Toys ‘R’ Us Australia has gone into voluntary administration months after the US and British retail giant’s collapse. Directors of the company resolved to appoint voluntary administrators McGrathNicol after the withdrawal of the final bidder for the sale of the Australian business, a McGrathNicol spokesman said in a statement on Monday. All Toys R Us…
An Aussie company that made seats for major sporting stadiums around the world has collapsed while still owing tens of millions of dollars. Camatic Pty Ltd which operates out of Australia with sites in the US and Malaysia entered voluntary administration in April. The 60-year-old Australian company owed $29.4m by the time Jason Stone and Glenn…
The macaron master Adriano Zumbo’s company has been placed into voluntary administration according to reports by the *sydney Morning Herald.* The details of the circumstances that have led to the move are not yet clear, but it’s believed the company could have debts nearing $10 million. Some of the debt might be offset by assets…
Celebrity chef George Calombaris has put much of his restaurant empire into voluntary administration. Advisory and investment firm KordaMentha has been appointed as administrators of 22 companies in the Made Establishment Group, which KordaMentha says operates 12 restaurants and food venues in
sydney channel player Object Consulting is up for sale after going into voluntary administration. The company held a creditors meeting earlier this week and administrators have filed documents with the Australian Securities and Investment Commission (ASIC) that reveal testing circumstances. The ASIC filing reveals that the company owes substantial amounts of wages and superannuation to…
Hyatt Regency Coolum BY JAMES WILKINSON Hyatt Regency Coolum has been placed into voluntary administration a week after owner Clive Palmer attempted to sack Hyatt as managers of the property located on Queensland’s Sunshine Coast. In a statement obtained by HM tonight (Mar 1), Hyatt said it had been notified that KordaMentha had been appointed…
Another major Australian retail chain has collapsed, with the receiver warning that more could follow, as consumer confidence remains shaky. Key points: Administrator Cor Cordis plans to keep stores open and sell the whole group The chief executive said the company had been caught in a perfect storm of soft consumer demand, bushfires and coronavirus…
The company being reborn through a deed of company arrangement struck in administration is “the airline’s only chance”, said a source familiar with Virgin’s struggles. In administration, an independent party will assess Virgin’s position and negotiate with shareholders and creditors about the best outcome for the business. That could include finding new owners to take…
As the COVID-19 pandemic wreaks havoc around the world, Australians are hunkering down in their houses in a bid to avoid contact with the potentially deadly virus. Many states and territories have closed their borders and Australians have been banned from travelling overseas, with very few exceptions. As the nation stays indoors, many businesses are…
Bag brand Crumpler has filed for voluntary administration after ongoing lockdowns and store closures have pushed the business to collapse. The investment firm Crescent Capital Partners, which owns the business, has appointed Glenn Franklin and Jason Stone from PKF melbourne as administrators. The administrators cited ongoing lockdowns as the primary reason for the Crumpler’s collapse.…