Rachel Mealey: There’s been a spike in corporate insolvencies as businesses feel the pressure from higher interest rates and a slowing economy. And there could be worse to come if rising inflation forces the Reserve Bank to hike interest rates again next month. For more, I spoke earlier with the ABC’s senior business correspondent, Peter…
The Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s order that allowed the Indian cricket board’s settlement with debt-laden edtech firm Byju’s. The top court asked the Board of Control for Cricket in India, an operational creditor to Byju’s, to deposit the settlement amount of ₹158 crore in a separate escrow account…
The latest company insolvency statistics for July 2024 highlight a significant increase in corporate insolvencies within Scotland, reflecting broader trends seen across the UK. The total number of registered company insolvencies has risen, driven by a challenging economic environment that has persisted over recent years. Creditors’ Voluntary Liquidations (CVLs) remain the predominant form of insolvency,…
Popular drinks company Billson’s collapses Hawkesbury Gazette Read the original article here
The federal government will guarantee all regional flight bookings for customers of Rex during its administration process over the next month. The guarantee translates, if Rex customers have their flights cancelled, they will be entitled to receive a full refund. The Australian Federal Government has announced it will guarantee regional flight…
DigiDirect founder Shant Kradjian. Source: Supplied The owner and founder of tech retailer digiDirect has purchased book marketplace Booktopia out of administration, but says there are no plans to copy Amazon by combining both businesses under one giant e-commerce brand. On Monday afternoon, insolvency and restructuring practice McGrathNicol announced digiDirect founder and owner Shant Kradjian…
Rex to axe more jobs after going into voluntary administration Mumbrella Read the original article here
Online retailer Booktopia has been bought by electronics retailer digiDirect, after the company went into administration due to severe financial difficulties. First founded in 2004, Booktopia was an Australian-based online book retailer, and competed with Amazon for online book sales. Booktopia entered voluntary administration in July with debts totaling around $60 million. This is after…
Above: Ben Eaton Starleaton administrators are recommending creditors accept a Deed of Company Arrangement put forward by company director Ben Eaton. Eaton has been confirmed as the ‘related party’ identified as offering a Deed of Company Arrangement (DOCA) the day before creditors were likely to vote that the business should enter liquidation. Starleaton administrators issued…
In short: Customers of a GJ Gardner Homes franchise had spent over a year urging the national company to intervene over ongoing workmanship problems and delays. The franchisee has now entered liquidation – but customers say it should have been resolved far sooner. What’s next: It follows the liquidation and bankruptcy of other GJ Gardner franchisees, but the…