Union Standard International Group PTY LTD (USGFX) has revealed to Finance Magnates via a statement that it has entered into voluntary administration on the 8th of July 2020. According to the company, it has gone into voluntary administration to allow USGFX to restructure so that it can continue to provide financial services to its client.…
Tuchuzy founder Daria Sakic has regained control over the business. Sakic placed the designer retailer into voluntary administration last month, citing tough trading conditions. Theres been lots of sleepless nights,” she said of the voluntary administration period. “I feel responsible for the livelihood of my team but also wanting to be able to provide the…
Building on previous insolvency reforms, the UKs Corporate Governance and Insolvency Act 2020 has gone into effect. Our Finance Group explain how blending temporary measures to deal with the COVID-19 pandemic with permanent changes means the Act fundamentally reforms UK insolvency law. Directors receive temporary respite from liability and maintain control during insolvency A new…
STATE laws requiring retirement village owners to buy back freehold land they do not own have been blamed for the collapse of a Tin Can Bay retirement village into liquidation. The operators of Cooloola Waters Retirement Village have pointed to the legislation as a key factor in the company winding up last month, aged care…
The remaining assets of former dairy co-operative, Murray Goulburn, have been placed into voluntary liquidation. Most of the assets of the once dominating dairy processor were sold to Saputo in 2018, but a shell company remained to finance litigation and pay for the costs of winding up the company. The company had its roots in…
ACROSS Central Queensland there have been endless construction industry companies go into liquidation, from JM Kelly in October 2018, Metro Homes in June 2018 and Busby Contracting in February 2018. Across the state, there have been even more businesses go bust, affecting subcontractors everywhere including CQ like Ostwald Brothers’ $76 million liquidation in August 2017.…
AN AUSTRALIAN artist has revealed how a battle with mental health led to the difficult decision to put his world-leading fashion brand into liquidation. Few and Far Collective, the brainchild of artist Steen Jones, was founded seven years ago with the aim of giving tattoo artists from around the globe a platform to design products.…
File photo courtesy of Seafolly SPONSOR Iconic Australian swim brand Seafolly has gone into voluntary administration citing the crippling financial impact of the COVID-19 pandemic. Voluntary administration is somewhat similar to the bankruptcy process in the U.S. The restructuring firm in charge of managing the Seafolly process said it will immediately put the brand up…
Monday, July 6, 2020 On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of temporary measures to assist companies facing financial difficulties as a consequence of COVID-19. These temporary provisions apply retroactively to cover the period commencing 1 March 2020 (26 March 2020 with respect to corporate…
AvnerRadomskyandMichaelGoldstein, directors ofRG Insolvency, were appointed as joint liquidators of Twinmar on 19 June. A new subsidiary of the Twinmar Group, Twinmar London, bought Sole Trader’s assets, including its stock. It will permanently close eight of its37 stores in the UK, including its branches in Westfield Stratford City and Milton Keynes. The 29 remaining Soletrader…