Category Archives: Liquidation

Implications of new moratorium and exclusion of directors’ liability in the UK now Corporate Insolvency and Governance Act 2020 becomes law (Updated on June 29, 2020) – JD Supra

On 26 June the long-awaited Corporate Insolvency and Governance Act 2020 came into force and introduced emergency measures to provide protection to directors of companies which continue to trade notwithstanding the threat of insolvency, and to prevent, where possible, companies entering into insolvency due to COVID-19. Wrongful trading provisions in the Insolvency Act 1986 will…

Swimwear brand Seafolly has gone into voluntary administration, citing the ‘crippling financial impact’ of the coronavirus pandemic – Business Insider Australia

Australian swimwear and fashion brand Seafolly is the latest business to fall into voluntary administration after being affected by the COVID-19 pandemic. The brand appointed KordaMentha as administrators after suffering crippling financial impact amid the coronavirus pandemic. Administrator Scott Langdon said in a statement it will be business as usual for customers as the administrators…

UK Corporate Insolvency and Governance Act 2020 Now in Force – The National Law Review

Wayne Beck brings a wide range of high-level experience to client engagements, including acting for creditors, creditor committees, debtors, insolvency practitioners, banks and other financial institutions, and purchasers of distressed assets in cross-border, multijurisdictional and domestic insolvency, corporate reorganization, recovery, turnaround and litigation matters. Wayne has also assisted with the restructuring of a number of…

Bikini icon Seafolly dives into voluntary administration – 9News

Iconic Australian bikini brand Seafolly has gone into administration, citing the crippling financial toll COVID-19 has taken on the retail sector. The women’s beachwear fashion brand has been operating since 1975 and boasts 44 stores in Australia and 12 stores overseas. At one point it was largely considered to be the most well-known swimwear brand…

NAMED: 60+ businesses impacted by major CQ firm liquidation – Daily Mercury

BUSBY Contracting’s liquidation is set to be wound up by the end of this year as its debts have blown out to almost $5 million. The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of under-quoting liquidation of associated major debtors and flooding of its project sites. It…

Pavement Files for Voluntary Administration – Power Retail

Pavement has filed for voluntary administration, citing 2020 as a year of difficulties for many retailers. The childrens clothing retailer has appointed Pitcher Partners, Andrew Yeo and Gess Rambaldi as administrators. We get customers who are totally obsessed with the brand, who send their mothers and grandmothers in with the instruction that they can buy…

Home renovation specialist in liquidation – Warwick Daily News

A CONSTRUCTION company that billed itself as Brisbane’s premier home extension and renovation business is being wound up after going into liquidation owing more than $1 million. Total Lifestyle Builders Pty Ltd is insolvent and appointed Jarvis Archer from Revive Financial as liquidator on June 18 to wind up its affairs. Mr Archer said according…

NokScoot board votes in favour of liquidation | News | Flight Global – Flightglobal

NokScoots board has decided to liquidate the company as it sees no path to recovery. Shareholders will deliberate the same resolution at a general meeting to be held in about 14 days, says the airline. It had on 24 June disclosed that it would return three of its seven Boeing 777-200s toSingapore Airlinesby the end…

UK House of Lords “New” Moratorium on Secured Lenders Amendments – The National Law Review

Thursday, June 25, 2020 The Corporate Insolvency and Governance Bill (the Bill) was published on 20 May 2020 and introduced a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The Bill went through the House of Commons on 3 June and passed through…

Clothing retailer appoints administrators, but isn’t going down without a fight – Ragtrader

The owner behind teen clothing brand Pavement says he is determined the fashion chain wont be another casualty of COVID-19. Stephen Meurs, who also co-founded Smiggle, believes the right investor could build market share and expansion opportunities. Pavement entered voluntary administration on this week, with Pitcher Partners Andrew Yeo and Gess Rambaldi appointed as administrators.…