A melbourne family are celebrating the news their builder has gone bust, finally giving them hope of finishing their partially-built home. Last Friday, Melbourne-based bespoke building company Avra Group (Aust) Pty Ltd collapsed into liquidation. It’s a relief for David Favretto, 45, and his family, who have been in limbo all year as they waited…
An award-winning Victorian construction company has become one of the latest casualties of the construction industry crisis, collapsing with $3.3 million in debts. melbourne-based residential builder Kleev Homes Pty Ltd has been “wound up” this month, with liquidators appointed to dissolve the company. The decision to end the company was made at a general meeting…
Cafe Day Global, the main operator of widely-known cafe chain Cafe Coffee Day, has been admitted for bankruptcy proceedings, a latest media report said on Monday. The development comes after IndusInd Bank filed a plea with the NCLT in this regard, an Economic Times report said. The report adds that the Bengaluru chapter of National…
The number of Scottish companies filing for administration has seen a significant increase, reflecting the impact of rising costs and economic uncertainty. According to a study conducted by Interpath Advisory, based on notices in The Gazette, Scotland witnessed a total of 23 companies falling into administration in Q2 2023, compared to just 3 companies in…
Trouble-plagued builder Modco Residential has gone into voluntary administration blaming unprecedented industry challenges and intense media scrutiny. Director Damien Clancy said in a statement released on Monday that it was a moment of profound sadness for the fledgling company that was launched to great fanfare less than two years ago. Cynthia Lu and Yusuf Khan…
Wildlife lovers have been asked to dig deep and donate to a beloved marine park forced into voluntary administration, in a last-ditch effort to keep the business alive. Dolphin Marine Conservation Park in Coffs Harbour, one of only two facilities that take in and care for injured dolphins in Australia, has called for urgent support…
The number of companies filing for administration across the South West has jumped by 10% year-on-year, according to a report by Interpath Advisory. Analysis of notices in The Gazette by Interpath Advisory revealed that 55 companies based in the South West fell into administration in the first six months of 2023. This was up from…
The operator of Cafe Coffee Day chain, Coffee Day Global, was admitted for corporate insolvency last week. The coffee chain is facing bankruptcy case after IndusInd Bank filed a petition to the National Company Law Tribunal (NCLT), reported Economic Times citing sources. The company was admitted for corporate insolvency by the Bengaluru Bench of the…
Jul 12, 2023 Committee chair Deborah O’Neill says she hopes the report will provide the foundation for reform. -AAP Image Australia’s corporate insolvency system is too complex, hard to access and unnecessarily costly and needs a major overhaul. That is the conclusion of a long-running inquiry into the system by the federal parliament’s corporations and…
West Australian building company Modco Residential has entered voluntary administration, blaming rising costs and the media its downfall. The WA building regulator, Building and Energy, warned the public to be cautious when dealing with the company because it had significant reason to believe it was under financial stress, with several court cases launched against it.…