Majestic Cinemas, a major regional chain with nine cinemas across Queensland and New South Wales, has entered voluntary administration. Although major blockbuster films such as Barbie and Oppenheimer reinvigorated the broader industry last year, SV Partners administrators Terry Grant van der Velde and Terrence John Rose were appointed on January 31. The independent cinema chain…
DetailsA major cinema chain in regional Australia has collapsed into voluntary administration after a horror 12 months where not even blockbuster movies Barbie and Oppenheimer could save it. Majestic Cinemas operates nine cinemas in regional NSW and Queensland. Locations include Nambour, Port Macquarie, Inverell, Nambucca, Wynnum, Kempsey, Singleton, Sawtell and Nelson Bay. The business collapsed…
DetailsThe Corporate Insolvency and Governance Act 2020 (CIGA) ushered in a flexible restructuring compromise or arrangement for companies in financial difficulty (the Restructuring Plan). The legislation governing the Restructuring Plan sits alongside that for schemes of arrangement and is included in a new Part 26A to the Companies Act 2006. The Restructuring Plan does not…
DetailsIn an effort to help financially struggling residents, the city of Amsterdam launched a new pilot program to assist 100 “economically homeless” individuals with debts exceeding 2,200 euros. The initiative will offer faster debt relief and a chance for the group of people to regain financial stability. The city defined economically homeless individuals as those…
DetailsAustralian cinema operator Majestic Cinemas has gone into voluntary administration in an attempt to stay afloat in the post-pandemic environment. The chain has nine locations across regional New South Wales and Queensland, including the Ritz in Port Macquarie and other theatres in Nambour, Inverell, Nambucca, Rose Point, Wynnum, Kempsey, Singleton, and Nelson Bay. The business…
DetailsThe Liverpool-based businessman behind the ailing Signature Living empire has been handed a 12-month bankruptcy order along with his wife. Lawrence and Katie Kenwright, the husband-and-wife duo behind a host of well-known hotels across the region, were declared bankrupt by the insolvency service on Tuesday. The 12-month bankruptcy orders follow a difficult few years for the…
DetailsThe Federal Reserve kept interest rates on ice at the recent FOMC meeting. Here’s why that may be good news for credit card users. Colin Anderson/Blend Images / Getty Images Inflation climbed during the COVID-19 pandemic, and prices rose so fast that the Federal Reserve took action, increasing interest rates multiple times in an attempt…
DetailsThe rise in corporate insolvencies helped Leonard Curtis return to making a profit. The rise in company insolvencies across the UK helped Leonard Curtis back into the black during its latest financial year, new documents have revealed. The restructuring and recovery group made a pre-tax profit of 806,550 for the 12 months to April 30,…
DetailsReuters. Evercore (EVR) reported a mixed financial performance for the fourth quarter and full year of 2023, with net revenues of over $2.4B for the year and adjusted earnings per share of $2.02 for the quarter. Despite a decline in revenue and operating income compared to the previous year, the company highlighted the diversification of…
DetailsMore than 50 Godfreys stores will be closing in two weeks, but it is not known if any of those will be in Geelong or Werribee. The vacuum retailer announced on Tuesday it is entering voluntary administration, as it faces a challenging economic and operating environment. Godfreys was established in 1931, operating 141 stores across…
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