Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June, the government introduced emergency coronavirus legislation to suspend the threat of liability for such ‘wrongful trading’. This protection runs out on…
A Brisbane special effects company which worked on Hollywood blockbusters, including Peter Jackson’s King Kong, has gone into liquidation. SLB Media, trading as Steve Boyle Studios, collapsed this week owing $55,873 to four creditors following a major downturn in the film industry. Company owner Steve Boyle, a long-time employee of the film industry, worked on…
Hedge funds and private-equity firms financing JC Penneys bankruptcy, meanwhile, would take ownership of some stores and distribution centres after forgiving portions of the companys $US5 billion debt load, one of the people said. The lenders, led by H/2 Capital Partners, would own those assets in two separate real estate investment trusts. Loading The iconic…
Aussie fashion brand Colette by Colette Hayman has been officially sold out of voluntary administration, with a new owner announced today but the businesss bricks-and-mortar presence has been cut by a third. The new major shareholder and executive chairman, revealed in an announcement this morning, is ex-Myer and Edcon CEO Bernie Brookes, while John Skellern…
Virgin Australia has slashed a string of regional routes from its network as part of its restructure after it was crippled by the coronavirus pandemic. Under its new US owners Bain Capital, who took over the aviation company in late June after it went into voluntary administration, the airline has cut flights from Ayers Rock,…
By Wayne Robinson | 9 September 2020 The number of Australian businesses going into liquidation or administration plummeted to way below normal levels in July and August, leading to fears of the true state of many businesses, with printers warned to ensure they keep a tight rein on credit terms. Warning: keep a close eye…
BIGAMBUL Limited has been placed in voluntary administration. The entity, which is headquartered in King Scrub, was placed in the hands of Mackay Goodwin’s Thyge Trafford-Jones on August 19. According to minutes of the creditors meeting on August 28, a preliminary review “failed to identify any asset of the company”. The minutes said the Australian…
A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector. Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company…
A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector. Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company…
The Australian Securities and Investments Commission is monitoring companies linked to the former director of a failed Coast-based training firm which pocketed almost $80 million in government funding before its collapse. The advice was given to Fairfax MP Ted O’Brien, who had sought further information from the regulator about its treatment of SmartCity Vocational College,…