Mayfair 101s IPO Wealth declared voluntary administration and appointed administrators from Cor Cordis in an attempt to prevent its trustee, Vasco, to prevent a fire sale of its assets. But the Supreme Court of Victoria has now decided that it was appropriate for Vasco to appoint receivers from insolvency firm Dye & Co a move…
DetailsTOOWOOMBA civil construction company Hotshot Transport Queensland, which traded as HTQ Civil Pipe Mining, is in liquidation. The company was placed into a members voluntary liquidation on June 30 and Adam Ward of Worrells Solvency and Forensic Accountants was appointed liquidator. In a notice to former employees dated July 3, Mr Ward wrote that he…
DetailsSeafolly Group will close 15 of its Sunburn branded stores as administrators for the collapsed swimwear retailer seek to slim down the business for sale. More than 50 potential local and international buyers are circling the company, which collapsed into voluntary administration on Monday. A total of 25 Seafolly stores in Australia will remain open…
DetailsA T.M. Lewin store in the UK. Source: Facebook Apparel retailer T.M. Lewin Australia collapsed into voluntary administration on Thursday, days after its UK parent announced a restructuring deal that will see all its stores close indefinitely. Stuart McCallum, Adam Nikitins and Colby OBrien, directors of Ernest & Youngs local restructuring arm, were appointed joint…
DetailsQUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
DetailsJul 02 2020, 10:15 PMJul 02 2020, 10:15 PMJuly 02 2020, 10:15 PMJuly 02 2020, 10:15 PM Auto components major Motherson Sumi Systems Ltd. on Thursday announced a group restructuring under which it will demerge its domestic wiring harness business into a new company that will eventually be listed. The reorganisation has been approved by…
DetailsSAN JOSE, Calif., June 23, 2020 /PRNewswire/ –Of late, it seems that several debt consolidation advertisements surface just about every time I log on promising substantial savings if I consolidate all my debt onto a single loan. With the amount of debt in America staggeringly high, it’s not surprising that many people may consider this…
DetailsMACKAY businesses have been left more than $20,000 out of pocket after the collapse of a civil and mine site contracting construction company. Busby Contracting’s liquidation is set to be wound up by the end of this year, with its debts blown out to almost $5 million. The company, which went into voluntary liquidation in…
DetailsQUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
DetailsThe deal was unanimously approved by secured lenders and reduces Suzlon’s term debt substantially.It also replaces the balance of debt it owes to its lenders with debt securities and shares Suzlons CFO Swapnil Jain said: This debt restructuring will ease the pressure on our cash flows significantly and give us headroom for ramping up business…
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