Creditors of collapsed Western Sydney developer Toplace, which amassed debts of over $2 billion before founder and now fugitive Jean Nassif fled to Lebanon, voted on Tuesday to hold off liquidation of the group in favour of a scheme that may see them get a better payout. Known as a holding deed of a company…
Above: Sule Arnautovic from Salea Advisory Access Print Solutions, Graphic Print Group (GPG) and Graphic Web in Sydney and Adelaide are now for sale after entering voluntary administration with 50 employees affected. Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three businesses by the directors of the business. Arnautovic is a…
Introduction In October 2022, the Singapore International Commercial Court (SICC)’s procedural rules were amended to provide it with the jurisdiction to hear cross-border corporate insolvency, restructuring and dissolution proceedings. Highly respected restructuring and insolvency judges were also appointed to SICC’s panel of international Judges, to cement Singapore’s position as the Southeast Asian jurisdiction…
An Australian company has collapsed leaving a trail of creditors owed more than $900,000, including up to 20 customers who had paid deposits but never had the work done. Melbourne (Wholesale) Roller Shutters went into liquidation in March with 41 unsecured credits left out of pocket by $908,000, according to an initial report from liquidators…
Over the past two years, voluntary administration has become an all-too-common phrase in the beer world, a sign of the challenges faced by the brewing industry at a time when the wider economy is experiencing an ongoing downturn. While the number of VAs represents only a small percentage of the entire brewing industry, the attention…
When a black swan event happens, such as the 2008 financial crash or the COVID-19 pandemic, vulnerabilities and inadequacies of insolvency systems become evident. This is due to the impact of high levels of indebtedness, large volumes of non-performing loans (NPLs), and default risks. During these events, judicial insolvency procedures tend to be time-consuming and…
One of Western Australia’s biggest residential building companies has collapsed, with Collier Homes falling into liquidation after more than 60 years. The Australian Securities and Investment Commission confirmed the company would shut down, with Robert Conry Brauer and Linda Methven Smith, from McGrath Nicol, appointed as liquidators. Collier Homes was created in 1959 by Raymond…
In part one of The Secret Brewer: Voluntary Administration, a brewery owner discussed a number of their concerns surrounding the impact of two years of VAs across the local beer industry. We put a number of questions raised by the article to the people running breweries that have been through the VA process in the past…
Corporate insolvencies in England and Wales are now at their highest level since 2009. The rise in insolvencies follows the end to the Government’s Covid-19 support schemes, the buildup of debt post-pandemic, unprecedented inflation and interest rate increases. More frequently than ever, questions are being raised as to what happens if a company is suffering…
In short: Perth builders Collier Homes was placed into liquidation earlier this week, after more than 60 years in operation. It is the latest in a series of building company collapses that have plagued the industry nationwide since the COVID pandemic. The WA government said it stood by its post-COVID stimulus packages that ‘turbo-charged’ the market.…