The news: Budget airline Bonza Aviation has entered liquidation after the company’s creditors held a second meeting on the future of the company on Tuesday. The context: In April, Bonza entered into voluntary administration after abruptly cancelling flights across Australia, stranding hundreds of domestic passengers, as it considered “the ongoing viability of the business”. Bonza’s…
DetailsTransport Workers’ Union Bonza creditors have today voted to liquidate the company, providing workers access to the government’s Fair Entitlements Guarantee scheme. However, the TWU warns regional Australia won’t reconnect with the rest of the country without a Safe and Secure Skies Commission. Approximately 500 Bonza workers were terminated on 11 June but the government’s…
DetailsAustralian 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,…
DetailsOver the past two years, voluntary administration has become an all-too-common phrase in the beer world, a sign of the challenges faced by the brewing industry at a time when the wider economy is experiencing an ongoing downturn. While the number of VAs represents only a small percentage of the entire brewing industry, the attention…
DetailsDarlinghurst Theatre Company has announced via social media and its website that its directors have resolved to place the company into voluntary administration as of 17 June 2024. The company was formed in 1993 by Glenn Terry. Housed in The Eternity Playhouse since 2013, the Darlo has been a mainstay of Australian theatre for three…
DetailsMajor private debt collector Panthera Finance has appointed new directors and put parts of the company into administration as it seeks to sell off its scandal-plagued business. Last month, Guardian Australia revealed Panthera, one of the countrys biggest private debt collection firms, had circumvented a blacklisting designed to stop it from operating in Victoria and…
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,…
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”…
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…
DetailsRealty developer Supertech, which has several ongoing projects in Delhi and NCR region, was declared insolvent by National Company Law Tribunal (NCLT), news agency PTI reported. A Delhi bench of NCLT has admitted the plea of Union Bank of India over non-clearance of dues. This is the second major setback for Noida-based developer in the…
Details