Professional services firm Opus Business Advisory Group has announced the hire of Charles Turner in its restructuring and insolvency division. Speaking on the news, Opus Partner Colin Wilson noted that it was a great addition to the Opus team. Wilson continued, Charles is a model professional with in-depth experience in his specialist sectors. His…
As we predicted in earlier issues of Davies Insolvency Now, the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023, examine the fluctuating volume and decreasing asset values, look at how CCAA activities surged, breakdown small business insolvencies and present a…
Gateway Liquor, a Sydney-based liquor wholesaler has been placed into liquidation, following a general meeting of company members earlier this month. The Gateway Liquor website states: On 1 March 2024 Gateway Liquor Wholesalers Pty Ltd was placed into liquidation. Clifford Sanderson and John Gibbons of Dissolve were appointed as Joint and Several Liquidators. The company…
The state of the UK economy Insolvency rates could exceed 1990 levels. An estimated 35,000 businesses may enter administration over the next 12 months. While debate continues as to whether the UK has been in a technical recession, it is clear that the national economy has at least been stagnant for the last two years.…
The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah ONeill, has handed down its final report into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. The Committee has made some far-reaching recommendations in the Final Report,…
Cade Lucas Failed home builder Apex Homes received a $100,000 payment from a customer just days before a winding up order was lodged against it over unpaid debts. The customer, who wishes to remain anonymous, claims their financial advisor authorised the payment to Apex three weeks ago, after the company signed a statutory declaration that…
The iconic Dolphin Discovery Centre in Bunbury has called in accounting and consulting firm RSM as voluntary administrators after the WA tourism hotpot first hit choppy waters in the wake of Covid-19. Professional services firm RSM has been appointed administrators of the Dolphin Discovery Centre (DDC), a popular tourist attraction in Bunbury on Western Australias…
Adani Power Ltd. has received approval for its resolution plan to acquire insolvent Lanco Amarkantak Power Ltd. The committee of creditors of Lanco Amarkantak, which is undergoing a corporate insolvency resolution process, has approved the resolution plan, an exchange filing said on Tuesday. On March 4, the Adani Group company received a letter of intent…
The Insolvency and Bankruptcy Code (IBC) has emerged as a pivotal tool in India’s quest to bolster its attractiveness to global investors. By streamlining the process of resolving insolvency cases, the IBC not only facilitates the efficient allocation of capital but also instils confidence in investors regarding the robustness of India’s legal and regulatory framework.The…
Rork Projects construction company collapses Director blamed higher interest rates for woes Co-owned by SBS Indigenous TV presenter READ MORE: Why rundown homes are selling By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 10:41 AEDT, 4 March 2024 | Updated: 21:16 AEDT, 4 March 2024