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…
melbourne-based medtech startup Seer Medical has been revived from voluntary administration thanks to a $40 million investment deal involving former backer Breakthrough Victoria and Cadwell Industries, one of the world’s largest neurodiagnostic equipment manufacturers. Seer will join Cadwell Industries’ portfolio as part of the investment deal, which also includes Singapore-based TrialCap. Administrators from Pitcher Partners…
Mobile phone retailer Allphones has gone into voluntary administration, immediately axing 69 staff and closing 18 stores. The national retailer, whose name was emblazoned on sydney’s Super Dome stadium as ‘Allphones Arena’ for five years, operated 84 stores across Australia with 440 staff. PPB Advisory has been appointed voluntary administrators. The Allphones Group was aquired…
Red dust, huge crowds and raging bulls are back in action at Mount Isa Rodeo, and the outback legacy is here to stay. Almost 2,000 kilometres north-west of brisbane, it’s not the outback city’s first rodeo. And thanks to a team of dedicated volunteers, it won’t be the last. “The vibes are electric, it’s the…
melbourne‘s Hi-Fi Bar, owned by former Carlton player Luke O’Sullivan, has gone into voluntary administration after a dispute with creditors. The Melbourne bar is one of three owned by Mr O’Sullivan with others in brisbane and sydney. The Melbourne music venue in Swanston Street is inside the Century Theatre and holds about 800 patrons. As…
A popular coffee chain, with four locations in melbourne, has gone into administration. Puzzle Coffee went into voluntary administration on June 28, according to documents listed by the Australian Securities and Investments Commission (ASIC) The café chain, which boasts cafés at Swanston St, Melbourne Central, Southern Cross Station and Chadstone Shopping Centre, said they are…
Award-winning Queensland brewer Black Hops (BH) has vowed to keep its taprooms open despite going into voluntary administration. The gold coast-founded small business has not revealed why it was forced to relinquish control to accountancy firm Deloitte on Monday, other than to say it had “no alternative”. “Today, the BH board has made the tough…
An award-winning craft brewery in
Nike is taking Australian surf retailer SurfStitch to court following the company’s financial collapse, seeking more than $237,000 it claims it is owed. SurfStitch entered administration in May, a decade after the surf and skate business was valued at $600m. Nine News reports Nike Australia is claiming to be owed $237,760.38, citing court documents. Nike…
A popular motorcycle retailer with a 55-year history has gone bust, putting some 400 jobs at risk. Peter Stevens Motorcycles, which boasts a network of wholesale and retail outlets nationwide, entered voluntary administration on Monday. The company’s dealerships sell beloved brands including Harley-Davidson, Kawasaki, Honda, Suzuki, Yamaha and Vespa scooters. Its four major dealerships are…