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Rex airlines enters voluntary administration with all flights between capital cities grounded | Airline industry

All Rex flights between capital cities have been grounded and the airline has entered voluntary administration just hours after the Albanese government suggested it would intervene to ensure the nation’s third-largest carrier didn’t collapse. Late on Tuesday, EY – formerly known as Ernst & Young – announced it had been appointed as administrators of the…

Record high insolvencies signal two-speed economy

Australian insolvencies hit a record high in March, according to the latest data released by the corporate regulator. In total, 1131 businesses went bust in the month, which was the largest number since ASIC started collecting these statistics in 1999. Intensifying labour and input costs are a killer for companies with little pricing power. Seasonally…

Start-up fund GigSuper goes into liquidation

In a published notice from the Australian Securities and Investments Commission (ASIC) last week, it was revealed that start-up superannuation fund GigSuper has entered voluntary liquidation. At a general meeting on 24 June, it was resolved that the company would be wound up and that principal at DW Advisory, Paul Gerard Weston, would be appointed…