A training college for China Southern Airlines pilots operating from Perth’s Jandakot Airport has gone into voluntary liquidation, with more than 60 local staff losing their jobs. Key points: The training college for China Southern Airlines had employed 62 local staff A liquidator hopes to sell the college’s 37 planes and Merredin Airport The Wheatbelt…
Theres a sizable gap between what a company is worth in liquidation and what its worth while still operating, according to University of California at Berkeleys Amir Kermani and Chicago Booths Yueran Ma. Companies going through Chapter 11 restructuring are worth about twice as much when they are going concerns rather than liquidated, they write.…
Advertisement: Two of Australias big aviation stories in 2020 were the collapse of Virgin Australia and the grounding of Qantas international fleet. Both happened earlier in the year. One of the stories has played out. But the other still has some while to go. Virgin Australian collapsed and Qantas grounded its international fleet in 2020.…
High-profile construction group, Ganellen, placed one of its companies into administration last week, midway through a court battle over defects and only days after it was fined over the worksite death of a young apprentice. The Ganellen construction group was founded in 1998 by building magnate-turned-television star Peter Maneas. One of its entities traded for…
A national insolvency firm has announced the launch of its dedicated Asia desk, designed to provide Australian-Asian businesses with specialised advice and expertise. Jirsch Sutherland has launched the Asia Desk, which comprises a multinational team of high-calibre insolvency, restructure and recovery specialists who have a strong knowledge of both local and Asian business cultures, practices…
Administrators documents name it as a related entity to Icon Co (NSW) Pty Ltd, the company that built Sydneys cracked Opal Tower. At a recent creditors meeting it was revealed that the former of the companies is being chased over alleged defects in apartments it built at Rosebery, Waterloo, Hurstville, Bondi, Lane Cove, Greenwich and…
The latest effort to revive the struggling South Korean car maker has failed, and it is now seeking new investors. Struggling South Korean car maker Ssangyong says it is business as usual and will continue to sell and service cars in Australia despite filing for bankruptcy just days prior to Christmas 2020. Ssangyong has been…
The governments move to extend the suspension of fresh insolvency proceedings till the end of this fiscal might appear to be bowing to the inevitable. However, two qualifications are in order. One, giving a troubled company more time to turn around makes sense if the intervening period holds out any possibility of a turnaround, and…
White Marquee Event Hires parent company has been placed in voluntary administration, with debts estimated at $5.7 million, but there are hopes the Greek-Australian owned company can trade through. The company in question, Adelaide Event Group, also trades as Budget Party Hire and Renniks Events. Administrators SV Partners, who were appointed on December 21, said…
Tony Cochrane during his time at Supercars A company of former Supercars Chairman Tony Cochrane has been put into liquidation. International Entertainment Consulting Pty Ltd was established by Cochrane and his wife Thea Jeanes-Cochrane after he ended his role as Supercars head in 2012. It is believed that several identities from Australian motorsport were investors…