Reading Time: 2 minutes Creditors could be out of pocket by nearly $8 million following the placing in liquidation of NZ Wagyu late last month. In his first report, liquidator Brenton Hunt of Insolvency Matters says Christchurch-based NZ Wagyu owes 142 secured and unsecured creditors an estimated $10.4m but the initial estimate following the liquidation…
Tempers flared as the fight to save Ocho heated up at a shareholders meeting labelled a “shambolic mess”. The fate of beleaguered Dunedin chocolate company Ocho remains uncertain after a resolution to place it into voluntary liquidation was postponed at a meeting yesterday. After an “extremely close” vote, the board said it had decided to…
Only 18 staff members remain at recently collapsed retailer Booktopia as 165 of their colleagues were sacked from the beleaguered company. The virtual bookseller announced last Wednesday it had entered voluntary administration after a major slump in share value, less than four years after it went public on the ASX. The major Australian retailer…
More than 150 jobs have been cut at embattled bookseller Booktopia as the company stops taking customer orders. The major Australian online book retailer entered voluntary administration last week, with customers complaining of being left in the dark about pending orders. An urgent assessment of Booktopia is being undertaken by administrators from McGrathNicol, who are…
Booktopia has entered voluntary administration after failing to secure emergency funding. In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring. “The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are…
By Jessica Yun Updated July 3, 2024 5.34pmfirst published at 10.40am Normal text sizeLarger text sizeVery large text size Booktopia has gone into voluntary administration weeks after suspending its shares on the ASX as rival Dymocks considers snapping up some of its assets. The embattled online book retailer, which has been scrambling to secure emergency…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action. On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape. In…
Tempers flared as the fight to save Ocho heated up at a shareholders meeting labelled a “shambolic mess”. The fate of beleaguered Dunedin chocolate company Ocho remains uncertain after a resolution to place it into voluntary liquidation was postponed at a meeting yesterday. After an “extremely close” vote, the board said it had decided to…