The cost of restructuring at Virgin Australia kept the airline underwater in the final quarter of 2016. The underlying loss before tax of $21.9 million for the three months was an improvement of $15 million on the corresponding period the year before. The result includes the impact of previously announced charges, mainly restructuring. For the…
SINGAPORE – Mainboard-listed offshore services firm Swiber Holdings has made an application to wind up the company and place it into provisional liquidation, it announced on Thursday (July 28). The High Court of Singapore has appointed Cameron Lindsay Duncan and Muk Siew Peng as the joint and several provisional liquidators of the company. The winding-up…
Dick Smith Holdings creditors have voted to place the failed business into liquidation in a last ditch effort to recoup some of their lost money. The second meeting of creditors, held in Sydney yesterday, saw Joseph Hayes and Jason Preston of McGrathNicol, appointed as liquidators of DSHE and its Australian subsidiaries. The New Zealand operations,…
The final remaining unrated professional indemnity insurer has been ordered to stop writing any new business after suffering a financial collapse. The Gibraltar Financial Services Commission said today it has intervened in the operations of Enterprise Insurance Company PLC after being informed that the business was insolvent and unable to secure additional funding. Advertisement Enterprise was…
News that Australias third-largest pizza chain Eagle Boys has been placed in administration suggests a bleak future may lie ahead for the company. Administrators have indicated they are in the process of identifying restructuring measures”. But research by ARITAs Mark Wellard (formerly from QUT) on the effectiveness of voluntary administration indicates that a sustainable rescue…
Retail billionaire Sir Philip Green has been savaged by MPs in a report into the collapse of department store BHS, which he owned from 2000 until March last year. The Work and Pensions Committee and the Business, Innovation, and Skills Select Committee have been holding a joint inquiry into the collapse of BHS, which fell…
Updated July 22, 2016 2:36 p.m. ET More than 120 Hastings Entertainment stores are set to begin going-out-of-business sales this weekend after a pair of liquidators won court approval to buy its assets. The joint venture between Hilco Merchant Resources LLC and Gordon Brothers Retail Partners received approval on Thursday from a judge in the…
Indias corporate litigation domain is on the verge of a major overhaul as the National Democratic Alliance (NDA) government seeks to improve the ease of doing business with a series of measures to accelerate dispute resolution. Over the last two years, the government has already unveiled a number of measures to ensure that the time…
Photo by Max Efrein. The Prescott areas sole Hastings is closing along with the companys 122 other brick and mortar locations throughout the country. No firm closure date has been released. PRESCOTT – The fate of Hastings has been determined. The company has been purchased by a joint venture that will…
The fast food industry can be a brutal business. When it is wrapped around a franchise system, it can be even more so. The latest to feel the pain is one of the country’s biggest pizza chains, Eagle Boys, which plunged into administration a week ago, throwing its franchise network into panic. Over the past…