All 14 employees at a plumbing company have lost their jobs on the spot just weeks before the firm appointed liquidators. News.com.au can reveal that JL Plumbing & Drainage (VIC) Pty Ltd went under last Friday. Liam Bellamy of insolvency firm RRI Advisory was appointed as the liquidator. The business, based in Victorias Mornington Peninsula,…
In this edition of Gilbert + Tobin’s Corporate Advisory Update, we focus on key legal developments over the last month which are particularly relevant to in-house counsel. The ACCCs recommended merger reforms: a deeper dive The ACCCs recommended reforms have several significant implications for merging parties: Regulatory conditions precedent will be required, on introduction of…
A greater number of underperforming small businesses are deciding to undertake small business restructuring (SBR) plans with the ATO increasingly willing to accept proposals made as part of restructures, according to accounting firm BDO. BDO North Queensland office managing partner, advisory, Todd Kelly said that a slow uptake in the first two years after the…
A raft of barely used kit belonging to a bankrupt Dutch printer is currently up for auction. The entire inventory of Drukkerij Schuttersmagazijn is being auctioned via Troostwijk Auctions online platform. The business, also known as SMG Group, was declared bankrupt in June. The company was founded in 1952, first under the name Schuttersmagazijn, later…
Katie Price wants to “relaunch her career” by going to prison. The 45-year-old former glamour model – who was once worth an estimated 45 million – was declared bankrupt in 2019 and her mother Amy has reportedly wanted her to “eat humble pie” amid her multiple court appearances, but the Page 3 legend is said…
Tradies are raging over the collapse of the lead contractor on a multimillion dollar government project which has left them tens of thousands of dollars out of pocket. Rubbing salt in the wound is the fact that the liquidated company pocketed a hefty payment from the government for completing the project but this was never…
U.S. trucking giant Yellow Corp. has announced that it has declared bankruptcy following a tense standoff with the Teamsters Union and after a massive pandemic-era federal loan failed to stave off the company’s mounting debt. Announced Sunday, the move was long foreshadowed after Yellow Corp. halted its operations late last month and news of layoffs…
The past few years have created almost the perfect storm for small business insolvencies in Australia – from natural disasters to the pandemic that brought with it restrictions on trade for many, prolonged supply change disruptions and more recently inflation putting further financial pressure on recovery. Many businesses are currently under an ATO payment plan…
It’s been five months since Diamond Sports Group formally declared bankruptcy, throwing the future of its Bally Sports branded channels and all of its broadcasting partnerships with NBA, Major League Baseball and NHL teams into limbo. However, the Bally Sports channels are still on the air and as such, the Pacers move into the 2023-24…
SINGAPORE: A director of a consultancy business misappropriated a sum of S$1.5 million (US$1.1 million) a woman had forked out as a deposit for a loan of S$15 million she intended to get for her real estate business. The director kept S$250,000 for himself and gave the rest to the purported financier, who had actually…