Rex Airlines enters voluntary administration – The Courier
Rex Airlines enters voluntary administration The Courier Read the original article here
Parliamentary inquiry into corporate insolvency in Australia – Herbert Smith Freehills
Parliamentary inquiry into corporate insolvency in Australia Herbert Smith Freehills Read the original article here
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Australian airline enters voluntary administration with all flights cancelled between major cities
Share Tweet Share Share Email Australia’s third largest airline, Rex Airlines, has entered voluntary administration, leading to the cancellation of all flights between major airports. In a statement posted on their website, Rex announced: “Regional Express Holdings Limited and several of its subsidiaries have entered voluntary administration.” As a result, Rex has grounded all of…
The “ipso facto” prohibition in the Corporations Act applicable to corporate insolvency | Insight
An ipso facto clause is a contractual provision that allows one party to the contract to terminate or modify the operation of the contract upon the occurrence of a specified insolvency related event (such as the appointment of an administrator, receiver or liquidator) in respect of another party. From 1 July 2018, a moratorium on…
Joinery Manufacturing Solutions ordered into liquidation amid GDK Group’s $45m collapse
A tradie business has finally collapsed weeks after brutally sacking all its staff right before Christmas. News.com.au can reveal that on Wednesday morning, the Federal Court’s NSW division ordered Joinery Manufacturing Solutions Pty Ltd to go into liquidation over an unpaid tax debt. Tristana Steedman of insolvency firm RSM Partners has been appointed as the…
Federal Govt to honour Rex Airlines bookings
The Federal Government has announced it will guarantee regional flight bookings for Rex Airlines customers throughout the company’s voluntary administration process. In a statement, Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King said travellers can continue to book regional flights on Rex during this process “with certainty that they will either fly…
Calls to reform insolvency regime in Australia
On 12 July 2023, the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) released its final report following an inquiry into the framework of Australia’s corporate insolvency laws (Inquiry). The Inquiry commenced in September 2022. The Inquiry has determined that Australia’s insolvency regime is not fit-for-purpose and requires major reform, with the Committee…
Bidding war as iconic Fisher House’s assets go up for sale
The historic Fisher House bar and grill in Highbrook was recently placed into liquidation. Photo supplied A flurry of online bidding is under way as east Auckland locals and punters further afield vie for the assets of the liquidated iconic Fisher House Restaurant, Cafe, Catering and Conference Centre. Under instructions from the liquidators of Fisher…
Labor backs away from bailout, guarantees regional flights
The Albanese government will not bid for Regional Express but moved to shore up confidence in the struggling regional airline’s services by saying it would guarantee flight bookings during the administration process. Rex collapsed into voluntary administration last month after management infighting and concerns among major lenders that its strategy to increasingly compete against Qantas…