Are you an owner or manager of a small business in Australia? If so, you may have felt the financial effects of the global pandemic COVID-19. Insolvency Guardian would love to know more about how you’re feeling during this time.
As coronavirus continues to sweep across Australia, lockdowns and restrictions have brought intense financial strain upon thousands of businesses, with many facing company liquidation. Because continued restrictions like social distancing have made it almost impossible for any business to escape the pandemic’s effects, it is more important than ever to know how to tell if…
James Packer has stepped down from his position as Crown Resorts director James Packer announced that he was stepping down as director on Monday, with immediate effect. Packer resigned as chairman of the company just four months ago. He served as a senior executive director until yesterday when the announcement was made. James Packer remains…
Baby goods retailer in NSW falls into voluntary administration My Baby Warehouse NSW operates 11 outlets in New South Wales, the company is continuing to trade but they have stopped issuing gift cards, refunds, and lay-bys. Robert Kite and Ozem Kassem were appointed as administrators on the 10th of December. The first creditor meeting will…
As many as 1 in 3 bank branches tipped to close Earlier this year it was estimated that as many as 1 in 10 bank branches in Australia would be closed as mobile banking continues to reduce the demand for physical branches. Now, some are predicting that as many as 1 in 3 bank branches…
BC Iron shuts Pilbara Mine Iron ore miner BC iron has announced that it will be shutting its Pilbara mine as a result of poor commodity prices. Hundreds of jobs are at risk after the company confirmed that it will suspend production at its Nullagine operations. The suspension is set to come into effect during…
International IT company enters voluntary administration Altech computers, a company with offices and warehouse in Hong Kong, Brisbane, Melbourne, Sydney, Adelaide, Perth, and Auckland has collapsed into voluntary administration. The business was established in 1997, was featured in BRW’s Fast 100, and was named Microsoft’s Australian distribution partner of the year in 2008. According to…
Dick Smith falls out of ASX200 S&P Dow Jones made a statement on Friday regarding the Dick Smith’s future in the ASX200. It was confirmed that the company would be removed from the ASX200 after close of trade on the 18th of December. Dick Smith has taken action after writing down the value of its…
Macquarie Bank cops criticism for ‘get rich quick’ pitches The bank is the target of customer backlash for allegedly failing to convey the risks and complexity of their financial products to unsophisticated investors. Financial advisor and self-described ‘Dream Maker’ Peter Spann has been accused of aggressively mass-marketing Macquarie structured investment products between 2006 and 2009…
100 franchisees show interest in legal action against 7-Eleven The lawyer in charge of preparing the class action has confirmed that 40 store owners had formally signed up for the class action suit, while another 60 had expressed interest. An independent panel was created to investigate the alleged wage fraud and so far the panel…