Harris Scarfe – one of South Australia’s oldest retail chains – entered voluntary administration today after being put into receivership by a creditor. The move comes less than a month after the company traded to Allegro Funds, a sydney-based private equity firm known to turn around struggling businesses. In that deal, for an undisclosed sum,…
Hooters Penrith. Photo: Melinda Jane Hooters Australia has once again gone flat, with the restaurant chain placed into voluntary administration for the second time in less than three years. According to the recent documents filed with the corporate regulator, the company Hotr Australia Pty Ltd and its additional companies that run Hooters restaurants in Penrith,…
The nationwide crisis of failing construction companies has claimed one of its biggest victims after apartment builder Bensons Property Group was placed into voluntary administration late on Friday, threatening to derail a development pipeline of more than 1300 homes across $1.5bn of property projects. The demise of Bensons, a well-known builder for 30 years, will…
Bensons Property Group’s sudden demise has left hundreds of luxury apartments in limbo, including a $50m super-penthouse belong to its chairman and founder Elias Jreissati and his wife Colleen at its ambitious Chevron One Residences on the gold coast. Founded by Lebanese immigrant, philanthropist and art collector Mr Jreissati in 1994, Bensons went into voluntary…
The Australian Business Network Star Entertainment’s future was on a knife edge on Wednesday night, but lenders to distressed companies are hovering and are expected to hear by Thursday if it is entering voluntary administration. A voluntary administration for the cash-strapped casino operator would enable all of its liabilities to be frozen. This frees administrators…
Collapsed sydney Chinese institution Golden Century is seeking to relaunch after the Covid-19 pandemic subsides after filing for voluntary administration. The restaurant on Sussex Street, famously popular with politicians, went into administration on August 17 after 31 years of trading in Sydney’s Chinatown. The coming renewal of its major commercial lease, coupled with the ongoing…
2:10PMMay 23, 2024. Updated 4:14PMMay 23, 2024 Australian designer brand Dion Lee Enterprise Australia has entered voluntary administration. The announcement comes after news that Cue Clothing Co. decided to withdraw from its partnership with the brand and recall their investment in the Dion Lee business. dVT Group has been appointed as the voluntary administrator of the…
A company that labelled itself as a leader in demolition and construction service has collapsed and is seeking a buyer. With research showing that Australian business activity was at “disturbingly” low levels, sydney-based DB Group Global, DB Scaffolding & Rigging Australia and DB Group Services have gone into voluntary administration. DB Group refused to comment.…
Taxpayers are set to be the big losers after struggling mineral sands miner Strandline Resources waved the white flag and entered voluntary administration. The taxpayer-funded Northern Australia Infrastructure Facility is Strandline’s biggest financial backer and has dished out loans totalling about $140m to the company since 2020, including $10m in the December quarter. Strandline had…
Car buyers have been left without the vehicles they paid for after the collapse of an online buying platform. Carconnect has entered voluntary administration, leaving some customers up to tens of thousands of dollars out of pocket and unable to collect their vehicles. The business, which started in the early 2000s, was one of the…