Category Archives: Liquidation

Alurt Construction Services collapses: NSW-based construction company goes into liquidaiton owing millions – Daily Mail

By Ashley Nickel For Daily Mail Australia Published: 14:15 AEST, 20 May 2024 | Updated: 14:18 AEST, 20 May 2024 A construction company has collapsed leaving behind millions of dollars worth of debt.  Alurt Construction Services, which is based ne… Read the full article at: https://www.dailymail.co.uk/news/money/article-13436777/Alurt-Construction-Services-collapse-liquidation.html

Building company collapses owing $2m – news.com.au

A building company has collapsed as liquidators investigate the transferral of hundreds of thousands of dollars of company funds to two employees. Last week, Alurt Construction Services, based on the NSW mid-north coast near Coffs Harbour, plunged into liquidation. The companys initial estimated debt of around $100,000 has exploded to more than $2 million, although…

Air Vanuatu cancels flights as government considers voluntary administration – Voice of America – VOA News

Air Vanuatu said on Thursday it had cancelled international flights for the rest of the week, as the Pacific Island nation’s government considered placing itsnational carrier into voluntary administration. All of Air Vanuatu’s international flights between Thursday and Sunday are canceled, and all later flights are under review, the airline said in a statement. “The…

Creditors realised only 4% of claims under IBC resolution process: ICRA – The Hindu

Only 17% yielded a resolution plan with the remaining cases withdrawn post National Company Law Tribunal (NCLT) admission as on March 31, and liquidation for 960 corporate debtors were completed where creditors realised only 4% of their total admitted claims under the Insolvency and Bankruptcy Code (IBC), ICRA said in a study. The NCLT approved…

Creditors' haircuts in bankruptcy cases jump to 73% in FY24: Report – Business Standard

The agency feels the average recoveries for lenders will continue to be in the 30-35 per cent range in FY25. 3 min read Last Updated : May 17 2024 | 6:52 PM IST The haircuts taken by creditors in bankruptcy resolutions have increased to 73 per cent in FY24 from the 64 per cent in…

Hundreds of families left hanging as major school photography company closes – 9News

Families at hundreds of schools across the country could be left out of pocket for annual student portraits and yearbooks after a national photography business went bust. Academy Photography Australia entered liquidation on May 10, with Anthony Phillips of Heard Phillips Lieberenz appointed as liquidator, according to ASIC. This week, Phillips sent a letter to…

Resolving insolvency in the insurance sector – The Business & Financial Times

By Audrey Naa Dei KOTEY& Clara METTLE-NUNOO The Insurance Act, 2021 (Act 1061) was passed on 5th January 2021 to provide a comprehensive framework for regulating activities in the insurance sector. This brief note focuses exclusively on the provisions concerned with the resolution of insolvencies in the insurance sector. This is a fitting enquiry, as…

The Corporate Insolvency and Governance Act 2020 (CIGA) | United Kingdom | Global law firm – Norton Rose Fulbright

The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of…

Melbourne-based company Highline Caravans collapses into liquidation, potentially owing up to $1 million – Sky News Australia

A caravan builder based in Melbourne has collapsed into liquidation with estimated debts of up to $1 million. Highline Caravans Pty Ltd, located in the outer suburb of Campbellfield, went into voluntary liquidation this week according to a notice published on ASIC. The company went bust potentially owing between $700,000 and $1 million.  Early reports…

Melbourne-based company Highline Caravans collapses into liquidation, potentially owing up to $1 million – Sky News Australia

A caravan builder based in Melbourne has collapsed into liquidation with estimated debts of up to $1 million. Highline Caravans Pty Ltd, located in the outer suburb of Campbellfield, went into voluntary liquidation this week according to a notice published on ASIC. The company went bust potentially owing between $700,000 and $1 million.  Early reports…