The low-cost airline Bonza entered voluntary administration on Tuesday, after abruptly cancelling all of its flights after the repossession of its entire fleet that caught its CEO by surprise. Passengers were left stranded at a handful of airports when Bonza “temporarily suspended” all services on Tuesday with no notice, as the airline’s owners considered the…
Getty Images China’s property sector contributes roughly a quarter of the world’s second biggest economy A court in Hong Kong has ordered the liquidation of debt-laden Chinese property giant Evergrande. Judge Linda Chan said “enough is enough”, after the troubled developer repeatedly failed to come up with a plan to restructure its debts. The firm…
A beloved US burger franchise which had big plans to expand into Australia has entered voluntary administration. Late yesterday, KPMG’s David Hardy, George Georges and Emily Seeckts were appointed administrators of CJ’s Group, which is the master licensee for Carl’s Jr in Australia. The burger chain, which opened its first store in Australia in 2016,…
Melbourne-based tech start-up E-Mersion Media has sensationally collapsed with debts of over $12 million. According to liquidator Mathew Gollant’s report, the company, which specialised in digitising traditional print magazines, had been at a loss since its inception. The media-tech company only managed to make four sales in the four years it was in operation, coming…
In short: Travellers are stranded in Vanuatu after the country’s national airline cancelled international flights until Sunday. The airline confirmed its owner, the Vanuatu government, is considering putting it into voluntary administration. Australian tourists booked to fly back on the airline are waiting to hear when they can travel home. Australian tourists are stranded in Vanuatu…
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Tigerlily has been rescued once again with Seafolly purchasing its swimwear competitor out of its second voluntary administration. Boho swimwear brand Tigerlily has once again been lifted out of voluntary administration, this time by fellow swimwear brand Seafolly. Tigerlily was founded nearly 25 years ago in Sydney. The swimwear company fell into voluntary administration for…
UBS to liquidate $2 bln real estate fund as office downturn bites Reuters Read the original article here
Rex Airlines has announced it has gone into voluntary administration and cancelled all flights between major airports. A statement posted on Rex’s website on Tuesday said Regional Express Holdings Limited and a number of its subsidiaries under the Rex Group have entered voluntary administration. Ernst & Young Australia have been appointed administrators. The statement said…
About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class…