This article was co-authored with Queenie Mok. In our earlier Legal Update, we outlined the findings of the Parliamentary Joint Committee on Corporations and Financial Services Final Report on Corporate Insolvency in Australia. Recommendation 3 of the Report was a comprehensive review to consider and make recommendations on the options to enhance public interest…
DetailsA 30-year-old building company has collapsed into voluntary administration, joining a long line of builders to follow the same path in the last 12 months. Cubitts Granny Flats and Home Extensions announced on Tuesday morning it made the devastating decision which has left the futures of its 80 staff uncertain. A meeting was held earlier…
DetailsKey takeaways The avalanche method is a debt repayment strategy focusing on paying off the account with the highest APR first, moving down from there. The debt avalanche method can take longer than other repayment strategies, but you could save more on interest in the long run. The snowball method, balance transfer cards, debt consolidation…
DetailsThe transition to online shopping, interest rate increases, labor costs, maturing debt and rising inflation have collectively taken a significant toll on the retail industry, contributing to store closures and a growing number of bankruptcy filings by retail companies in recent years. Nearly 30 retailers sought bankruptcy protection in 2023. Some retailers have even filed…
DetailsAll staff have lost their jobs while suppliers are millions of dollars out of pocket after a solar energy provider collapsed. News.com.au can reveal that Victorian electricity and energy business G-Store Pty Ltd went into administration in February and the company ceased to trade immediately. G-Store, headquartered in Melbournes Malvern East and also with premises…
Details(ANSA) – ROME, FEB 29 – A Milan bankruptcy court on Thursday declared the former ILVA steelworks at Taranto in Puglia insolvent, the necessary premise for the installation of special commissioner Giancarlo Quaranta to run the plant, now called Accaierie d’Italia (AdI), ahead of possible new foreign partners joining after multinational ArcelorMittal’s term ended acrimoniously. …
DetailsA 30-year-old building company has collapsed into voluntary administration, joining a long line of builders to follow the same path in the last 12 months. Cubitts Granny Flats and Home Extensions announced on Tuesday morning it made the devastating decision which has left the futures of its 80 staff uncertain. A meeting was held earlier…
DetailsSTOCKHOLM Swedish textile recycling pioneer Renewcell says it is hopeful the company will continue as a going concern under new ownership despite being declared bankrupt this week. It comes as the Circulose Supplier Network of 151 companies working to use the Swedish firms dissolving pulp issued an open letter in support of the company. Existing…
DetailsIn its first two years, the Dutch Act on Court Confirmation of a Restructuring Plan (Wet homologatie onderhands akkoord) (the WHOA also known as the Dutch Scheme) was mainly used for the restructuring of SMEs (See International Restructuring Newswire Q2 2022, The Dutch Scheme (WHOA) in practice: First two large restructuring plans confirmed by the…
DetailsIn short: The Kimberley Meat Company has gone into voluntary administration. A subsidiary of the Yeeda Pastoral Company, KMC operates the only abattoir in northern WA. What’s next? The abattoir is awaiting the findings of an investigation by the environmental regulator. The operator of the only large-scale abattoir in northern Western Australia has called in administrators amid…
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