Though Switzerland’s GDP grew substantially in the first few months of 2023 and energy prices continue to fall, the Swiss federal government’s expert group expects significantly below average growth for the Swiss economy in 2023 in its latest forecast, with a GDP growth rate of 1.1%. According to the expert group, comparatively high inflation rates…
DetailsA leading Victorian company has collapsed owing tens of millions of dollars and leaving all of its employees without a job. Richstone Group Pty Ltd, the states largest privately-owned plumbing contractor, last month announced it was entering voluntary administration and restructuring. BRI Ferriers David Coyne and Peter Krejci were tasked with acting as joint administrators…
DetailsSome six months ago, Hyderabad-based Ind-Barath Energy walked out of the Insolvency and Bankruptcy Code (IBC) proceedings with a new buyer, JSW Energy, after nearly four years. Under the IBCs timelines, the process should have taken six months, or a maximum of a year if one factors in litigation. The outcome was equally disappointing, with…
DetailsIt feels like there is a high-profile liquidation every other week. Media coverage has included stories on the collapse of tiny home companies, construction firms and homeware retailers, among many others. In just the past week, a failed pool company was under the spotlight. When businesses enter liquidation they usually leave a trail of destruction…
DetailsYet another building company has collapsed, making it the fifth building company this week revealed to have gone under amid an industry-wide crisis. News.com.au can reveal that on July 11, Melbourne-based residential builder Construct Homes Pty Ltd went into receivership. Oak Capital Mortgage Fund appointed Sam Kaso of insolvency firm Cor Cordis as the receiver.…
DetailsGlobal business advisory firm EisnerAmper announces that Allen Wilen, Partner and National Director of the firms Financial Advisory Services Group, has been named a Top 25 Restructuring Consultant by the Global M&A Network. This prestigious award honors the best leaders from the global restructuring, insolvency, and distressed investing communities. The Global M&A Network is a…
DetailsMaarten Holl/Stuff Craft beer brewer Epic Brewing Company is in liquidation. Auckland craft beer brewer Epic Brewing Company has gone into liquidation. Companies Office records show the business was placed into liquidation by a special resolution of shareholders on Tuesday. Damien Grant and Adam Botterill of Waterstone Insolvency were appointed liquidators. Owner Luke Nicholas developed…
DetailsBuyers are being sought for Epic after it went into liquidation. Kiwi craft beer brewer Epic Brewing Company has gone into liquidation. Waterstone Insolvency were appointed liquidators by Epics shareholders on Tuesday. Waterstone Insolvency director Adam Botterill told the Herald they were looking for buyers for the brewer. We are running the business as a…
DetailsCommittee chairman Senator Deborah O’Neill. The Parliamentary Joint Committee on Corporations and Financial Services released its report into Corporate Insolvency in Australia this week and the full list of the Committee’s recommendations can be viewed below, along with a link to the report. Unsurprisingly, the main recommendation of the Committee is that inquiries continue. The…
DetailsIn the first quarter of this year, Scottish corporate insolvencies saw a significant increase of 19.7% compared to the same period last year, reaching a total of 292. This data comes from Scotlands insolvency service Accountant in Bankruptcy (AiB). Additionally, when compared to pre-pandemic levels in 2019, corporate insolvency numbers in Scotland rose by 21.7%.…
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