File photo courtesy of Seafolly SPONSOR Iconic Australian swim brand Seafolly has gone into voluntary administration citing the crippling financial impact of the COVID-19 pandemic. Voluntary administration is somewhat similar to the bankruptcy process in the U.S. The restructuring firm in charge of managing the Seafolly process said it will immediately put the brand up…
Monday, July 6, 2020 On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of temporary measures to assist companies facing financial difficulties as a consequence of COVID-19. These temporary provisions apply retroactively to cover the period commencing 1 March 2020 (26 March 2020 with respect to corporate…
AvnerRadomskyandMichaelGoldstein, directors ofRG Insolvency, were appointed as joint liquidators of Twinmar on 19 June. A new subsidiary of the Twinmar Group, Twinmar London, bought Sole Trader’s assets, including its stock. It will permanently close eight of its37 stores in the UK, including its branches in Westfield Stratford City and Milton Keynes. The 29 remaining Soletrader…
Mayfair 101s IPO Wealth declared voluntary administration and appointed administrators from Cor Cordis in an attempt to prevent its trustee, Vasco, to prevent a fire sale of its assets. But the Supreme Court of Victoria has now decided that it was appropriate for Vasco to appoint receivers from insolvency firm Dye & Co a move…
KAVINDA HERATH/STUFF Dave Hewetts financial position was described in the creditor compromise offer as being exhausted. Former All Black Dave Hewett has done a deal with creditors to prevent the liquidation of his home-building business. Hewett, the sole director and shareholder of Bainbridge Homes, sought a deal with creditors after realising the company could not…
KAVINDA HERATH/STUFF Dave Hewetts financial position was described in the creditor compromise offer as being exhausted. Former All Black Dave Hewett has done a deal with creditors to prevent the liquidation of his home-building business. Hewett, the sole director and shareholder of Bainbridge Homes, sought a deal with creditors after realising the company could not…
Warning: This article discusses suicide and could be upsetting to some readers. The family of an Auckland businessman who took his own life during the liquidation of his company have spoken out about the tragedy. Lloyd Green was found dead in December 2016. Green had mental health issues that he hid from his family and…
The remaining assets of former dairy co-operative, Murray Goulburn, have been placed into voluntary liquidation. Most of the assets of the once dominating dairy processor were sold to Saputo in 2018, but a shell company remained to finance litigation and pay for the costs of winding up the company. The company had its roots in…
QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
IN 16 years of business in Central Queensland Geoff Gumley estimates he has lost between $250,000 to $400,000 in bad debt from other companies who owe him money who are now in liquidation. The owner of CQ Fasteners, which has stores in Rockhampton and Yeppoon, said while it is very frustrating, it has just become…