QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
MACKAY businesses have been left more than $20,000 out of pocket after the collapse of a civil and mine site contracting construction company. Busby Contracting’s liquidation is set to be wound up by the end of this year, with its debts blown out to almost $5 million. The company, which went into voluntary liquidation in…
In order to survive, companies and lenders alike will have to weather the storm, demonstrate a level of a… The financial impact of COVID-19 will depend on how long it lasts and the depth of the fall in output. The main cost of COVID-19 will no doubt be unemployment occasioned by the inevitable financial distress…
BUSBY Contracting’s liquidation is set to be wound up by the end of this year as their debts have blown out to almost $5 million. The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of underquoting liquidation of associated major debtors and flooding of their project sites. It…
MORE than three years since CQ Leagues Club went into receivership, the company which left a debt of more than $2.5 million, is expected to be wound up by next month. Insolvency company Worrells Rockhampton was appointed liquidator of the company of February 15, 2017. Documents submitted to the Australian Securities and Investments Commission in…
FIVE years ago, Mackay mining services business Sharps Heavy Equipment Repairs was in dire financial strife. It was during the mining downturn, when many mining businesses either went into voluntary administration or shut their doors for good. But five years on, Sharps has emerged from voluntary administration better than ever. Customers have increased their spend…
In 1978, when the United States was faced with an earlier economic crisis, the U.S. Congress enacted a bankruptcy law that aimed to encourage creditors to recapture their debts over time and avoid the significant, abrupt job losses concomitant with liquidation. Among the more unique provisions of that law were: a self-effectuating injunction during which…
Wednesday, July 1, 2020 On 25 June 2020 the Corporate Insolvency and Governance Act received Royal Assent, making some of the biggest changes to UK insolvency laws in the last 30 years. We have written several blogs covering the changes and how they help support distressed businesses, impact suppliers, lenders and other third parties and…
BUSBY Contractings liquidation is set to be wound up by the end of this year as their debts have blown out to almost $5 million. The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of underquoting liquidation of associated major debtors and flooding of their project sites. It…
The economic downturn triggered by the Covid-19 pandemic has caused unprecedented havoc on businesses in India in almost every sector, which has been dubbed by the Organization for Economic Cooperation and Development (OECD) as the biggest peacetime downturn in a century. To offer respite to stressed businesses, the government of India has announced the suspension…