Source: Australian Securities and Investments Commission The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021. They have accounted for approximately 25% of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills…
What to do if you have a flight booked with Rex, as airline enters voluntary administration 9News Read the original article here
Corporate bankruptcy filings began ticking up in Australia and beyond in 2023, reflecting shifting macroeconomic conditions as rising global inflation prompted central banks around the world to respond by hiking interest rates. The numbers for 2024 are even higher, with some well-known brands, particularly in more vulnerable sectors like construction, retail and travel, among the…
$4m+ owed: How mining company collapse has hurt small business Townsville Bulletin Read the original article here
The Billson’s venue in Beechworth, Victoria. Sourse: Facebook /Billson’s Victorian distillery and tourist attraction Billson’s has entered voluntary administration, after what co-owner Nathan Cowan called “vast and incomprehensible” challenges to the business. Billson’s, which operates from a historic facility in the north-east Victorian town of Beechworth, reportedly tapped Rob Smith and Matthew Hutton of McGrath…
Published on January 30, 2024 The China Evergrande Group has US$300 billion in liabilities and on Monday was put into liquidation by a Hong Kong judge. Once the largest property developer in China, if Evergrande stops building it may impact the demand for Australian exports. Here’s how. China Evergrande Group is listed on the Hong…
Rex Airlines has announced it has gone into voluntary administration and cancelled all flights between major airports. A statement posted on Rex’s website late on Tuesday said Regional Express Holdings Limited and a number of its subsidiaries under the Rex Group have entered voluntary administration. The airline’s shares went into a trading halt this week…
Air Vanuatu put into voluntary liquidation, aims to resume operations Reuters Read the original article here
Major boost for passengers on embattled Rex Yahoo Finance Australia Read the original article here
In 2023, we saw an increase in both voluntary administration and receivership appointments in Australia. In the context of Australia’s economic climate this was unsurprising — debtor companies were grappling with volatile markets, supply chain disruptions and uncertain economic conditions, and secured lenders were invoking either or both of these regimes as a means of…