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Looking into the crystal ball at the start of the year to forecast future trends isn’t possible, but one common theme that we expect will continue to impact upon both directors and officers and insolvency practitioners (IP) is the increasing rise of corporate insolvencies. The Insolvency Service recently published its monthly report for insolvencies…
The claim The Coalition has accused the government of laying waste to the manufacturing industry, citing an increase in the number of company insolvencies on Labor’s watch. In a January 16 opinion piece published in The Australian, Deputy Opposition Leader Sussan Ley blamed Prime Minister Anthony Albanese’s “lack of an economic plan, failed industrial policies and distracted…
ASIC’s annual insolvency data shows more than 11,000 companies entered external administration for the first time in 2023-24. While this is slightly higher than prior peaks seen in 2011-12 and 2012-13, it is proportionately smaller as there are now nearly 3.4 million companies in Australia compared to around two million in 2012. The current ratio…
In short: Regional carrier Rex has entered into voluntary administration but will continue to fly regional routes. Some Australian politicians have taken aim at Qantas for putting pressure on Rex by flying those regional routes. What’s next? An analyst says Rex could survive if it concentrates on regional routes. As Rex Airlines enters into voluntary…
Source: Australian Securities and Investments Commission The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021. They have accounted for approximately 25% of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills…
What to do if you have a flight booked with Rex, as airline enters voluntary administration 9News Read the original article here
Corporate bankruptcy filings began ticking up in Australia and beyond in 2023, reflecting shifting macroeconomic conditions as rising global inflation prompted central banks around the world to respond by hiking interest rates. The numbers for 2024 are even higher, with some well-known brands, particularly in more vulnerable sectors like construction, retail and travel, among the…
$4m+ owed: How mining company collapse has hurt small business Townsville Bulletin Read the original article here
The Billson’s venue in Beechworth, Victoria. Sourse: Facebook /Billson’s Victorian distillery and tourist attraction Billson’s has entered voluntary administration, after what co-owner Nathan Cowan called “vast and incomprehensible” challenges to the business. Billson’s, which operates from a historic facility in the north-east Victorian town of Beechworth, reportedly tapped Rob Smith and Matthew Hutton of McGrath…