The ATO is “hell bent” on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. Insolvency Australia (IA) members said that recent activity showed the ATO was not only coming good on its promise to end its pandemic-era leniency but that it…
GigSuper goes into liquidation Financial Standard Read the original article here
Popular drinks company Billson’s collapses The Northern Daily Leader Read the original article here
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Crown Group co-founder Paul Sathio, who lost control of the business when it was pushed into liquidation last year after 25 years of operation, finds himself a further $6 million out of pocket after failing to raise enough funds to buy one of his former company’s largest development sites. Crown Group, founded by Indonesia-born businessmen…
DALLAS — Australia’s third-largest airline, Rex (ZL), has entered voluntary administration and canceled flights on several routes. Australia’s Regional Express, known locally as Rex, has grounded all its Boeing 737 aircraft. The airline has suspended its flights between Australia’s major cities. However, ZL will continue to operate flights to and from regional cities, operated by…
There has been an increase in company insolvencies in Australia. Startups and early-stage technology companies have not been shielded from this, with recent high-profile collapses including Tritium and Milkrun. In this article we discuss insolvent trading risks, the state of the startup market, unique risks to startups and the protections offered by the “safe harbour”…
Creditors for budget carrier Bonza have today voted to liquidate the company after administrators failed in a bid to find a buyer. About 500 workers were sacked almost two months later and have been collectively owed an estimated $10.8 million in entitlements. Creditors for budget carrier Bonza have today voted to liquidate the company after…
Rex collapses with 600 jobs at risk as all capital city flights axed Sydney Morning Herald Read the original article here
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…