REX -REGIONAL EXPRESS HOLDINGS LIMITED ENTERS VOLUNTARY ADMINISTRATION – Sydney Times
REX -REGIONAL EXPRESS HOLDINGS LIMITED ENTERS VOLUNTARY ADMINISTRATION Sydney Times Read the original article here
How Safe Harbour provisions work for startups facing insolvency
The Australian startup ecosystem is facing its next wave of financial challenges. With a 54% decline in capital raised by Australian startups in 2023 and a 14.5% rise in insolvencies, Australian startups are financially strained. For those operating in the capital-intensive tech sector in particular, the time between funding rounds is harder than ever. Tech…
Gone are the days of Galera: Biotech says goodbye to staffers and initiates wind down – Fierce Biotech
Gone are the days of Galera: Biotech says goodbye to staffers and initiates wind down Fierce Biotech Read the original article here
What happened to Rex? How a failed bid to take on major airlines via intercity flights brought the carrier down
Just hours into the start of a new work week, it was all hands on deck inside Rex’s unassuming head office in the heart of Sydney. On Monday, the publicly listed regional carrier had entered a trading halt of the Australian Securities Exchange (ASX), pledging to deliver an update about the company by Wednesday. Less…
Is your favourite store next? Why businesses are going bust
“The construction industry previously gained the benefits of low interest rates and stimulus policies, which led to increased demand for construction services,” A/Prof. Dechter explains. “Following the boom and entering the period of high interest rates and high building materials costs, as well as increasing labour costs, the sector became less profitable.” According to Professor Richard…
Shandong Chenming Optimizes Operations with Subsidiary Liquidation
Shandong Chenming Paper Holdings Co., Ltd. Class H (HK:1812) has released an update. Shandong Chenming Paper Holdings Co., Ltd. has announced the voluntary liquidation of its wholly-owned subsidiary, Chenming Finance, as part of a strategic move to enhance the company’s focus on its core pulp and paper making operations. The liquidation is aimed at improving…
Billson's bust: 50 jobs lost at company which made $120m last year – The Border Mail
Billson’s bust: 50 jobs lost at company which made $120m last year The Border Mail Read the original article here
Court winds-up Manchester firm offering unlicensed insolvency practitioner services
Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed Its actions risked undermining the insolvency regime and the company’s directors refused to explain its trading practices to investigators The company has been closed down following investigations by the Insolvency Service, with the Official Receiver appointed…
As tax and superannuation debts grow, ATO issues tens of thousands of director penalty notices that could send more people bankrupt
A day after his 52nd birthday, Andrew Christodoulou got a nasty surprise in the mail. A letter from the Australian Taxation Office (ATO) in November last year read: “You have been issued with a director penalty notice for Superannuation Guarantee Charge amounts”. “A director’s penalty notice. I’ve never heard of one,” Mr Christodoulou tells ABC…
Rex Airlines enters voluntary administration
Rex Airlines has announced it has gone into voluntary administration and cancelled all flights between major airports. Rex’s website showed no available flights between the capital cities from Wednesday, with passengers advised they could rebook with Virgin at no extra cost. All regional planes are still flying as scheduled, but no New England centre…