Mahercorp, which is the parent company of Eight Homes and Urbanedge Homes, has today sent a letter to its customers to announce it is entering voluntary administration. But director and chief executive Steve Maher insisted the company is not in liquidation. “I want to emphasise that Mahercorp has not collapsed and is not in liquidation.…
Cardinia Shire Council has recently been informed of the voluntary administration of the Deep Creek Golf Club Incorporated. The club is situated at Deep Creek Reserve Cameron Way, Pakenham. Deep Creek Golf Club has ceased trading and the golf course will remain closed until further notice. Signs have been put in place on site today…
Supplied Almost all the equipment from A H Construction was sold at the Ritchie Bros auction. A large construction firm that recently had 350 vehicles and pieces of equipment sold-off in a single auction had failed to pay GST and income for six years, the companys administrator says. Bryan Williams of BWA Insolvency took control…
The number of insolvent businesses in England and Wales has risen by over a third to hit a three-year high, with company directors choosing increasingly to shut down their companies voluntarily. This is according to the Midlands branch of insolvency and restructuring body R3 and follows statistics published this week [18/4/23] by the Insolvency Service…
London CNN More companies around the world defaulted on their debts in the first three months of this year than in any quarter since late 2020, when businesses were still hamstrung by restrictions to stop the spread of Covid. In a report Tuesday, credit rating agency Moodys said 33 of the corporations it rates…
Apr 18, 2023 3.34pm Building industry failures for the nine months of the financial year to date have hit their highest level in seven years and are on track to break a decade-long record, industry figures say. Construction industry insolvencies over the three quarters to March were 1601, new figures from corporate regulator ASIC published…
If you are a creditor who is owed money by a company that has gone into voluntary administration, you will receive reports and notifications of meetings from the voluntary administrators. Chamberlains can advise you on your rights and what to do in this situation. In this case update, we look at one issue that may…
Friday evening flipping between a couple different codes of football and the article Callide C co-owner Intergen goes into voluntary administration by Mark Ludlow popped up in my feed: Well worth a read. Not really a surprise, given developments over the past two years: 1) Callide C4 has been offline for fast-approaching 2 years (since…
Lenders of debt-ridden Future Retail Ltd (FRL) has sought an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. The resolution professional of FRL has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) “seeking exclusion of a period of 90 days from CIRP…
In this weeks TGIF, we consider the Federal Courts recent decision in Fotios (Bankrupt) v Helios Corporation Pty Ltd (No 3) [2023] FCA 251, and earlier decisions in the same proceedings, clarifying the current Australian position as to priorities between creditors of successive trustees. Key takeaways The insolvency of personal and corporate trustees continues to raise difficult…