A building company that recently collapsed owes creditors in excess of $13 million while a handful of customers claim they are set to lose the sum total of the money they paid as a deposit. At the end of last month, the Victorian Supreme Court ordered residential builder Apex Homes Australia Pty Ltd to go…
By Brett Lackey For Daily Mail Australia Published: 09:55 AEDT, 12 March 2024 | Updated: 20:44 AEDT, 12 March 2024 The debts of a failed group of manufacturing companies have ballooned to nearly $80million in what is set to be one of the year’s biggest corporate collapses. GDK … Read the full article at: https://www.dailymail.co.uk/news/article-13185045/GDK-Group-collapses-owing-nearly-80million.html
During the pandemic, many jurisdictions amended their insolvency laws to lessen the impact of the pandemic. In some cases, these amendments operated on a temporary basis until the impact of the pandemic abated. In other cases, more permanent reforms were introduced to improve insolvency legislation generally. In Australia, as noted in the recent report of…
The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah ONeill, has handed down its final report into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. The Committee has made some far-reaching recommendations in the Final Report,…
More than 120 Australian jobs are in limbo after a Sydney pizza chain announced it was going into administration. Bondi Pizza has revealed three of its restaurants, located in Macquarie Park, Parramatta and Eastgardens, have been badly hit by economic conditions that kicked off during the COVID pandemic. The only location that hasnt been included…
Redback Technologies, an Australian inverter and battery company, is trying to secure new investment after entering voluntary administration this week. March 8, 2024 Bella Peacock From pv magazine Australia Brisbane-based Redback Technologies has entered voluntary administration and is now actively seeking new investment. McGrathNicol Restructuring has been appointed as voluntary administrator of Redback Operations Pty.…
Mar 9, 2024 5.00am Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? National Disability Insurance Scheme software provider GoodHuman has been forced into liquidation amid a court ruling that it has nearly $3 million in debts. The Melbourne-based company, which sells…
Success would mean that, when it comes to winning restructuring business from Hong Kong, A&M will be totally unassailable for years, a former colleague of the pair said. A long-established team Middleton and Wong have worked together for more than two decades, starting at KPMG in 2002 when Middleton ran a team Wong worked on.…
Another chapter has been added to the troubled history of northern meatworks in Australia with the Kimberley Meat Company near Broome in WA and its parent company being placed into voluntary administration. Kimberley Meat Co plant near Broome Administrators were appointed to the Kimberley Meat Company on 27 February and to its parent company Yeeda…
Many companies resort to restructuring in the face of financial challenges. Its a process where an entity revamps its financial and operational framework to mitigate distress and boost business performance. In the United Arab Emirates, the restructuring and insolvency landscape has evolved substantially. And it has taken inspiration from best practices across the globe. After…