Owners of retail chain Riot Art & Craft have closed down all of its 56 stores after the company went into liquidation last week. Angry staff members said they were given no notice the stores were shutting down and were told via text message that they had lost their jobs last Monday evening. “All stores…
Advertisement: Singapore-based Avation PLC says they are nearly US$75 million out of pocket following the collapse and sale of Virgin Australia. The lessor had 13 planes on lease to Virgin Australia when the airline went into voluntary administration in April. Five of those planes have gone to new operators, three are back at Avation, and…
Virgin Australia’s new owners Bain Capital hope to reboot the airline’s inflight WiFi service as part of its new “customer service proposition”, although the shape of the WiFi packages and how they fit into the airline’s value-centric ‘hybrid’ model remains to be seen. Bain has severed Virgin’s contract with connectivity partner Gogo, which is in…
ONE of a string of failed companies which ran a group of cafes and restaurants is likely to be dissolved with no money for the creditors owed an estimated 665,000. Candy Experience Limited operated the Alcatraz cafe bars in Bournemouth, Poole and Camberley, as well as three New Forest pubs. Its director, Paul Podvoiskis, was…
Since 2003, corporate lawyers and insolvency accountants have benefited from a helpful ‘cheat sheet’ which answers the question, ‘how to tell if your business is insolvent‘. It comes in the form of a list that outlines 14 key indicators of insolvency. This list was established by the Courts as a general yardstick to identify if…
From family operations to national firms, COVID-19 has made things tough for Australian businesses. Thousands have been forced to reduce their business hours, cut down on staff or shut down completely. As the global pandemic causes revenues to fall despite the unstoppable march of bills and expenses, one word becomes more prominent for businesses that…
As coronavirus continues to sweep across Australia, lockdowns and restrictions have brought intense financial strain upon thousands of businesses, with many facing company liquidation. Because continued restrictions like social distancing have made it almost impossible for any business to escape the pandemic’s effects, it is more important than ever to know how to tell if…
If your company has become insolvent as a result of Coronavirus, you will find that preparing for company liquidation can be a stressful aspect of the process. Providing company details and other information related to your insolvency is important to allow liquidators, and the Australian Securities and Investments Commission (ASIC), to wind things up. Whether…
Le Chteau seeks creditor protection pursuant to the CCAA to ensure a responsible, controlled and orderly liquidation of its assets MONTRAL, Oct. 23, 2020 /CNW Telbec/ – Le Chteau Inc. (TSX VENTURE: CTU) (“Le Chteau” or the “Company“) filed today an application (the”CCAA Application“) pursuant to the Companies’ Creditors Arrangement Act (“CCAA“) seeking protection of…
October 23, 2020 02:00 ET | Source: Chrysalis VCT plc Chrysalis VCT plcLEI: 2138009FVDWULSIOX40423 October 2020Update on preparation of proposals for Company to commence a VCT winding up period On 21 August 2020, the Company announced that the Board was preparing formal proposals to be put to Shareholders for approval for the Company to commence…