ASIC has suspended the Australian financial services (AFS) licence of Navigate Global Payments Pty Ltd (Navigate) until 18 October 2023, after it was placed into voluntary administration on 30 June 2023. On 30 June 2023, Nick Combis of Vincents Chartered Accountants was appointed as voluntary administrator of Navigate. On the same day, David Hardy, Sarah…
Corporate Insolvency Service Market report focused on the comprehensive analysis of current and prospects of the Corporate Insolvency Service industry. This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors. An in-depth analysis of past…
After a four-week contested trial, the Federal Court has found Frank Cullity Wilson, former managing director of Quintis Limited (Quintis), did not breach his duties as director regarding disclosure of the termination of key contracts. ASIC Deputy Chair Sarah Court said, ASIC pursued this case because we were concerned that information was not properly disclosed…
Rajani Associates advised and assisted Jayesh Sanghrajka, resolution professional of Sutlej Housing for the approval of the resolution plan under the corporate insolvency resolution process (CIRP) of Sutlej. As legal advisors of the RP, Rajani Associates assisted the RP and his team with the following: – defended multiple applications filed by the erstwhile landowners…
An ASX-listed food, beverage and nutrition retailer has abruptly halted trading on the stock market after it entered both administration and receivership. At the end of last week, Halo Food Co went into voluntary administration and the next day, receivers were also appointed. The firm boasted a range of big name food products, including acquiring…
An ASX-listed food, beverage and nutrition retailer has abruptly halted trading on the stock market after it entered both administration and receivership. At the end of last week, Halo Food Co went into voluntary administration and the next day, receivers were also appointed. The firm boasted a range of big name food products, including acquiring…
An ASX-listed food, beverage and nutrition retailer has abruptly halted trading on the stock market after it entered both administration and receivership. At the end of last week, Halo Food Co went into voluntary administration and the next day, receivers were also appointed. The firm boasted a range of big name food products, including acquiring…
Managing a companys debts can be a challenge at the best of times. Accessing expert advice can be a great asset, and Voluntary Administration services are a good way to navigate issues and get a company back on track. Administrators are independent advisers that are uniquely qualified to support a business in recovering from financial…
Sans Drinks, the Australian non-alcoholic drinks company that went into voluntary administration in July, will be sold to online retailer Just Wines. Following the second creditors meeting held on 21 August, creditors resolved to accept the Deed of Company Arrangement (DOCA) proposal covering the business and assets of Sans Drinks. In the next three months,…
The macroeconomic implications of zombie firms returned to the forefront of the public debate during the Covid-19 pandemic, as concerns emerged that unprecedented public support to firms may have helped zombie firms stay afloat, thus delaying a necessary creative destruction process. The existence of zombie firms is not a new phenomenon, dating back to Japans…