The economic downturn triggered by the Covid-19 pandemic has caused unprecedented havoc on businesses in India in almost every sector, which has been dubbed by the Organization for Economic Cooperation and Development (OECD) as the biggest peacetime downturn in a century. To offer respite to stressed businesses, the government of India has announced the suspension…
THE COMPANY behind the Bouldercombe Royal Hotel and associated hotels has been officially wound up, with more than $800,000 that will remain in outstanding debt. Roly Investments QLD Pty Ltd with director Roland Gooding operated businesses at the Royal Hotel, Bouldercombe, Princes of Wales Hotel, Blackall and Commercial Hotel, Longreach. Appointed liquidator David Hambleton of…
On 26 June the long-awaited Corporate Insolvency and Governance Act 2020 came into force and introduced emergency measures to provide protection to directors of companies which continue to trade notwithstanding the threat of insolvency, and to prevent, where possible, companies entering into insolvency due to COVID-19. Wrongful trading provisions in the Insolvency Act 1986 will…
Stuff-co-nz Sika Homes won awards for its builds, including for this home in Onehunga. Auckland housebuilder Sika Homes has gone into liquidation. The company was paid $121,000 through the Government wage subsidy scheme, but was put into liquidation on June 18. Liquidators Steven Khov and Kieran Jones said they had been advised Sika Homes’ failed…
Australian swimwear and fashion brand Seafolly is the latest business to fall into voluntary administration after being affected by the COVID-19 pandemic. The brand appointed KordaMentha as administrators after suffering crippling financial impact amid the coronavirus pandemic. Administrator Scott Langdon said in a statement it will be business as usual for customers as the administrators…
Wayne Beck brings a wide range of high-level experience to client engagements, including acting for creditors, creditor committees, debtors, insolvency practitioners, banks and other financial institutions, and purchasers of distressed assets in cross-border, multijurisdictional and domestic insolvency, corporate reorganization, recovery, turnaround and litigation matters. Wayne has also assisted with the restructuring of a number of…
Iconic Australian bikini brand Seafolly has gone into administration, citing the crippling financial toll COVID-19 has taken on the retail sector. The women’s beachwear fashion brand has been operating since 1975 and boasts 44 stores in Australia and 12 stores overseas. At one point it was largely considered to be the most well-known swimwear brand…
BUSBY Contracting’s liquidation is set to be wound up by the end of this year as its debts have blown out to almost $5 million. The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of under-quoting liquidation of associated major debtors and flooding of its project sites. It…
Pavement has filed for voluntary administration, citing 2020 as a year of difficulties for many retailers. The childrens clothing retailer has appointed Pitcher Partners, Andrew Yeo and Gess Rambaldi as administrators. We get customers who are totally obsessed with the brand, who send their mothers and grandmothers in with the instruction that they can buy…
A CONSTRUCTION company that billed itself as Brisbane’s premier home extension and renovation business is being wound up after going into liquidation owing more than $1 million. Total Lifestyle Builders Pty Ltd is insolvent and appointed Jarvis Archer from Revive Financial as liquidator on June 18 to wind up its affairs. Mr Archer said according…