By Prosper Melomey, Bridgewater Advisors Limited Partner & Licensed Insolvency Practitioner This is a summarised article of that which was published in the Maiden Edition of the national insolvency journal, Corporate Insolvency and Restructuring Journal. Introduction The reality of corporate failure or demise is not much of a problem than the ability to predict or…
By Wayne Robinson | 22 May 2024 Momento Pro, the multi-award winning, pioneering, Sydney-based photobook printing company, has gone into voluntary liquidation, some 20 years after it was founded. Best in the world: Geoff Hunt and Libby Jeffrey with the Bennys Established in 2004, Momento was the first personalised photobook company in Australia and New…
Published on July 3, 2024 20-year-old online book retailer, Booktopia, which went public on the ASX in 2020, is on the brink of collapse. Booktopia has entered voluntary administration. Image source: Booktopia Booktopia has entered voluntary administration after the cash-strapped online book retailer failed to secure funding to improve its liquidity. In a statement to…
The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12…
Many remain stranded following the voluntary liquidation of Air Vanuatu, including over a dozen Australian student volunteers on Tanna Island and a number of Ni-Vanuatu seasonal workers in Australia. Accounting firm Ernst & Young took control of Air Vanuatu and initially said flights after Sunday were “under review” but there has been no update since.…
Dymocks will also ramp up its social and digital marketing, Newman said, adding that Booktopia’s announcement had already driven more traffic to its website. “It’s just about making sure we are still visible, present, and we’re there to serve any of those customers who choose to shop with us.” The average retail price of a…
Many policymakers have used safeguarding tools to protect funds against loss of value and illiquidity risk, but the rules may not provide sufficient safety in practice. For example, many common law countries require mobile money firms to store funds in a trust. A trust structure aims to ensure funds provided by customers are unreachable by…
NT company director’s death complicates liquidation NT News Read the original article here
Rex Airlines customers have been offered guaranteed regional flight bookings by the Albanese government on Thursday after the embattled company announced last month it had entered voluntary administration. In a statement, Infrastructure Minister Catherine King said travellers could continue to book flights with Rex as the process to determine the airline’s future was being considered.…
Allianz Trade does not expect a tsunami of business insolvencies as recorded in the aftermath of the great financial crisis, when global insolvencies skyrocketed by +17% and +19% in 2008 and 2009, respectively. However, the catch-up should be noticeable in several countries, in particular the advanced economies of Europe, due to specific firms (the most…