Normal text sizeLarger text sizeVery large text size Former coal magnate-turned-discharged bankrupt Nathan Tinkler looks to have found a buyer for his Sapphire Beach estate, north of Coffs Harbour, but with a 15 per cent discount to his $30 million asking price. Sothebys selling agent James McCowan said earlier this week that the property had…
Aug 11, 2023 1.18pm A biotechnology chief executive who earned more than $10 million from now collapsed life-science companies has declared himself bankrupt and left Australia. iQ Group Global founder George Syrmalis owes more than $5.4 million $4.3 million to the Australian Taxation Office and almost $665,000 on credit cards according to his own bankruptcy…
Company directors are increasingly calling time on their businesses as they become overwhelmed by higher interest rates, inflated energy costs and a pushback against unpaid tax from HM Revenue & Customs. The Insolvency Service found that the number of companies declared insolvent rose by 27 per cent to 2,163 in June. The figures indicate the…
The Australian Financial Security Authority will sharpen its regulatory posture to maximise its impact as personal insolvencies head back towards pre-pandemic levels, chief executive Tim Beresford says. He said a modernisation program was underway that would make it simpler for most bankrupts typically consumers involving small amounts to go through administration so the AFSA could…
Budget homes and gardens retailer Wilko has fallen into administration after failing to secure a rescue deal. A Wilko location on Kensington High Street in London England (AFP) Wilko, a British household products retailer, declared bankruptcy on Thursday due to large debts, its head announced. The closure affects about 12,000 employees as rising inflation and…
German chiller manufacturer Efficient Energy GmbH has filed for insolvency. The company created eChiller cooling machines which use the pure natural element water (R718) as refrigerant, At the request of the companys management, the local court in Munich ordered provisional insolvency administration in June and appointed the restructuring expert Dr. Matthias Hofmann from the law…
Proterra, the Democrat-connected electric bus manufacturer heavily promoted by the Biden Whitehouse and funded by taxpayers, filed for bankruptcy Monday, much like several green energy boondoggles did during the Obama era. The California-based company reportedly filed a voluntary Chapter 11 reorganization under the U.S. Bankruptcy Code to strengthen its financial position and said it would…
Elaine Wilcox There were 2,163 registered company insolvencies in June 2023, according to the latest figures from the Insolvency Service. While this was fewer than the 2,552 recorded in May, it shows a 27 per cent rise year on year, with 1,688 registered in June 2022. Figures from June 2023 included 260 compulsory liquidations 77…
National insolvency and advisory firm Mackay Goodwin has appointed an experienced insolvency practitioner as the director of its personal insolvency practice. Gavin King joins after six years at accounting firm Condon Advisory Group. CEO Domenic Calabretta said Mr King’s expertise and qualifications would raise the firm’s capabilities. His extensive experience spanning business-related matters, crisis management,…
An independent franchise at a popular Australian gym has collapsed into liquidation just a month after the master franchisor appointed administrators. In June, news.com.au exclusively reported that mixed martial arts gym chain UFC Gym Australia had gone into administration after becoming embroiled in a messy $5 million court case with several disgruntled franchisee owners. A…