The economy is slaughtering Aussie businesses and there’s no sign of things letting up. Company collapses surged in February and reached a level that hasn’t been seen for the past nine years, according to new data released on Monday by the corporate regulator, the Australian Securities and Investments Commission (ASIC). “Insolvencies are increasing significantly,” Cliff…
Greek Aussie run tech start-up E-Mersion Media was allegedly losing money from the start, long before its collapse earlier this year. According to news.com.au, the Melbourne based company with offices in the UK had debts of more than $12 million when it went into liquidation in April this year. E-Mersion’s sole director is John Iliopoulos.…
Following months of speculation surrounding Mighty Craft’s debt, divestment and restructuring efforts, the brakes have been put on the craft industry accelerator as it enters voluntary administration. Over the past year Mighty Craft has sold its Mismatch and 78 Degrees brands, appointed a new Managing Director, who has subsequently stood down, and also appointed a…
The real world is made up of some significant dramas that don’t announce themselves in advance to a majority of people. As the old maxim goes: “No one rings the bell” for all to hear when a stock market is about to crash. Similarly, a significant slowdown or even a recession can surprise a lot…
By Hilary Russ (August 14, 2024, 9:26 PM EDT) — AllHere Education Inc., the Boston-based Harvard Innovation Labs venture that sold AI-powered chatbots to schools, filed for Chapter 7 liquidation in Delaware on Tuesday amid concerns about the privacy of students’ data…. Law360 is on it, so you are, too. A Law360 subscription puts you…
There is uncertainty about the future of Rex – Australia’s third-largest airline – after it entered voluntary administration and grounded all of its flights between capital cities. The Albanese government held crisis talks with Rex on Tuesday and appeared willing to step in to save parts of the airline’s operations. While Rex jet services between…
The number of corporate bankruptcies in Japan rose 28.3% from a year earlier to 783 in April as smaller firms struggled to pass on higher costs stemming from rising prices to customers, credit research firm Tokyo Shoko Research has said. It was the first time in four years for the number of bankruptcies to exceed…
Cafe company plunged into liquidation Townsville Bulletin Read the original article here
Rex flies to 56 destinations including many in regional Australia such as Port Macquarie, Coffs Harbour, Orange, Dubbo and Albury in NSW, Mount Gambier in South Australia, Burnie and Devonport in Tasmania, Cairns and Mt Isa in Qld and Mildura in Victoria. Read the original article here
The most affected sectors include electricity, gas, water and waste services, with an 89% increase, followed by education and training (87%), and mining (72%). The information, media and telecommunications sector was the only one to show improvement, with a 2% decrease in insolvency rates. Small businesses in the electricity, gas, water and waste services sector…