WW Investors, LLC, an entity controlled by activist investors Michael Ashner and Steve Witkoff, called for the ouster of the NY REIT board ahead of a vote on a liquidation plan for the company. Ashner and Witkoff, who included themselves in a proposed roster of replacement board members, expressed concern that the companys leaders may…
Share Tweet Share Share Share Email Doom and gloom: Small businesses are facing mountains of cash flow challenges, according to recent research reports. From unclear bank terms for small business customers to rising small business insolvencies due to late payments and even new data on suppliers posing unfair terms on small business clients, the analysis from…
Troubled trucking and logistics firm McAleese has gone into voluntary administration, saying it is insolvent or likely to become insolvent. The move comes after the firm’s financiers, led by high-risk debt investor SC Lowy, pulled the pin on a deal struck in early June to recapitalise the company because it did not meet the…
Womens clothing retailer Seduce has entered voluntary administration and its Australian bricks-and-mortar stores have closed, just weeks after being hit by a wind-up notice from its landlord. Administrators from Deloitte were appointed to Seduce Pty Ltd on August 16, with Michael Billingsley and Neil Cussen acting as joint administrators. Billingsley and Cussen were subsequently appointed as…
A JUDGE will decide in the coming weeks whether or not a proper environmental order was given to Linc Energy founder Peter Bond earlier this year, directing him to clean up an underground gas project site near Chinchilla. The Queensland Department of Environment issued Mr Bond with the environmental protection order in May, stating it…
Stand-alone clubs Collingwood, Footscray, Geelong and Essendon are set to play a major part in this year’s VFL finals series, in what is expected to be a somewhat changing of the guard. While VFL stand-alone club Williamstown won a breakthrough flag last year and Port Melbourne did so in 2011, the sudden impact of stand-alone…
SURREY-BASED insolvency and business recovery firm Gibson Hewitt has recruited a new manager from one of the UKs top four accountancy practices. Matt Hoy has joined the firm as a manager after leaving accountancy giants Deloitte, where he spent more than 15 years working with some of the UKs largest businesses. He brings with him expertise in corporate…
David Jones chief executive John Dixon and chef Neil Perry at David Jones food hall, Sydney. Source: Supplied/ Damian Shaw A new dimension is about to be added to the Myer and David Jones department store war, as David Jones gets closer to rolling out its high-end grocery store offering. The retailer increased profits 21% for…
Introduction Aims Winding-up process Timescale Missed opportunity? Comment Introduction The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 introduces important changes to the administration of the winding-up process, although it is unclear when the changes will come into force. Following on from “Key changes to winding-up and insolvency law“, this update focuses on the…
A prominent sponsor of the Canberra Raiders, and major sponsor of Hockey ACT, is in liquidation, with hundreds of thousands of dollars owed to the Australian Taxation Office. TTM Security’s name appears on the front of the Raiders jersey, above its major sponsor Huawei. A subsidiary, TTM National Corporate Group, has naming rights on Hockey ACT’s centre at…