The introduction of the Corporate Insolvency and Governance Act 2020 (CIGA) in June 2020 was one of the many preventative measures taken by the UK Government in an attempt to safeguard the economy in the wake of the global Covid-19 pandemic. Its primary purpose is to provide breathing space to businesses during the pandemic as…
This round-up collates the information, analysis and guidance relating to insolvency issues shared by our Construction and Restructuring, Insolvency and Bankruptcy teams during the COVID-19 pandemic. For further information on any of the issues below, please get in touch with one of the Key Contacts. Few construction projects have been left untouched by the effects…
COVID-19 has taken out another Australian retailer, with fashion designer Alice McCall going into voluntary administration. The announcement, confirmed today by the designer’s spokeswoman, could signal the closure of some or all of the retailer’s 14 stores. For now, all stores and Ms McCall’s online business will continue to trade. Designer Alice McCall in her…
Virgin Australia faces challenging business and aviation environments but is in the best possible place to meet those challenges, lead administrator Vaughan Strawbridge said as the airline officially changed hands late Tuesday. Australias second carrier is now officially under the control of new US owners Bain Capital after the airlines shares and businesses were transferred…
ROBERT KITCHIN/STUFF Popular Lower Hutt dairy Zany Zeus is still open, as the original company of the same name goes into liquidation. The original company that owned boutique dairy Zany Zeus has gone into liquidation, after being put into receivership in December last year. At the High Court in Wellington on Tuesday, Associate Judge Ken…
The Indian label has been suffering from financial troubles for years and is now facing legal action from vendors and employees alleging unpaid wages,according to a report by the New York Times. Earlier this year, Arora parted ways with his long-time business partner Deepak Bhagwani, who told the NYT that thebrandsFrench holding company went into…
There are growing fears about the number of zombie companies being artificially propped up by wide-ranging government support and the damage they could do to other small businesses. Data from the Australian Securities and Investments Commission shows the number of companies entering administration in WA in September was down almost 42 per cent on last…
Member Article Corporate insolvencies decreased to 856 in October 2020 compared to Septembers figure of 925, and remained well below October 2019s figure of 1,485. Personal insolvencies increased to 11,939 in October 2020 compared to Septembers figure of 7,458, and were higher than October 2019s figure of 10,030. Eleanor Temple, chair of the insolvency and…
Monday, 16 November 2020, 4:02 pmPress Release: Bayleys Realty Group A Kiwi-designed tourism and hospitality software system and business has been placed on the market for sale by its liquidators Lynda Smart and Geoff Brown of Rodgers Reidy. The business and IT software system allow small-to-medium sized tourism and hospitality operators to take third-party on-line…
The flagship exhibition brings together three distinct curatorial visions across the premier art spaces of the MCA, Carriageworks, and the Art Gallery of NSW. Since it was launched in 2017, the biennial exhibition has aimed to nurture emerging, mid-career, and established artists from across Australia while introducing them to new audiences. Some of the exhibition’s…