Another Australian building company is in trouble, with Victorian-based builders Harmac Group calling in administrators. The firm on Wednesday confirmed they have gone into voluntary administration, but deny theyve collapsed, insisting theyll work with administrators Cor Cordis in order to complete current contracts. The administrators will examine four subsidiaries under the Harmac umbrella, including; Harmac…
Chris Ferguson (Photo credit: R3) More and more businesses are “running out of road”, according to the North East chair of insolvency and restructuring trade body R3, as corporate insolvency figures continue to rise. Data for the second quarter of 2023 revealed an increase of 8.9 per cent on the number of corporate insolvencies during…
Summary Go First has received approval for $12 million to cover urgent financial liabilities. The funds will be used to pay for employee salaries, airport fees, aircraft upkeep, and other mandatory expenses. However, Go First still faces challenges, including employee retention issues, a decrease in the number of pilots, and disputes with lessors. Indias cash-strapped…
The idea behind IBC is to resolve corporate insolvency quickly so that capital can be freed for productive use. Legacy methods were found wanting, and the code has been modified swiftly to overcome gaps. Special dispensation has been provided, or is in the works, for financial service providers, small enterprises and real estate companies. Yet,…
Reliance Communications has said that any action taken by the Union Bank of India for initiation of any proceedings to identify the bankrupt telco’s loan accounts as fraudulent is not legally tenable since the company is undergoing the corporate insolvency resolution.In a filing to the Bombay Stock Exchange on Thursday, Rcom also pointed out that…
A fabrication company has collapsed into liquidation just months after shutting down its phone lines, letting staff go and ghosting tradies. On Tuesday, Sydney-based YME Metal Projects Pty Ltd, which subcontracted to building companies completing metalwork such as ballustrading and handrails, went into voluntary liquidation. The business worked on a number of commercial projects including…
Hundreds of workers have lost their jobs and major construction projects have been left in limbo after WA road construction contractor Advanced Traffic Management was forced into liquidation. Key points: Workers were sacked and notified of the liquidation by text message The CFMEU has slammed the treatment of workers in the traffic control sector Main Roads says it doesn’t expect…
Caleb RuncimanThe West Australian More than 400 people have been sacked via text message after a traffic control company went into liquidation. Road construction contractor Advanced Traffic Management which offers services in Perth, Kalgoorlie, Albany, Northam, Bunbury, Kalgoorlie and Kwinana went into liquidation on Tuesday following an order in the Federal Court. Premium Subscribers with…
West Australian road construction contractor Advanced Traffic Management has been forced into liquidation, bringing several major projects to a standstill and leaving more than 400 employees in limbo. David Hodgson and Andrew Hewitt of Grant Thornton were appointed liquidators on Tuesday after the Federal Court ordered the company be wound up, ending a four-month Federal…
All 14 employees at a plumbing company have lost their jobs on the spot just weeks before the firm appointed liquidators. News.com.au can reveal that JL Plumbing & Drainage (VIC) Pty Ltd went under last Friday. Liam Bellamy of insolvency firm RRI Advisory was appointed as the liquidator. The business, based in Victorias Mornington Peninsula,…