The Board of Utenos Trikotazas Proposes to Shareholders to Approve the Restructuring of the Company The Management Board of Utenos Trikotazas (hereinafter – the Company) has decided to submit a proposal to the shareholders to initiate restructuring of the Company. The restructuring would be intended to ensure the company’s solvency and long-term business potential. Global…
DetailsWhat is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
DetailsNew Delhi: The ministry of corporate affairs (MCA) is working on increasing the recovery from its corporate insolvency process under the insolvency and bankruptcy code, said MCA secretary Manoj Govil at an event in New Delhi on Monday. This aligns with the government’s plan to increase ease of doing business, Govil said. Ease of doing…
DetailsThe Australian startup ecosystem is facing its next wave of financial challenges. With a 54% decline in capital raised by Australian startups in 2023 and a 14.5% rise in insolvencies, Australian startups are financially strained. For those operating in the capital-intensive tech sector in particular, the time between funding rounds is harder than ever. Tech…
DetailsIt has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
DetailsThe Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
DetailsKey Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…
DetailsOne of the last pillars of an award-winning Queensland chefs hospitality empire has gone bust, just a month after seven other sister venues collapsed. Cuisinier Australis Pty Ltd trading as Montrachet has called in administrators. Montrachet is a well known fine-dining French restaurant in the Brisbane suburb of Bowen Hills. The appointed administrators, Mark Holland,…
DetailsA key business behind home builder Modco Residential has been sent to liquidation one year after the embattled construction company collapsed. Modco and Ms Lu Holdings were linked to glamour couple Cynthia Lu and Yusuf Khan Ms Lu was director of Ms Lu Holdings while Mr Khan was registered as Modcos supervisor with building regulators.…
DetailsBooktopia is Australias leading online bookstore with more than four million titles. Credit: rawf8 / Shutterstock. Australian online retailer Booktopia has entered voluntary administration, following a voluntary suspension of share trading that occurred two weeks prior. Keith Crawford, Matthew Caddy, and Damien Pasfield, partners of restructuring and insolvency company McGrathNicol Restructuring, have been appointed as…
Details