The macroeconomic implications of zombie firms returned to the forefront of the public debate during the Covid-19 pandemic, as concerns emerged that unprecedented public support to firms may have helped zombie firms stay afloat, thus delaying a necessary creative destruction process. The existence of zombie firms is not a new phenomenon, dating back to Japans…
Hello and welcome to Simple Flying’s final ‘Sunday Reads’ weekly digest for the month of August 2023. Let’s end the month in style by taking a few minutes to look back at some of our most notable stories from the last seven days. British Airways Celebrates 75 Years Of Japan Flights BA is celebrating 75…
A major lifeline has been offered to a popular non-alcoholic beverage business which went into voluntary administration last month. The Non Alcoholic Drinks Co Pty Ltd, which trades as Sans Drinks, was placed into administration on July 17. The companys founder Irene Falcone told 7NEWS.com.au at the time the business was undergoing a simple restructuring,…
HME Services collapses: Company that counted Sydney Opera House, Etihad Stadium and ABC as clients goes into voluntary administration By Ashley Nickel For Daily Mail Australia Updated: 10:15 AEST, 24 August 2023 A well-known company that specialised in designs and fit-outs and count… Read the full article at: https://www.dailymail.co.uk/news/article-12438729/HME-Services-collapses-Company-counted-Sydney-Opera-House-Etihad-Stadium-ABC-clients-goes-voluntary-administration.html
Another Australian building company is in trouble, with Victorian-based builders Harmac Group calling in administrators. The firm on Wednesday confirmed they have gone into voluntary administration, but deny theyve collapsed, insisting theyll work with administrators Cor Cordis in order to complete current contracts. The administrators will examine four subsidiaries under the Harmac umbrella, including; Harmac…
Chris Ferguson (Photo credit: R3) More and more businesses are “running out of road”, according to the North East chair of insolvency and restructuring trade body R3, as corporate insolvency figures continue to rise. Data for the second quarter of 2023 revealed an increase of 8.9 per cent on the number of corporate insolvencies during…
Summary Go First has received approval for $12 million to cover urgent financial liabilities. The funds will be used to pay for employee salaries, airport fees, aircraft upkeep, and other mandatory expenses. However, Go First still faces challenges, including employee retention issues, a decrease in the number of pilots, and disputes with lessors. Indias cash-strapped…
The idea behind IBC is to resolve corporate insolvency quickly so that capital can be freed for productive use. Legacy methods were found wanting, and the code has been modified swiftly to overcome gaps. Special dispensation has been provided, or is in the works, for financial service providers, small enterprises and real estate companies. Yet,…
Reliance Communications has said that any action taken by the Union Bank of India for initiation of any proceedings to identify the bankrupt telco’s loan accounts as fraudulent is not legally tenable since the company is undergoing the corporate insolvency resolution.In a filing to the Bombay Stock Exchange on Thursday, Rcom also pointed out that…
A fabrication company has collapsed into liquidation just months after shutting down its phone lines, letting staff go and ghosting tradies. On Tuesday, Sydney-based YME Metal Projects Pty Ltd, which subcontracted to building companies completing metalwork such as ballustrading and handrails, went into voluntary liquidation. The business worked on a number of commercial projects including…