Mobile phone retail chain Allphones went into voluntary administration today. Allphones, which opened its first shopfront in South Australia in 1989, is the largest independent telecommunications retailer in Australia with 80 company-owned, licensed and franchised stores and 440 staff. As a first step, 18 company-owned Allphones branded stores will be closed today due to insufficient…
CLIVE Palmer has been orderd to produce the books for a number of compaines, including those behind Palmer Coolum Resort, as part of the Federal Court investigation into the collapse of Queensland Nickel. Mr Palmer has been called on to produce financial and management accounts, asset registers and tax returns for his companies Mineralogy and…
By Sophie Vorrath on 3 February 2017 Upstart Australian power retailer Urth Energy has become the second energy market newcomer to fail within 12 months more than likely another victim of soaring wholesale electricity prices after administrators were called in this week, rendering it ineligible to trade on the NEM. In an announcement…
GOING THROUGH THE BOOKS: Jirsch Sutherland supervisor Hayden Asper leaving Urth Energy’s Wickham offices yesterday with boxes of documents. The solar-focused power retailer has shut its doors, for the time being at least. A WICKHAM-based power retailer, Urth Energy, has gone into voluntary administration, putting more than 20 people out of work and stranding an…
An overwhelming majority of industry experts believe the UK’s decision to leave the EU will lead to a rise in corporate insolvencies over the next year, according to a new study. A member survey by R3 of insolvency and restructuring firms also shows that 55 per cent believe their finances “have been hurt” since last…
By Sophie Vorrath on 3 February 2017 Upstart Australian power retailer Urth Energy has become the second energy market newcomer to fail within 12 months more than likely another victim of soaring wholesale electricity prices after administrators were called in this week, rendering it ineligible to trade on the NEM. In an announcement…
Administrators for the troubled milk supply company National Dairy Products (NDP) have announced another creditors meeting is to be held, to decide the companys future. The meeting comes amid claims the company may now be put into liquidation. Deloitte joint and several administrator Glen Kanevsky has written to creditors, telling them the next meeting would…
Virgin Australias profits are being squeezed by a fall in the number of people flying within Australia. Australias second largest airline reported a drop of $27.1 million to $45.9 million in underlying profit before tax for the second quarter of the financial year, compared to the same period last year. Statutory profit after tax for…
Fletcher Steel was successful yesterday in its High Court application to have Dunedin niche engineering company DC Ross forced into liquidation, over a debt of more than $600,000. DC Ross was placed in receivership by its majority shareholders, Dunedin business family the McConnons, in mid-September, with debts totalling almost $19million. Liquidation proceedings will now overtake…
Marcs and David Lawrence are the latest Australian fashion brands to fall into administration. ITS BEEN a treacherous few months for the fashion industry. First Payless Shoes and Pumpkin Patch went under, and now two of Australias best-known clothing brands are facing an uncertain future. Marcs and David Lawrence have been placed into voluntary administration…