Asia Pacific’s leading independent spirits distributor Proof & Company has placed its Australian business into voluntary administration, citing “a local economic downturn” and a “changing” Australian spirits industry landscape. The administration process applies solely to its Australian subsidiary Sa’Pere Drinks, which is currently trading as Proof & Company Australia and includes Australian brands such as…
Details
Project Overview Fraudulent phoenix activity is of great concern to Australian policymakers. It occurs where there is the deliberate liquidation of a company to avoid paying debts but the business continues through another company, and in corporate groups through the liquidation of undercapitalised subsidiaries and transfer of business to other companies in the group. This…
Details
A heavily pregnant woman is among Australians stranded in Vanuatu as the country’s national airline is placed into voluntary liquidation. On Thursday it emerged that all international flights scheduled on Air Vanuatu until Sunday had been cancelled, as the government “reviewed” the airline’s future. In a statement to media, Air Vanuatu confirmed international firm Ernst…
Details
gold coast-based food manufacturer, Smart Foods, has acquired The Aussie Plant Based Co., eight days after it went into liquidation. Operations have already restarted. Smart Foods CEO, Raghu Reddy told Food & Drink Business that despite the recent challenges for the plant-based company, he recognised its “immense potential”. Fort Restructuring partner, Ken Whittingham said Smart…
Details
Booktopia has entered voluntary administration after failing to secure emergency funding. In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring. “The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are…
Details
The family company of former Socceroo Steve Horvat has been pushed into liquidation in a development that will send shockwaves through A-League club Western United on the eve of the competition’s finals series. Nathan Deppeler and Scott Andersen from Worrells were appointed liquidators of Horvat’s family company Sava Engineering on Monday, after a meeting of…
Details
Staff reporterApril 16, 2019 The Queensland-based co-working space and business incubator Little Tokyo Two has been placed into voluntary liquidation. Its founder and entrepreneur Jock Fairweather sending a message saying the business had become “unsustainable”. Founded four years ago, Little Tokyo Two (LT2) had five locations across Brisbane and the Gold Coast. The business was…
Details
Residential builder Inspired Homes has gone into voluntary administration, with McGrathNicol appointed to manage the company. Rob Kirman and Rob Brauer were today appointed as administrators of Wangara-based Inspired Property Group, trading as Inspired Homes. The update comes after the state government doubled down on its commitment to help Inspired Homes customers. Business News understands…
Details
melbourne-based Deeds Brewing has become the latest craft brewer to enter voluntary administration (VA), as the strain on Australia’s small breweries and businesses continues to grow. Deeds joins the likes of Bad Shepherd, Ballistic, Big Shed, Hawkers, Golden West and Wayward in VA, although Wayward and Hawkers have since found a way back into operating.…
Details
Frontier Lighting, a perth-based events company that provides lighting to some of the state’s biggest concerts, has gone into liquidation after being decimated by the pandemic. Border restrictions and stay-at-home orders have caused a significant decline in the number shows being put on in the last 18 months. CEO of Frontier Lighting Jared Hawke told…
Details