Workers have been left with unpaid superannuation after a cafe in an upmarket Brisbane suburb was sold earlier this year, as the liquidator of the previous owner’s company investigates the sale. ACCOUNTANTS will investigate if the sale of a Bulimba cafe to a relative of its previous owner was at fair market value as workers…
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An administrators report has shed some light on how Melbourne-based unlimited NBN retail service provider Mungi sank into voluntary administration only a year after it was founded. Mungi called in SM Solvency Accountants in November, blaming the inability to achieve the scale required to compete in the NBN market for its collapse. “We’ve tried our…
DetailsAtlas Advisors Australia The economic impact of significant falls in migration as a result of COVID-19 could be offset by restructuring the Business Innovation and Investment Program (BIIP), leading wealth manager Atlas Advisors Australia says. Executive Chairman Atlas Advisors Australia, Guy Hedley said an anticipated 85 per cent fall in migration in the 2020-21 financial…
DetailsDUBAI Phoenix Commodities, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than US$400 million (S$567 million) in potential trading losses, according a document prepared by the liquidators seen by Reuters. The business founded 20 years ago grew into a company generating US$3 billion in revenue last…
DetailsSean Pavone; Shutterstock Frankfurt: German insolvency law is being modernised Top 50 US firm prepares for significant increase in restructuring work as a result of Covid-19 US law firm K&L Gates has hired a three-partner team of restructuring lawyers in Frankfurt in a major addition to its German practice. The seven-strong team has made the…
DetailsThe business secretary will gain powers to extend deadlines for company filings to enable directors to focus on dealing with the impact of the COVID-19 crisis, under a package of new government measures to be unveiled this week. Sky News has obtained a summary of the eight measures to be included in the Corporate Insolvency…
DetailsONE of the region’s largest builders has gone into administration, citing coronavirus effects, tight lending conditions and a “financially catastrophic” Brisbane project as causes of the collapse. FTI Consulting has been appointed administrator of RGD Group Pty Ltd and RGD Constructions Pty Ltd, both directed by Ron Grabbe. The major Coast builder sent written notices…
DetailsONE of the region’s largest builders has gone into administration, citing coronavirus effects, tight lending conditions and a “financially catastrophic” Brisbane project as causes of the collapse. FTI Consulting has been appointed administrator of RGD Group Pty Ltd and RGD Constructions Pty Ltd, both directed by Ron Grabbe. The major Coast builder sent written notices…
DetailsAn administrator appointed to manage the finances of embattled NBL franchise the Illawarra Hawks has recommended the team liquidate its remaining assets. Key points: A preliminary report obtained by the ABC reveals the administrator has advised creditors the company has outstanding debts to players and staff of more than $770,000, and that it is in…
DetailsAtlas Advisors Australia The economic impact of significant falls in migration as a result of COVID-19 could be offset by restructuring the Business Innovation and Investment Program (BIIP), leading wealth manager Atlas Advisors Australia says. Executive Chairman Atlas Advisors Australia, Guy Hedley said an anticipated 85 per cent fall in migration in the 2020-21 financial…
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