Australian airline Bonza will be placed into liquidation just months after going into involuntary administration. On Tuesday, administrator Hall Chadwick announced the news following a second meeting of creditors, where it was revealed that they had not received any offers for the sale of Bonza. The Administrators ran an extensive sales campaign involving numerous investors,…
Details0.0004 (0.06%)0.06% 5.90 (0.08%)0.08% 10.20 (0.13%)0.13% 3.51 (0.08%)0.08% 143.87 (0.81%)0.81% 270.45 (0.67%)0.67% View all Updated Jul 3, 2024 11.41am, first published at 7.18am Key Posts Advertisement Go to latest Pinned post 11.31AM Retail trade rose 0.6pc in May, overshooting forecasts Joshua Peach The number: Australian retail trade rose 0.6 per cent in May, compared to…
DetailsBooktopia has entered voluntary administration after failing to secure emergency funding. In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring. “The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are…
DetailsThe number of companies entering external administration has hit a ten-year record high last month, illustrating the mounting pressures on businesses. John Park, senior managing director at FTI Consulting, outlines why and how businesses of all sorts and sizes should be taking sensible precautions. For the nine-month period from 1 July 2023 to 31 March 2024,…
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…
DetailsThere has been an increase in company insolvencies in Australia. Startups and early-stage technology companies have not been shielded from this, with recent high-profile collapses including Tritium and Milkrun. In this article we discuss insolvent trading risks, the state of the startup market, unique risks to startups and the protections offered by the “safe harbour”…
DetailsA15LE E battery-electric bus (Photo: Van Hool) Belgian bus OEM Van Hool has been declared bankrupt by the Commercial Court of Mechelen, a court in Belgium which deals with commercial litigation. According to media reports the company had accumulated a debt of 400 million. This was further compounded by a family inheritance dispute over shares…
DetailsA recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…
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.…
DetailsKatie Price has been declared bankrupt for a second time.The former glamour model – who was previously declared bankrupt in 2019 – owes more than 750,000 to HM Revenue and Customs (HMRC) and failed to respond to the organisation over the debt, a court was told on Monday (19.03.24).Insolvency and Companies Court Judge Sebastian Prentis…
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