Mighty Craft Appoint Voluntary Administrators

Mighty Craft has entered voluntary administration so that a decision can be made about whether or not the business should continue as a going concern.  In an announcement to the ASX today, the business said they had appointed Liam Healey and Quentin Olde from specialist restructuring firm Ankura as joint administrators. The announcement follows a…

EY comments on company insolvency data for Q3 2023 | EY

Simon Edel, UK Turnaround and Restructuring Strategy Partner at EY-Parthenon:  “Today’s insolvency figures illustrates how the challenging trading conditions facing UK companies is translating into distress. Company insolvencies in Q2 and Q3 2023 reached their highest level since Q2 2009, whilst administrations saw a 58% year-on-year uplift.   “Since the pandemic, insolvency activity had been heavily…

NZ workers have few protections if their employer goes bust – fixing the Companies Act would help

When independent supermarket startup Supie went bust last month, the company’s 120 employees were told they wouldn’t be paid for their last two weeks of work, or receive any of their owed annual leave pay. The subsequent appointment of voluntary administrators again highlighted New Zealand’s limited protection for employees when their employer becomes insolvent. Supie’s…