Beloved dessert company Sara Lee, known for its frozen cheesecakes, apples pies and ice cream, has gone into voluntary administration. The Australian-arm of the US-based corporation has been trading since 1971, with the brand operating from Lisarow on NSWs Central Coast. Administrators Vaughan Strawbridge, Kathryn Evans and Joseph Hansell of FTI Consulting say business operations…
Opinion More businesses are looking down the barrel of insolvency, as an economic slowdown crimps sales and squeezes profit margins while borrowing costs soar. Karen MaleyColumnist Oct 17, 2023 5.50pm Companies are collapsing at the fastest clip in years, as soaring interest rates push their borrowing costs sharply higher, while slowing economic activity is causing…
A woman from Western Australia’s Wheatbelt region has been charged with misappropriating funds from a small town’s community resource centre. Key points: Former employee Robyn Garratt has been charged with defrauding the York Community Resource Centre The centre went into voluntary administration in July, citing financial troubles The Shire of York seeks to buy the CRC from creditors…
Hopes of meeting the Albanese Governments plan of building 1.2 million homes over five years have taken another hit with the latest corporate insolvency data from the Australian Securities and Investments Commission: Overall corporate insolvencies hit their highest level since 2015 in August, with construction insolvencies the stand-out: This surge in construction company insolvencies reflects…
Financial Services Commission Chairman Kim Joo-hyun speaks during an audit session at the National Assembly in Seoul, Oct. 11. Yonhap Voluntary agreement between creditors and corporations to take effect within this month By Anna J. Park As the country’s five-year-limited law on corporate debt restructuring or workout expired on Monday, the Financial Services Commission (FSC),…
An ATO warning about tax debt should be a red flag to any accountant that the business needs to talk to an insolvency specialist before the situation becomes irretrievable, say two specialists in the field. The earlier a warning flare went up, the more options were available to the business owner, said Jirsch Sutherland national…
The Reserve Bank of India-appointed Administrator of debt-ridden Reliance Capital (RCAP) on 15 October wrote a letter to Hinduja Group firm IndusInd International Holdings Ltd (IIHL). It raised questions on the source of funds and business plan, reported news agency PTI citing sources. In the letter to IIHL, the Administrator has asked the successful resolution…
The first half of 2023 saw a significant increase in business insolvencies as economic sectors responded to uncertain financial conditions in Canada and around the world. In this issue of Davies Insolvency Now, we examine the impact of this rolling recession by sector and region. We also look at the role of AI tools in…
Mr Arunesh Narain Maharaj, of Sydney, New South Wales, the former Chief Executive Officer of stockbroking firm BBY Limited (BBY), has appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring fraud. ASIC alleges that Mr Maharaj aided, abetted, counselled or procured offences by another former BBY employee, who, by deception,…
Credit: Nourish Foods / X Australias Nourish Foods has been snapped up by Tempo Group of Companies after entering voluntary administration earlier this year. The healthy kids snacks business hired administrators last month due to a lack of working capital. Financial details were not disclosed. John McInerney and Matt Byrnes of accounting firm Grant Thornton…