Online retailer Bax Music files for bankruptcy

Bax Music, a major seller of musical instruments and equipment, has been declared bankrupt by the Zeeland-West-Brabant court, De Telegraaf reports. The decision, made on Tuesday, follows the company’s request for a suspension of payments last week—often a precursor to bankruptcy. The company has struggled with financial difficulties in recent years, owing debts to various…

Jeanswest $20M Clearance Sale Amid Administration

Jeanswest, the iconic Australian fashion brand, has announced a major stock sale after entering voluntary administration. The company, once a dominant name in the Australian retail landscape, now faces a shift to an online-only model. The sale, which includes over $20 million worth of stock, will run through its physical stores and online platforms. Company…

AJF Partnership’s Parent Company GrowthOps Enters Voluntary Administration

The marketing and advertising services group GrowthOps has appointed liquidators McGrathNicol to wind up the business. The group comprises agencies including AJF Partnership, Khemistry, PENSO, GO Digital, Voodoo, FORWARD and Asia-Pacific Digital. GrowthOps liquidators are Katherine Soxou and Damien Pasfield, according to documents filed with the Australian Securities and Investments Commission. GrowthOps launched in 2017…

Corporate Insolvency in Australia – Australian Council of Trade Unions

Introduction The ACTU welcomes the opportunity to make a submission to this inquiry of the Parliamentary Joint Committee on Corporations and Financial Services because working Australians, their families and the wider community have a vital interest in the long-term viability and sustainability of well-governed and competently managed businesses (however they are structured) that provide secure,…