Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Creditors of one of the main companies in René Benko’s Signa Group have alleged it fell into insolvency because of “illicit” financial transactions, not a downturn in the European property market. Their claim contradicts earlier…
A caravan company has suddenly collapsed, leaving dozens of customers out of pocket and a handful without homes. On Wednesday afternoon, Victorian-based Tango Caravans Pty Ltd plunged into liquidation. The business manufactured customised caravans and was headquartered in Somerton, Melbourne. Tyler Edmunds, a father-of-two, had been fearing the worst for months after being promised his…
Stay on top of all of the latest news about Rex’s voluntary administration, plus its impacts on travel and the travel industry in one place, right here. We’ll continue to refresh stories about Rex Airlines as they come to hand, so be sure to check back for the most current and accurate travel industry updates.…
Monster company collapses owing $80m news.com.au Read the original article here
In short: The Federal Court has granted Bonza administrators a two-month extension to find a solution for the embattled airline. Staff who remain stood down without pay say they’re desperate for money and can’t accept other jobs without risking their entitlements. What’s next: Administrators say employees and other creditors will be better off if the company avoids going into liquidation.…
The federal government will guarantee all regional flight bookings for customers of Rex during its administration process over the next month. Administrators were appointed to oversee Rex after the airline collapsed in late July, resulting in about 600 job losses. Federal Transport Minister Catherine King said the regional flight guarantee would provide certainty for Rex’s…
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Andrew Bayly’s big move: Companies Act to get a makeover BusinessDesk Read the original article here
Booktopia co-founder Tony Nash. Source: supplied. Australian online book retailer Booktopia has entered voluntary administration, following a first-half revenue downturn and struggles to secure additional funding. The ASX-listed company on Wednesday appointed McGrathNicol restructuring partners Keith Crawford, Matthew Caddy, and Damien Pasfield as voluntary administrators. The administrators are “undertaking an urgent assessment of Booktopia’s business…
The tax office is chasing more than $34 billion worth of debts owed by small businesses and self-employed Australians that were put on hold during COVID, and sometimes using aggressive enforcement action to collect the money, which experts say is sending some businesses to the wall. Some experts are predicting that the rate of insolvencies…