Booktopia has entered voluntary administration after failing to secure emergency funding. In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring. “The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are…
The administrators handling the collapse of Booktopia have announced that orders placed with Australias largest online bookseller will not be filled and there may be no refunds either. It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors which voids store credits…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
Only 18 staff members remain at recently collapsed retailer Booktopia as 165 of their colleagues were sacked from the beleaguered company. The virtual bookseller announced last Wednesday it had entered voluntary administration after a major slump in share value, less than four years after it went public on the ASX. The major Australian retailer…
More than 150 jobs have been cut at embattled bookseller Booktopia as the company stops taking customer orders. The major Australian online book retailer entered voluntary administration last week, with customers complaining of being left in the dark about pending orders. An urgent assessment of Booktopia is being undertaken by administrators from McGrathNicol, who are…
In short: Australian book retailer Booktopia has gone into voluntary administration. The company has been trading at a loss for over a year and earlier made 50 staff redundant. What’s next? Administrators are looking at selling or restructuring the main Booktopia business and its three subsidiaries. Australian online book retailer Booktopia has gone into voluntary…
Booktopia has entered voluntary administration after failing to secure emergency funding. In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring. “The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…