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…
A statement posted on Rex’s website late on Tuesday said the administration affected parent company Regional Express Holdings Limited and a number of its subsidiaries trading under the Rex Group name. Samuel Freeman, Justin Walsh and Adam Nikitins of Ernst & Young Australia have been appointed joint administrators by the Rex board. Rex’s regional Saab…
Unprofitable building contracts, cost blowouts, planning delays, labour shortages, red tape and other challenges sent nearly 3000 building companies broke in the last financial year, new official insolvency figures show. According to corporate watchdog ASIC, there were 2832 construction industry insolvency appointments for the 2024 financial year until June 16, an increase of 28 per…
Gone are the days of Galera: Biotech says goodbye to staffers and initiates wind-down Fierce Biotech Read the original article here
Billson’s Beverages has gone into voluntary administration, McGrathNicol Restructuring has been appointed administrator. The company is family owned, based in Beechworth, Victoria and had been operating for seven years. In a post on Linked In, co-founder and director, Nathan Cowan said it had been an “excruciatingly difficult decision”. “Together with the team, we’ve poured our…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…