A popular Japanese restaurant has put over a dozen of its venues into voluntary administration across the country, with inflation and pandemic costs being blamed. Eight Okami restaurants in NSW have been placed into administration along with five in Victoria, two in the ACT and one in South Australia. The all-you-can-eat restaurant chain has more…
Economic challenges and lingering effects of the COVID-19 pandemic have led to a 14-year high in annual corporate insolvency figures, as businesses increasingly resort to insolvency processes to address significant financial difficulties. The Midlands branch of R3, an insolvency and restructuring body, reports this trend based on the latest statistics from the Insolvency Service. In…
An embattled gym chain with businesses all across Australia has collapsed six months after external administrators first took over the business amid a protracted legal fight, with one of the directors going bankrupt. Mixed martial arts gym franchise UFC Gym Australia and New Zealand, which at its peak had more than 10 fitness centres in…
A popular all-you-can-eat Japanese restaurant business has put 16 of its venues across Australia into voluntary administration, with its founder citing delayed costs from the pandemic and rising inflation. Okami businesses at Braddon and Mawson in the ACT; Cronulla, Camden, Dubbo, Marrickville, Sutherland, Pennant Hills, Penrith, and Wagga Wagga in NSW; Camberwell, Ballarat, Hampton, Melton,…
The resolution professional (RP) for the troubled GVK Gautami Power Ltd, a 471 MW capacity gas-based power plant in Kakinada district of Andhra Pradesh, has sought Expression of Interest (EOI) from corporates, finance firms, and Asset Reconstruction Companies (ARCs). The financial creditor, Edelweiss Asset Reconstruction Company Limited, had filed a petition to initiate a Corporate…
A group of NSW factory workers who were unceremoniously dumped weeks before Christmas have received their official termination notice but the company has been spared from going into liquidation. On Friday, all 30 cabinet makers at a joinery and manufacturing site in Wetherill Park in western Sydney were sent their official termination notice, more than…
Dishes at an Okami restaurant. Source: Okami / Facebook Sixteen restaurants managed by the all-you-can-eat Japanese restaurant business Okami have entered voluntary administration, as its founder contends with delayed COVID-era costs and rising inflation. Documents listed by the Australian Securities and Investments Commission (ASIC) show businesses corresponding with Okami locations across Victoria, New South Wales,…
Creditors of Daicom Australia Pty Ltd trading as Dainton Beer have voted to accept a Deed of Company Arrangement which will see the company emerge from Administration. Under the DOCA proposal creditors, including the ATO, will receive 10c in the dollar. Dainton entered Voluntary Administration last month saying it needed to financially restructure as a…
Homegrown budget airline SpiceJet, along with two more entities, Africa-focused Safrik Investments and Sharjah-based aviation company Sky One, have reportedly expressed interest in acquiring beleaguered carrier Go First. Their interest comes weeks after the deadline for making proposals passed and lenders started considering Go Firsts liquidation. According to a report in The Economic Times, the…
A companys $66 million collapse is creating a messy fallout more than six months after the business went bust. In March, NSW-based Fourteen Consulting Services Pty Ltd was court-ordered to go into liquidation. The business, headquartered in Brighton Le Sands in Sydneys south, offered labour hire services and had racked up liabilities of more than…