The number of companies filing for administration across the South West has jumped by 10% year-on-year, according to a report by Interpath Advisory. Analysis of notices in The Gazette by Interpath Advisory revealed that 55 companies based in the South West fell into administration in the first six months of 2023. This was up from…
The operator of Cafe Coffee Day chain, Coffee Day Global, was admitted for corporate insolvency last week. The coffee chain is facing bankruptcy case after IndusInd Bank filed a petition to the National Company Law Tribunal (NCLT), reported Economic Times citing sources. The company was admitted for corporate insolvency by the Bengaluru Bench of the…
Jul 12, 2023 Committee chair Deborah O’Neill says she hopes the report will provide the foundation for reform. -AAP Image Australia’s corporate insolvency system is too complex, hard to access and unnecessarily costly and needs a major overhaul. That is the conclusion of a long-running inquiry into the system by the federal parliament’s corporations and…
West Australian building company Modco Residential has entered voluntary administration, blaming rising costs and the media its downfall. The WA building regulator, Building and Energy, warned the public to be cautious when dealing with the company because it had significant reason to believe it was under financial stress, with several court cases launched against it.…
Wildlife lovers have been asked to dig deep and donate to a beloved marine park forced into voluntary administration, in a last-ditch effort to keep the business alive. Dolphin Marine Conservation Park in Coffs Harbour, one of only two facilities that take in and care for injured dolphins in Australia, has called for urgent support…
A Melbourne family are celebrating the news their builder has gone bust, finally giving them hope of finishing their partially-built home. Last Friday, Melbourne-based bespoke building company Avra Group (Aust) Pty Ltd collapsed into liquidation. Its a relief for David Favretto, 45, and his family, who have been in limbo all year as they waited…
Wildlife lovers have been asked to dig deep and donate to a beloved marine park forced into voluntary administration, in a last-ditch effort to keep the business alive. Dolphin Marine Conservation Park in Coffs Harbour, one of only two facilities that take in and care for injured dolphins in Australia, has called for urgent support…
Trouble-plagued builder Modco Residential has gone into voluntary administration blaming unprecedented industry challenges and intense media scrutiny. Director Damien Clancy said in a statement released on Monday that it was a moment of profound sadness for the fledgling company that was launched to great fanfare less than two years ago. Cynthia Lu and Yusuf Khan…
Paul OsborneAAP Australia’s corporate insolvency system is too complex, hard to access and unnecessarily costly and needs a major overhaul. That is the conclusion of a long-running inquiry into the system by the federal parliament’s corporations and financial services committee released on Wednesday. Premium Subscribers with digital access can view this article. Already a subscriber?…
The West Australian exclusive Embattled builder Modco Residential will enter into voluntary administration, issuing an emotive statement blaming industry challenges and the media for the collapse. By appointing GTS Advisory, Modco is likely avoiding a forced administration, with at least two unpaid creditors seeking to wind up the company in a legal matter that was…