Crown Group co-founder Paul Sathio, who lost control of the business when it was pushed into liquidation last year after 25 years of operation, finds himself a further $6 million out of pocket after failing to raise enough funds to buy one of his former company’s largest development sites. Crown Group, founded by Indonesia-born businessmen…
DALLAS — Australia’s third-largest airline, Rex (ZL), has entered voluntary administration and canceled flights on several routes. Australia’s Regional Express, known locally as Rex, has grounded all its Boeing 737 aircraft. The airline has suspended its flights between Australia’s major cities. However, ZL will continue to operate flights to and from regional cities, operated by…
There has been an increase in company insolvencies in Australia. Startups and early-stage technology companies have not been shielded from this, with recent high-profile collapses including Tritium and Milkrun. In this article we discuss insolvent trading risks, the state of the startup market, unique risks to startups and the protections offered by the “safe harbour”…
Creditors for budget carrier Bonza have today voted to liquidate the company after administrators failed in a bid to find a buyer. About 500 workers were sacked almost two months later and have been collectively owed an estimated $10.8 million in entitlements. Creditors for budget carrier Bonza have today voted to liquidate the company after…
Rex collapses with 600 jobs at risk as all capital city flights axed Sydney Morning Herald Read the original article here
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didn’t eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
In a published notice from the Australian Securities and Investments Commission (ASIC) last week, it was revealed that start-up superannuation fund GigSuper has entered voluntary liquidation. At a general meeting on 24 June, it was resolved that the company would be wound up and that principal at DW Advisory, Paul Gerard Weston, would be appointed…
Rex passengers facing flight switches after the regional airline went into voluntary administration are urged to not try to organise their new trips at the airport. The company confirmed the news in a statement on Tuesday night, following mounting speculation after it suspended share trading on the ASX on Monday. Flights between major airports have…
New Delhi: The ministry of corporate affairs (MCA) is working on increasing the recovery from its corporate insolvency process under the insolvency and bankruptcy code, said MCA secretary Manoj Govil at an event in New Delhi on Monday. This aligns with the government’s plan to increase ease of doing business, Govil said. Ease of doing…
A key business behind home builder Modco Residential has been sent to liquidation one year after the embattled construction company collapsed. Modco and Ms Lu Holdings were linked to ‘glamour couple’ Cynthia Lu and Yusuf Khan — Ms Lu was director of Ms Lu Holdings while Mr Khan was registered as Modco’s supervisor with building…