Many companies resort to restructuring in the face of financial challenges. Its a process where an entity revamps its financial and operational framework to mitigate distress and boost business performance. In the United Arab Emirates, the restructuring and insolvency landscape has evolved substantially. And it has taken inspiration from best practices across the globe. After…
Staff realised it was no ordinary day at work when they turned up at their Melbourne offices to find they could no longer access the building. Men in suits told them the company had gone into administration and it was now under their control. The locks had been changed. For a few days, the 20…
Australian inverter and battery company Redback Technologies is working to secure new investment after entering into voluntary administration this week. March 8, 2024 Bella Peacock Brisbane-based inverter and battery company Redback Technologies has entered voluntary administration and is now actively seeking new investment. McGrathNicol Restructuring has been appointed as voluntary administrators of Redback Operations Pty…
An Aussie swimwear company started by the former wife of James Packer has gone into administration for the second time. Administrators have been brought in at Tigerlily, which was originally set up by model Jodhi Meares, before changing hands multiple times. PKF’s Glenn Franklin and Jason Stone were jointly appointed on March 4, according to…
Professional services firm Opus Business Advisory Group has announced the hire of Charles Turner in its restructuring and insolvency division. Speaking on the news, Opus Partner Colin Wilson noted that it was a great addition to the Opus team. Wilson continued, Charles is a model professional with in-depth experience in his specialist sectors. His…
As we predicted in earlier issues of Davies Insolvency Now, the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023, examine the fluctuating volume and decreasing asset values, look at how CCAA activities surged, breakdown small business insolvencies and present a…
Gateway Liquor, a Sydney-based liquor wholesaler has been placed into liquidation, following a general meeting of company members earlier this month. The Gateway Liquor website states: On 1 March 2024 Gateway Liquor Wholesalers Pty Ltd was placed into liquidation. Clifford Sanderson and John Gibbons of Dissolve were appointed as Joint and Several Liquidators. The company…
The state of the UK economy Insolvency rates could exceed 1990 levels. An estimated 35,000 businesses may enter administration over the next 12 months. While debate continues as to whether the UK has been in a technical recession, it is clear that the national economy has at least been stagnant for the last two years.…
The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah ONeill, has handed down its final report into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. The Committee has made some far-reaching recommendations in the Final Report,…
Cade Lucas Failed home builder Apex Homes received a $100,000 payment from a customer just days before a winding up order was lodged against it over unpaid debts. The customer, who wishes to remain anonymous, claims their financial advisor authorised the payment to Apex three weeks ago, after the company signed a statutory declaration that…