A 35-year-old Moreton Bay based mechanical services company has crumbled under financial strain, entered into liquidation while owing $2 million to employees, the ATO and suppliers. Lawnton-based Venmist Air Pty Ltd and Venmist Pty Ltd recently announced it would go into voluntary liquidation, following a history of projects with an array of large and medium-sized…
DetailsA hospitality group operating popular New Zealand-founded restaurants Botswana Butchery and White + Wongs will close its Australian eateries. Hospitality business Good Group Australia was thrust into voluntary administration on March 31, impacting the Botswana Butchery chain and three other Asian restaurants across the Tasman. New Zealand operations at Good Group are not affected. The…
DetailsCentrepay is once again in the news, and not for good reasons. This week the Guardian uncovered new examples of the government system being used as a vehicle of financial abuse Centrepay was diverting money away from people receiving Centrelink payments to energy giants, years after they stopped being power customers. To be clear, were…
DetailsA 35-year-old Moreton Bay based mechanical services company has crumbled under financial strain, entered into liquidation while owing $2 million to employees, the ATO and suppliers. Lawnton-based Venmist Air Pty Ltd and Venmist Pty Ltd recently announced it would go into voluntary liquidation, following a history of projects with an array of large and medium-sized…
DetailsThe Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
DetailsA fine dining restaurant chain that sold steak for as much as $500 a piece and spanned across three Australian states has gone bust. On Tuesday, hospitality business Good Group Australia, which operated the Botswana Butchery chain and three other Asian restaurants, plunged into administration. Botswana Butchery had high-end steakhouses in Sydney, Melbourne and Canberra…
DetailsHanwhaOcean’sdockyardinGeoje,SouthGyeongsangProvince Hanwha Corp., the holding company of South Koreas chemicals-to-defense conglomerate, will hive off wind power and offshore plant building operations to Hanwha Ocean Co., while separating its solar panel manufacturing business into Hanwha Solutions Corp., as part of the groups management efficiency efforts. The transfer of the businesses, worth 440 billion won ($327 million),…
DetailsA company involved in the construction sector collapsed with just $6 left in its bank account and now owes creditors more than $2 million. At the end of last year, NSW-based All Safe Lifting Equipment Pty Ltd appointed liquidators. The family business, which was run by father and son duo Stephen and Troy Sargent, provided…
DetailsAdvertisement Two years ago, the New Zealand steakhouse with an African name made an ambitious play for the Australian steakhouse market. Now the business is experiencing one of the biggest hospitality shake-outs of 2024. Save You have reached your maximum number of saved items. Remove items from your saved list to add more. Save this…
DetailsAlyssa Luc and her partner Xuan Tri Mai are among many Australians who wish they hadn’t rushed into building a home. It was the end of 2020 when the couple purchased a block of land in Catherine Field, a growth area suburb south-west of Sydney. Their block cost about $500,000, and they spent another $700,000…
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