29 Jul 2020 The introduction of the new Corporate Insolvency and Governance Bill has been a far-reaching aid to businesses disrupted by the COVID-19 pandemic, although some of those measures are somewhat controversial. The Bill was partly brought into force on 26 June 2020 but unusually some measures will have retrospective effect in order to…
CLOSE J.C. Penney has filed for bankruptcy and is closing their doors after being around for almost 120 years. So why does it hurt to see them go? USA TODAY J.C. Penney is looking to go forward with a sale of the business to avoid a brush with liquidation. The retailer’s attorney, Joshua SussbergofKirkland& Ellis,…
29 Jul 2020 The new Corporate Insolvency and Governance Bill introduces an unprecedented level of protection to insolvent companies in supply chains. Suppliers will now be obliged to continue providing goods and services despite the fact the recipient is in an insolvency process. The standard practice in most supply contracts is that a clause will…
GYMPIE has lost one of its last friendly grocers, with the popualar Heilbronns Friendly Grocer on Duke St shutting its doors and moving into liquidation. The stores parent company, Abid Australia, made the decision to close the CBD-based Friendly Grocer Gympie shop at a general business meeting yesterday. Worrells Maroochydores Paul Noguieia has been appointed…
The Gym Hub, in Worthing’s Guildbourne Centre, has been sold as a ‘going concern’ following the collapse of Adur Community Leisure Ltd (ACL). Both The Gym Hub and ACL, which included Lancing Manor Leisure Centre, Wadurs Community Pool in Shoreham and Southwick Leisure Centre, are owned by Impulse Leisure. In an email to customers, the…
AUSTRALIAN country clothing and accessories Bullzye could be making a comeback. The company went into liquidation in March, with all five physical Queensland stores closing soon after. There were stores in Rockhampton, Townsville, Bundaberg, Toowoomba and Mackay, plus a warehouse in Murrarie for online orders. Bullzye Australian Co. store in Mackay. Picture: Tony Martin READ…
Longstanding Canberra retail businesses, Bags To Go, has entered voluntary administration, as its administrators predict further companies could follow the same route as the government prepares to reduce JobKeeper payments. Bags To Go, along with its affiliated stores Travelite and Trend Bags, entered voluntary administration on July 24. The stores had been trading in the…
AUSTRALIAN country clothing and accessories Bullzye could be making a comeback. The company went into liquidation in March, with all five physical Queensland stores closing soon after. There were stores in Rockhampton, Townsville, Bundaberg, Toowoomba and Mackay, plus a warehouse in Murrarie for online orders. Bullzye Australian Co. store in Mackay. Picture: Tony Martin READ…
After going into voluntary administration, Seafolly is on its way to receiving a lifeline. Administrators KordaMentha selected L Catterton as the preferred bidders for Seafolly the swimwear brands former parent company. Seafolly was founded by Peter and Yvonne Halas back in 1975 and acquired by L Catterton in 2014. Visit Business Insider Australias homepage for…
More number of cases have been closed by liquidation than by resolution ever since the corporate insolvency resolution process (CIRP) came into effect from December 1, 2016, going by the status of CIRPs as on March 31, 2020. As per the Reserve Bank of Indias latest Financial Stability Report (FSR), about 57 per cent (914…