British and Australian-owned tour operator Tucan Travel has become the latest industry player to succumb to the impact of COVID-19, ceasing to trade with immediate effect. No further bookings are being taken by the company, and customers with existing bookings will not be able to travel as planned, according to a statement on its website.…
Aussie car mover Autocare Services has entered into voluntary administration as volatile market conditions and low sales of new cars put enormous pressure on the businesses’ bottom line. Autocare Services specialise in shore-to-door vehicle delivery, which boils down to storing and distributing new cars to dealers, corporate clients and leasing companies. The business employs almost…
Date: 04.02.2021 Vehicle logistics service feels pinch from car market downturn The company says Covid-19 has also contributed to market volatility Intermodal operator Linx Cargo Care Groups (LCCGs) car-carrying arm, Autocare Services, is placed into voluntary administration. In a statement, LCCG notes the decision to place Autocare Services into voluntary administration was necessary due to…
Corporate insolvencies fell by 27.1 percent for 2020 in England and Wales but the statistics dont convey the distressed situation many businesses across the UK find themselves in, according to Azets restructuring and insolvency partner, Stephen Grant. At face value, the reduction in corporate insolvencies seems like cause for celebration, but these numbers mask the…
There are several reasons a company might liquidate. It might be the case that the company is insolvent and no longer has a viable future, it cannot pay its debts, or perhaps it is sustainable but the director has chosen to retire. Whatever the situation, it is important to understand the differences between compulsory and…
Metamaterial Inc. of Dartmouth, developer of high-performance functional materials and nanocomposites, announced Tuesday it has acquired specialized lens casting production from Swiss company Interglass Technology AG, which is in liquidation. Metamaterial is paying US$800,000 to acquire equipment and intellectual property, including more than 70 international patents, from Interglass. It plans to invest and expand its…
Metamaterial Inc. of Dartmouth, developer of high-performance functional materials and nanocomposites, announced Tuesday it has acquired specialized lens casting production from Swiss company Interglass Technology AG, which is in liquidation. Metamaterial is paying US$800,000 to acquire equipment and intellectual property, including more than 70 international patents, from Interglass. It plans to invest and expand its…
Real estate firm The Agency has ended a brief stint in administrationafter successfully fighting off a claim made by a former director. Director of investment group Magnolia, Mitchell Atkins, a former director at The Agency, appointed voluntary administrators BDOon January 19to pursue the real estate firm over a disputed fee of about $385,000, which he…
Pat Flynn A West Clare construction company is facing liquidation after the High Court was told examiners will not be able to save the business. The Currency reports that Keating Construction in Kilmihil will be wound up having faced debts of around 30 million. The firm employs around 150 workers and had been contracted to…
Toys “R” Us is closing its only two stores roughly a year after a highly anticipated relaunch of the storied brand. Tru Kids Inc., which bought the retailer in a 2018 liquidation sale, confirmed that its two locations in New Jersey and Texas that opened in late 2019 have permanently closed because of the pandemic.…