Simon Edel, UK Turnaround and Restructuring Strategy Partner at EY-Parthenon: “Company insolvencies in 2023 reached their highest annual total in 30 years reflecting the difficult business environment that companies have faced over the last 12 months. The final quarter of 2023 also saw the highest quarterly number of Creditors Voluntary Liquidations (CVLs) since this data started to…
A civil construction company has gone bust, leaving millions in unpaid debts and dozens of workers out of a job. Mainscarf, which trades as Hansen Constructions NQ, fell into voluntary administration on January 3, with administrators David Stimpson and Michael Brennan of SV Partners appointed to take control of the North Queensland company. A report…
Wall Street’s main stock indexes closed higher on Tuesday, boosted by gains in Tesla and megacap growth stocks, but volumes were thin ahead of the July Fourth holiday and the closely watched release of June nonfarm payrolls on Friday. The US Job Openings and Labor Turnover Survey, or JOLTS, showed job openings increased in May…
1 min read Last Updated : Feb 20 2024 | 11:04 PM IST Over one-third of the corporate insolvency resolution processes that were withdrawn after admission resulted in full settlement with the creditor who filed the insolvency application, the latest data by the Insolvency and Bankruptcy Board of India (IBBI) shows. A total of…
An Australian manufacturer, with sites in the US and Malaysia, has collapsed owing a staggering $29 million. The 60-year-old company, called Camatic Pty Ltd and trading as Camatic Seating, designed, manufactured and installed seating in stadiums, arenas, cinemas, theatres, educational institutions and transit areas around the world. On its website, the firm boasted it had…
The Albanese Government has today announced it will guarantee regional flight bookings for Rex customers throughout the voluntary administration process. Regional travellers can continue to book flights on REX during the process with the certainty that they will either fly or get their money back. “Rex’s continuation is in the best interests of Australia –…
IBC | CIRP Of Holding Company Cannot Include Subsidiary’s Assets: Supreme Court Case no. – Civil Appeal No. 4565 of 2021 Case Title – BRS Ventures Investments Ltd. v. SREI Infrastructure Finance Ltd. & Anr. The Supreme Court on Monday (July 23) held that a holding company is not the owner of its subsidiary’s assets…
More and more home builders are collapsing across Australia as soaring materials and labour costs cripple the companies working desperately to meet the country’s surging demand for houses. Data from the Australian Securities and Investments Commission shows a gathering pace of construction insolvencies in the past three years, with 2196 builders going bust in the…
Hello, it’s Harry here in Sydney. Here’s the news you need to start your day. Today’s must-reads:• Rex enters voluntary administration • BHP and Canva deals• Rio earnings Rex has entered into voluntary administration, the second domestic airline to fail this year in a market dominated by Qantas. Regional Express Holdings Ltd., as Rex is…
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