The Allphones chain of 84 retail stores around Australia have been placed in administration due to insufficient funding to keep stores trading during a sales process. Eighteen of Allphones company-owned branded stores were closed on Monday by the liquidators, PBS Advisory, with 69 employees losing their jobs. The liquidators are reviewing options for the remainder…
DEBT packed Border firm Magi-Build will be wound-up with creditors rejecting a deal which promised a return of 20 cents in the dollar. Administrator Chris Chamberlain advised creditors to accept a deed of company arrangement which would have involved Magi-Build director Paul Maginnity contributing $300,000 via asset sales. But as part of a 90-minute meeting at Alburys Commercial…
Australias largest independent phone retailer, Allphones, has reportedly gone into administration. Picture: News Limited AUSTRALIAS largest independent phone retailer, Allphones, has gone into administration, affecting hundreds of staff from more than 80 stores across the country. The ABC reported the write-off came a year after Optus, which also owns the Virgin Mobile brand in Australia,…
Mobile phone retail chain Allphones went into voluntary administration today. Allphones, which opened its first shopfront in South Australia in 1989, is the largest independent telecommunications retailer in Australia with 80 company-owned, licensed and franchised stores and 440 staff. As a first step, 18 company-owned Allphones branded stores will be closed today due to insufficient…
CLIVE Palmer has been orderd to produce the books for a number of compaines, including those behind Palmer Coolum Resort, as part of the Federal Court investigation into the collapse of Queensland Nickel. Mr Palmer has been called on to produce financial and management accounts, asset registers and tax returns for his companies Mineralogy and…
By Sophie Vorrath on 3 February 2017 Upstart Australian power retailer Urth Energy has become the second energy market newcomer to fail within 12 months more than likely another victim of soaring wholesale electricity prices after administrators were called in this week, rendering it ineligible to trade on the NEM. In an announcement…
GOING THROUGH THE BOOKS: Jirsch Sutherland supervisor Hayden Asper leaving Urth Energy’s Wickham offices yesterday with boxes of documents. The solar-focused power retailer has shut its doors, for the time being at least. A WICKHAM-based power retailer, Urth Energy, has gone into voluntary administration, putting more than 20 people out of work and stranding an…
An overwhelming majority of industry experts believe the UK’s decision to leave the EU will lead to a rise in corporate insolvencies over the next year, according to a new study. A member survey by R3 of insolvency and restructuring firms also shows that 55 per cent believe their finances “have been hurt” since last…
By Sophie Vorrath on 3 February 2017 Upstart Australian power retailer Urth Energy has become the second energy market newcomer to fail within 12 months more than likely another victim of soaring wholesale electricity prices after administrators were called in this week, rendering it ineligible to trade on the NEM. In an announcement…
Administrators for the troubled milk supply company National Dairy Products (NDP) have announced another creditors meeting is to be held, to decide the companys future. The meeting comes amid claims the company may now be put into liquidation. Deloitte joint and several administrator Glen Kanevsky has written to creditors, telling them the next meeting would…