A major cinema chain in regional Australia has collapsed into voluntary administration after a horror 12 months where not even blockbuster movies Barbie and Oppenheimer could save it. Majestic Cinemas operates nine cinemas in regional NSW and Queensland. Locations include Nambour, Port Macquarie, Inverell, Nambucca, Wynnum, Kempsey, Singleton, Sawtell and Nelson Bay. The business collapsed…
Majestic Cinemas, a major regional chain with nine cinemas across Queensland and New South Wales, has entered voluntary administration. Although major blockbuster films such as Barbie and Oppenheimer reinvigorated the broader industry last year, SV Partners administrators Terry Grant van der Velde and Terrence John Rose were appointed on January 31. The independent cinema chain…
RITZ Cinemas Port Macquarie, one of ten theatre complexes affected by the voluntary administration of Majestic Cinemas. Source: Google Images Majestic Cinemas, a movie theatre business operating screens across regional New South Wales and Queensland, has collapsed into voluntary administration after a punishing 18 months for independent cinema chains. The business operates theatres in Nambour,…
The Corporate Insolvency and Governance Act 2020 (CIGA) ushered in a flexible restructuring compromise or arrangement for companies in financial difficulty (the Restructuring Plan). The legislation governing the Restructuring Plan sits alongside that for schemes of arrangement and is included in a new Part 26A to the Companies Act 2006. The Restructuring Plan does not…
Australian cinema operator Majestic Cinemas has gone into voluntary administration in an attempt to stay afloat in the post-pandemic environment. The chain has nine locations across regional New South Wales and Queensland, including the Ritz in Port Macquarie and other theatres in Nambour, Inverell, Nambucca, Rose Point, Wynnum, Kempsey, Singleton, and Nelson Bay. The business…
The rise in corporate insolvencies helped Leonard Curtis return to making a profit. The rise in company insolvencies across the UK helped Leonard Curtis back into the black during its latest financial year, new documents have revealed. The restructuring and recovery group made a pre-tax profit of 806,550 for the 12 months to April 30,…
More than 50 Godfreys stores will be closing in two weeks, but it is not known if any of those will be in Geelong or Werribee. The vacuum retailer announced on Tuesday it is entering voluntary administration, as it faces a challenging economic and operating environment. Godfreys was established in 1931, operating 141 stores across…
In 2023, 25,158 company insolvencies were reported in England and Wales by the Insolvency Service, the highest number since 1993. Figures included 20,577 voluntary liquidations (9% higher than 2022 and the highest number since 1960), 2,827 compulsory liquidations (up 44%), 1,567 administrations (up 27%), and 185 company voluntary arrangements (CVAs) (up 67%). The number of…
A car company linked to a larger tradie contracting group has collapsed into liquidation with liabilities of $1.4 million. News.com.au can reveal that earlier this month, Sydney-based Surelinc Fleet went into liquidation. Its sole purpose was to lease cars to a sister company, Surelinc Services, which does heating, ventilation, airconditioning, maintenance and fire protection jobs.…
By Eliza Mcphee For Daily Mail Australia Published: 15:57 AEDT, 29 January 2024 | Updated: 19:34 AEDT, 29 January 2024 Sara Lee will remain afloat and in Australian hands in a major development after the much-loved frozen desserts brand plunged into administration three months … Read the full article at: https://www.dailymail.co.uk/news/article-13017783/sara-lee-saved-administration.html