Unprofitable building contracts, cost blowouts, planning delays, labour shortages, red tape and other challenges sent nearly 3000 building companies broke in the last financial year, new official insolvency figures show. According to corporate watchdog ASIC, there were 2832 construction industry insolvency appointments for the 2024 financial year until June 16, an increase of 28 per…
Gone are the days of Galera: Biotech says goodbye to staffers and initiates wind-down Fierce Biotech Read the original article here
Billson’s Beverages has gone into voluntary administration, McGrathNicol Restructuring has been appointed administrator. The company is family owned, based in Beechworth, Victoria and had been operating for seven years. In a post on Linked In, co-founder and director, Nathan Cowan said it had been an “excruciatingly difficult decision”. “Together with the team, we’ve poured our…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…
25-year Brisbane weight loss clinic enters liquidation Courier Mail Read the original article here
REX -REGIONAL EXPRESS HOLDINGS LIMITED ENTERS VOLUNTARY ADMINISTRATION Sydney Times Read the original article here
The Australian startup ecosystem is facing its next wave of financial challenges. With a 54% decline in capital raised by Australian startups in 2023 and a 14.5% rise in insolvencies, Australian startups are financially strained. For those operating in the capital-intensive tech sector in particular, the time between funding rounds is harder than ever. Tech…
Gone are the days of Galera: Biotech says goodbye to staffers and initiates wind down Fierce Biotech Read the original article here
Just hours into the start of a new work week, it was all hands on deck inside Rex’s unassuming head office in the heart of Sydney. On Monday, the publicly listed regional carrier had entered a trading halt of the Australian Securities Exchange (ASX), pledging to deliver an update about the company by Wednesday. Less…
“The construction industry previously gained the benefits of low interest rates and stimulus policies, which led to increased demand for construction services,” A/Prof. Dechter explains. “Following the boom and entering the period of high interest rates and high building materials costs, as well as increasing labour costs, the sector became less profitable.” According to Professor Richard…