A leading manufacturer behind Australia’s most popular household cleaning products, skincare and cosmetics has collapsed, resulting in the sacking of 120 staff. Hiro Brands produces a range of products including Orange Power, Trix, Mud Beauty and Billie Goat skin care. The company entered voluntary administration on January 2, with KPMG Australia’s David Hardy, James Dampney…
The number of corporate insolvencies ticked back up to pre-pandemic levels last year, with companies in the services sector, hospitality and construction among the hardest hit, new figures show. According to the latest insolvency and restructuring statistics from accounting firm Deloitte Ireland, there were 663 corporate insolvencies in 2023 representing a 25% increase on 2022.…
Reality TV star Teddy Briggs’ elaborate lifestyle appears to be crumbling, with fresh claims his e-commerce business was forced into liquidation, owing $600,000 to creditors. The former Love Island star, who recently appeared on Channel 10’s Amazing Race: Celebrity Edition, launched e-commerce business EcomConnect in 2020. The business promised ready-made online stores for clients to…
Recent news reports have highlighted that the number of corporate insolvencies has continued to rise during 2022 and 2023, with the retail sector being particularly affected. Many companies are struggling to meet the demands of repaying government support provided during lockdown, increased running costs and high wages coupled with lower demand as a result of…
The new year has started much as 2023 ended with another brewery entering voluntary administration. Wayward Brewing and the Local Drinks Collective formed with Batch Brewing Co in October 2022 have appointed administrators with the intention of restructuring the business and retaining ownership. Wayward was launched by Peter Philip in 2012, going on to build…
The gifting is done. Some were successful, others less so the wrong color, size, redundant, too impulsive, not suitable for re-gifting. US consumers return about 20% of all online purchases and the post-holiday period is when the massive, but often unseen, returns logistics industry the reverse supply chain goes into overdrive. According to the National…
Workspace One Director Accused of Misappropriation Amidst Company Liquidation When Kathryn Arnold, director of Sydney-based Workspace One Pty Ltd, a construction company specialising in office space refurbishments, transferred $861,000 to her personal bank account, she set in motion a chain of events that left the company in liquidation and its creditors in a lurch. The…
UK Braces for Highest Corporate Insolvencies Since 2004: PwC Report According to predictions by PricewaterhouseCoopers (PwC), the United Kingdom is bracing for a sharp increase in business insolvencies, with nearly 30,000 entities anticipated to fail in the next 12 months. This projection marks an alarming 15% surge, taking corporate insolvencies to their highest level since…
Creditors of a collapsed company in the building sector learned just before Christmas that they will not recover a single cent of their lost money. Victorian business MMD Concrete Construction Pty Ltd went into voluntary liquidation in September owing more than $1.2 million to creditors. Of that, $233,000 is owed to the Australian Taxation Office…
Citing a challenging business environment, online retailer Zulily is closing its doors. The company announced its liquidation process on its website Wednesday (Dec. 27), informing customers that it hopes to fill all ending orders in the weeks ahead. This decision was not easy nor was it entered into lightly, the company announcement said. However, given the challenging business environment…