Two prominent Melbourne restaurant and cafe businesses have been placed into administration as cost-of-living struggles continue to hit hard. Calia Australia, which operates Calia venues at the Emporium on Lonsdale Street and Chadstone, appointed voluntary administrators on June 28, according to documents listed by the Australian Securities and Investments Commission. Puzzle Coffee, which has four…
Jul 12, 2023 Committee chair Deborah O’Neill says she hopes the report will provide the foundation for reform. -AAP Image Australia’s corporate insolvency system is too complex, hard to access and unnecessarily costly and needs a major overhaul. That is the conclusion of a long-running inquiry into the system by the federal parliament’s corporations and…
The insolvency industry has warmly welcomed a parliamentary report recommending sweeping changes to simplify corporate insolvency law and make it more efficient. The Australian Restructuring, Insolvency & Turnaround Association (ARITA) said the report echoes most of its recommendations, especially on bringing personal and corporate regimes together and addressing unfairness in the system. We are delighted…
Jul 12, 2023 Committee chair Deborah O’Neill says she hopes the report will provide the foundation for reform. -AAP Image Australia’s corporate insolvency system is too complex, hard to access and unnecessarily costly and needs a major overhaul. That is the conclusion of a long-running inquiry into the system by the federal parliament’s corporations and…
Join our daily newsletter At The Bell to receive exclusive market insights Optima Technology Group (OPA) and its subsidiary, Optima Technology Group (Operations), enter voluntary administration The companys directors appointed Glen Kanevsky and Jason Tracy from Deloitte Financial Advisory as joint and several administrators The directors believe voluntary administration would have the best outcome for…
Calia’s Melbourne CBD location. Source: Facebook Upmarket Melbourne CBD eatery Calia has collapsed into voluntary administration, owing an estimated $2 million to Australian diner loyalty platform Liven and raising questions for diners with unredeemed restaurant credits. Documents listed by the Australian Securities and Investments Commission (ASIC) show Calia Australia, which operates the flagship restaurant and…
A court has spared an embattled building company from going into liquidation despite mounting debts, a long line of creditors, and the landlord repossessing the office space. On Wednesday morning, Melbourne-based Como Homes Pty Ltd was called in the Victorian Supreme Court after disgruntled creditors initiated winding up proceedings against the business in January. Judicial…
Two top Melbourne restaurants suddenly collapse blaming cost of living crisis and Covid lockdowns – as owner makes emotional post: ‘Enough is enough’ Calia Australia has gone into administration Calia operates eateries at Emporium and Chadstone Co-owner Jason Chang blamed soaring operational costs Victoria’s Covid lockdown also to blame By Wayne Flower, Melbourne Correspondent Updated: 12:25 AEST, 12…
Related Practices & Jurisdictions Advertisement Tuesday, July 11, 2023 The three year review of CIGA (the Corporate Insolvency and Governance Act) published by the Insolvency Service suggests that we might see changes to the corporate moratorium process will these address concerns about the process and encourage more insolvency practitioners to recommend its use? The moratorium…
The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC).A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held that…