Small businesses should have better access to debt hibernation instead of being made insolvent when they face a crisis beyond their control, so they are better able to pursue a credible restructure, save jobs and rebuild, according to the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson. It is one of several recommendations made…
Melbourne-based digital furniture and homewares retailer Brosa has gone into voluntary administration. The company founded in 2014 by Ivan Lim, David Wei and Richard Li tripled in size during Covid-19 restrictions as shoppers went online for direct-to-customer deliveries. This week Brosa announced it has appointed Richard Tucker and Michael Korda of Kordamentha Restructuring as administrators.…
A stylish online furniture retailer has entered administration, with experts blaming the shock collapse on the brutal Covid pandemic. On Wednesday morning, it was announced that Brosa a popular online furniture and home decor retailer had appointed Richard Tucker and Michael Korda of KordaMentha as voluntary administrators. Stream more business news live & on demand…
Luxury furniture company collapses as it blames its business woes on growing too quickly through Covid Melbourne luxury furniture shop Brosa announced its collapse on Wednesday The furniture store blamed its collapse on its ‘phenomenal’ growth in Covid Richard Tucker and Michael Korda were appointed as voluntary administrators By Sarah Liversidge For Daily Mail Australia…
The company behind well-known Scottish music festival Doune the Rabbit Hole has entered liquidation. Doune The Rabbit Hole Festival Ltd, the company that ran the 2022 event at Cardoss Estate in Stirlingshire, said it has entered liquidation after suffering huge financial difficulty. It comes after accusations surfaced in Octoberthat the festival, Scotlands largest outdoor camping…
They could not get comfortable during their due diligence before the appointment of administrators and thats why they withdrew their offer to provide $30 million of secured funding, he said. The administration process allowed Webuild to have commercial renegotiations with Cloughs clients without having to take on its historical liabilities on contracts, he said. Its…
Daily News View All News 15 December 2022 Adcorp Holdings Ltd. (ADR:JNB), a Johannesburg, South Africa-based staffing provider, said Wednesday it hadnt found a buyer for its subsidiary allaboutXpert Australia Propriety Ltd. As a result, Adcorpo placed allaboutXpert in voluntary administration on 12 December. Adcorp had reported in October that it had classified allaboutXpert Australian…
We are pleased to present our first edition of the Annual Return, reporting on landmark cases, legislative reform, and the implications for your practice. Uncharted waters The last few years have been exceptionally challenging for all professionals, including insolvency practitioners. Global health and economic disruptions brought about by COVID-19, and rising geo-political tensions have set…
In the matter of Mediacloud Pty Ltd (Administrators Appointed) [2021] NSWSC 357 the New South Wales Supreme Court demonstrated its wide discretionary power. The decision extended the period of administration of a company to avoid it being automatically wound up for failing to execute a deed of company arrangement within the required time. This, in…
C ompulsory liquidations in November 2022 rocketed to more than five times as many as last year and were 7% higher than in November 2019, new figures released today show, as small and medium-sized businesses feel the pressure of rising prices, higher interest rates and dwindling consumer demand. The number of registered company insolvencies in…