LATEST: 105 businesses go into liquidation in QLD – Courier Mail
LATEST: 105 businesses go into liquidation in QLD Courier Mail Read the original article here
Proform Food Group placed in voluntary administration
Proform Food Group – the manufacturer of plant-based protein products under the Meet, Protein Plate, and Bad Hunter brands – has entered voluntary administration. KPMG Australia’s Gayle Dickerson and James Dampney have been appointed as administrators to oversee the process. The administrators have assumed day-to-day control of the group, which will continue operating normally while…
UK insolvencies rising due to high interest rates, says Begbies Traynor | Business
Higher interest rates are pushing an increasing number of companies into insolvency, according to one of the UK’s biggest insolvency practitioners. Begbies Traynor said it expected to see more businesses tip into insolvency “in tandem with the indicators of corporate financial stress in the UK”, alongside its financial results published on Monday. The Bank of…
Melbourne-based company Highline Caravans collapses into liquidation, potentially owing up to $1 million
A caravan builder based in Melbourne has collapsed into liquidation with estimated debts of up to $1 million. Highline Caravans Pty Ltd, located in the outer suburb of Campbellfield, went into voluntary liquidation this week according to a notice published on ASIC. The company went bust potentially owing between $700,000 and $1 million. Early reports…
Sunshine Private Hospital in Melbourne’s west enters voluntary administration after 14 months of operation
In short: A private hospital in Melbourne’s western suburbs has entered voluntary administration. The $140 million Sunshine Private Hospital was opened in March 2023. What’s next? Surgeries have been cancelled, with patients to be transferred to other hospitals. The company behind Sunshine Private Hospital in Melbourne’s west has entered voluntary administration, forcing hospital management to cancel surgeries…
Insolvency rates hit new highs as 2023 ends
In the final statistics release of this year, the Insolvency Service confirmed that there were 2,466 registered company insolvencies in November 2023 (the December figures will be released early in 2024). Not only was this 21% higher than in the previous November, but 7% higher than the figures in October 2023. The company insolvencies in…
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Booktopia will not fill orders and may not issue refunds, say administrators | Australian economy
The administrators handling the collapse of Booktopia have announced that orders placed with Australia’s largest online bookseller will not be filled – and there may be no refunds either. It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors – which voids…
ASIC data shows liquidations, company collapses surging, most businesses can’t pay back debts
Shocking new statistics show that creditors owed money from a company collapse have no choice but to write off their losses completely in the overwhelming majority of cases. The Australian Securities and Investments Commission (ASIC) published its annual corporate insolvency statistics earlier this week, revealing that small and medium sized business have “dominated” the external…
Company goes into liquidation amid dismissal disputes
Workers should go to court In its decision, the FWC found that the dismissals were unfair. However, it said it can no longer decide on the merits of the case since the company was already put in liquidation. “Had the company not been placed into liquidation and the applications had proceeded, [the Commission] would have…