Dunedin craft chocolate company OCHO has announced it is seeking voluntary liquidation with “no prospect of achieving future profitability under the current business model”. In a statement, OCHO Limited said the new board notified staff and shareholders that the company is “unable to trade out of its current financial situation” and have requested a special…
Dunedin craft chocolate company Ocho faces the prospect of being put into voluntary liquidation. The directors of Dunedin craft chocolate company Ocho are proposing to wind up the company amid financial difficulties. The board today notified staff and shareholders that it was seeking voluntary administration, saying it believes the company is unable to trade out…
Prescription software company MediSecure has gone into liquidation less than a month after being hit by a ransomware cyber attack, with affected doctors still unsure what personal information was stolen. The company, which stopped processing PBS scripts last year after the Federal Government awarded a sole provider contract to long-time rival eRX, was still processing…
Its official the Lifestyle Store has been placed into voluntary administration with debts believed to be in the millions. At 15.05pm yesterday, the liquidator of Theatre At Home, and ROQO Pty Ltd moved to place the Lifestyle Store into liquidation. A few minutes later the CEO of both the Lifestyle store and Theatre At Home…
In a bid to expedite the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), the government is mulling to reduce compliance burden on insolvency professionals (IPs). In a discussion paper floated on Monday, the Insolvency and Bankruptcy Board of India (IBBI) has proposed to streamline and reduce the number of CIRP…
A number of Northlanders, particularly elderly people, are now out of money after paying Flaming Fires for a fireplace and not having anything installed, liquidators say. Photo / Alex Cairns Fireplace customers are feeling left out in the cold and out of pocket after Whangarei retailer and installer Flaming Fires went into liquidation. One customer…
A 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…
In short: The director of a festival company has been accused of trading while insolvent and using income generated from events to pay her personal rent, which she denies. Many artists, musicians and other contractors of The Gathering of the Goddesses festivals in Victoria and Tasmania say they were not paid for their work and…
There are effective ways to reduce your debt without hurting your credit score in the process. Getty Images/iStockphoto With inflation and interest rates high, many consumers are struggling financially. The burden can be particularly heavy for those carrying credit card debt. The average interest rate on credit cards now sits at over 21%, up from…
A growing number of councils in England have declared bankruptcy since 2018, most recently Nottingham, Woking, Thurrock and Birmingham. With the situation in the devolved nations of the UK looking similarly precarious, the question of quite what has happened to local government finances in the UK is an urgent one. A council cannot, technically, go…