An ipso facto clause is a contractual provision that allows one party to the contract to terminate or modify the operation of the contract upon the occurrence of a specified insolvency related event (such as the appointment of an administrator, receiver or liquidator) in respect of another party. From 1 July 2018, a moratorium on…
A tradie business has finally collapsed weeks after brutally sacking all its staff right before Christmas. News.com.au can reveal that on Wednesday morning, the Federal Court’s NSW division ordered Joinery Manufacturing Solutions Pty Ltd to go into liquidation over an unpaid tax debt. Tristana Steedman of insolvency firm RSM Partners has been appointed as the…
The Federal Government has announced it will guarantee regional flight bookings for Rex Airlines customers throughout the company’s voluntary administration process. In a statement, Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King said travellers can continue to book regional flights on Rex during this process “with certainty that they will either fly…
On 12 July 2023, the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) released its final report following an inquiry into the framework of Australia’s corporate insolvency laws (Inquiry). The Inquiry commenced in September 2022. The Inquiry has determined that Australia’s insolvency regime is not fit-for-purpose and requires major reform, with the Committee…
The historic Fisher House bar and grill in Highbrook was recently placed into liquidation. Photo supplied A flurry of online bidding is under way as east Auckland locals and punters further afield vie for the assets of the liquidated iconic Fisher House Restaurant, Cafe, Catering and Conference Centre. Under instructions from the liquidators of Fisher…
The Albanese government will not bid for Regional Express but moved to shore up confidence in the struggling regional airline’s services by saying it would guarantee flight bookings during the administration process. Rex collapsed into voluntary administration last month after management infighting and concerns among major lenders that its strategy to increasingly compete against Qantas…
Good things take time: Parliamentary Joint Committee delivers report on Australia’s corporate insolvency framework Herbert Smith Freehills Read the original article here
Above: Kingman were major winners at the 2022 HP ASGA Awards With more than 100 years of sign writing history, the most awarded sign company in Australia could by liquidated within days. Administrators for WA-based signage company, Kingman Signs, are expected to recommend liquidation at the second creditors meeting scheduled to be held on 5…
Plant-based meats venture ProForm Foods in voluntary administration Startup Daily Read the original article here
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Corporate insolvencies in England and Wales climbed to their highest level since the global financial crisis in the six months to September as businesses grappled with high borrowing costs and slowing demand, according to official…