The National Company Law Tribunal, which was seen as one of the major reforms to tackle bad loan recovery, has turned five amid serious concerns about the efficiency of its process and its outcomes. The Corporate Insolvency Resolution Process determines whether a defaulter can repay or not, by evaluating assets and liabilities. If a corporate…
Corporate insolvencies reached their highest level last year since 2018, with the hospitality and construction sectors both seeing a 62 per cent rise, according to an analysis by professional services company Deloitte. Some 663 corporate insolvencies were recorded in 2023, according to statistics compiled and published by Deloitte Ireland, with this number up 25 per…
Over 660 corporate insolvencies were recorded in Ireland in 2023, according to the latest Insolvency & Restructuring Statistics compiled by Deloitte Ireland, a 25% increase on the previous year. There were 33 SCARP (Small Company Administrative Rescue Process) appointments in 2023, some of which saved around 211 jobs. Of the 33 SCARP appointments, five were…
Sydney-based Wayward Brewing Co. and its co-owned distribution business Local Drinks Collective have entered into voluntary administration, seeking financial restructuring to cope with adverse economic conditions facing the craft beer industry. Local Drinks Collective is jointly operated with Batch Brewing Co, although Batch is not involved in the administration process. DBA Reconstruction & Advisory has…
This article was co-authored with Queenie Mok. In our earlier Legal Update, we outlined the findings of the Parliamentary Joint Committee on Corporations and Financial Services Final Report on Corporate Insolvency in Australia. Recommendation 3 of the Report was a comprehensive review to consider and make recommendations on the options to enhance public interest…
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,…
By Olivia Day For Daily Mail Australia Published: 12:33 AEDT, 4 January 2024 | Updated: 13:45 AEDT, 4 January 2024 A major brand manufacturer behind some of Australia’s most-used cleaning products has collapsed with up to 120 staff now unemployed. Hiro Brands owns a range of c… Read the full article at: https://www.dailymail.co.uk/news/article-12924695/Hiro-Brands-Major-Australian-cleaning-product-company-collapses.html
Australian brand manufacturer Hiro Brands has entered voluntary administration, leaving 120 staff without work. The brand, responsible for a range of well-known Australian products including cleaning, personal care and cosmetics products, entered administration on January 2. Hiro Brands manufactures, distributes and markets popular brands including Organic Choice, Orange Power, Aware Sensitive, Trix, ulta3, MUD, Billie…
A leading manufacturer behind Australia’s most popular household cleaning products, skincare and cosmetics has collapsed, resulting in the sacking of 120 staff. Hiro Brands produces a range of products including Orange Power, Trix, Mud Beauty and Billie Goat skin care. The company entered voluntary administration on January 2, with KPMG Australia’s David Hardy, James Dampney…
The number of corporate insolvencies ticked back up to pre-pandemic levels last year, with companies in the services sector, hospitality and construction among the hardest hit, new figures show. According to the latest insolvency and restructuring statistics from accounting firm Deloitte Ireland, there were 663 corporate insolvencies in 2023 representing a 25% increase on 2022.…