CyclingNews, Wiggle has stopped paying suppliers, cancelled orders and is not receiving goods until further notice. Last Monday, Signa which co-owns Selfridges ended an 130m funding commitment to its sports division Signa Sports…
The British eCommerce cycling retail giant WiggleCRC has cancelled orders and stopped paying its suppliers, and is refusing to receive goods until further notice, according to a Cyclingnews source. The news comes in the wake of a tumultuous few weeks for the brand’s parent company, Signa Sports United (SSU), who first announced an “accelerated restructuring…
Oct 20, 2023, 7:57 pm EDT Rite Aid filed for bankruptcy this past week, adding to a growing list of companies going bust in 2023. By the end of September, 516 U.S. companies had declared bankruptcy, according to S&P Global, twice the 263 insolvencies in the first nine months of 2022 and just shy of…
PARK CITY, Utah (BRAIN) Signa Sports United has closed its U.S. offices, which included operations for the Vitus and Nukeproof bike brands and the Hotlines wholesale distribution business, all based in Park City. Signa, headquartered in Berlin, announced earlier this week that it had lost access to a 150 million euro ($159 million) equity commitment…
Read this article in: Tennis-Point GmbH, one of the major subsidiaries of SIGNA Sports United N.V, has filed for insolvency Other legal entities of the SIGNA Sports Group, including SIGNA Sports United N.V. as ultimate parent company of the SIGNA Sports United Group, are in the course of preparing the initiation of insolvency proceedings in…