A prominent Adelaide hotels syndicate that did secret deals with major breweries over access to an Adelaide pub’s beer taps has fallen into liquidation. Key points: The Bloody Mary Group ran a series of licensed venues across SA Its directors were previously ordered to pay $383,000 in damages Liquidators say the group has little assets…
STA Travel has been using New Zealand customers’ deposits for overseas holidays to cover company wages and office rent. Photo: File / Getty Images Additional funding may be required to try and recover creditor claims in the liquidation of budget travel agent STA Travel, which shut down owing more than $11 million. Liquidators from Deloitte,…
Greek community group, The Order of the Australian Hellenic Educational Progressive Association (AHEPA) NSW Inc has gone into voluntary administration owing approximately $3 million to creditors. Michael Hird and Alan Walker of Cor Cordis have been appointed as administrators. The amount owed relates primarily to legal fees and also for consulting fees connected to a…
DUBAI : AE construction giant that built the world’s tallest building the Burj Khalifa, Arabtec formally announced that it was going into liquidation after stakeholders found the financial situation “untenable”. “In recent years, limited liquidity in the construction sector impacted the progress of Arabtec’s projects and this has been exacerbated by the effects of COVID-19,”…
Shareholders of United Arab Emirates-based Arabtec Holding, which helped build the worlds tallest skyscraper, voted to dissolve the debt-laden firm in a move likely to threaten thousands of jobs and scores of suppliers and sub-contractors in the Gulf region. Construction companies that sprang up more than a decade ago as a building bonanza swept Dubai…
UAE-based Arabtec Holding, the builders of Burj Khalifa, the worlds tallest skyscraper, has decided to close down and file for liquidation, Bloomberg reported. As debts mounted, the shareholders of the company voted to dissolve the firm. The move is likely to threaten thousands of jobs and scores of suppliers and subcontractors in the Persian Gulf.…
The Corporate Insolvency and Governance Act 2020 was passed on 25 June 2020. The legislation has been in contemplation for a number of years, and has implemented a significant reform to the UK’s restructuring and insolvency framework. It has also implemented certain temporary measures that are designed to protect and support businesses, protect jobs and,…
The federal governments announcement that it would undertake the most significant reforms to Australias insolvency framework in 30 years is welcome news for many small businesses. For directors, it will be very important to carefully consider the information in the governments fact sheet outlining the reform process. BDOs business restructuring experts identified a number of…
DUBAI (BLOOMBERG) – Shareholders of United Arab Emirates-based Arabtec Holding PJSC, which helped build the world’s tallest skyscraper, voted to dissolve the debt-laden firm in a move likely to threaten thousands of jobs and scores of suppliers and sub-contractors in the Persian Gulf. Construction companies that sprang up more than a decade ago as a…
The former Bruce Woollen Mill in Milton. PHOTO: GERARD OBRIEN The liquidation of the Bruce Woollen Mill in Milton has been completed. In 2017, Insolvency Management Ltd principal Iain Nellies, of Dunedin, sold off the companys plant and equipment, which allowed secured creditors to be paid $350,000 as well as nearly $400,000 for costs such…