In short: Rex Airlines’ administrators say pilot shortages and supply chain issues contributed to the business’s $500 million debt. Administrators say they are confident they will find a buyer for the regional carrier and have received several expressions of interest. What’s next? A second creditors meeting is expected to be held in early September. Administrators…
44% of closure in Corporate Insolvency Resolution Process (CIRP) ends with commencement of liquidation, according to IBBI. The liquidation process is usually initiated when no resolution plan has been received under the CIRP. For the CIRPs yielding liquidations, average liquidation value as of claims stood at 6.3 with CIRP initiated by financial creditor’s liquidation value…
“The liquidation is being carried out as part of the rationalisation of the Carter Holt Harvey group and the directors have resolved that the company will be able to pay its debts,” notices published in the Herald and the New Zealand Gazette said. Companies Office records showed LQNZ4 (CHHE) is owned by Qeynos New Zealand,…
A bus manufacturer with operations in Queensland and South Australia has gone into voluntary administration. BusTech is the second-largest independent bus manufacturer in Australia, making diesel, hybrid and zero emission technology buses. It has more 270 employees across its two companies in Queensland and South Australia. Know the news with the 7NEWS app: Download today…
The latest ASIC release shows corporate insolvencies for June 2024 remain at their highest level since monthly data was first published in Jan-1999, with CCI’s discussions with business recovery and insolvency specialists suggesting the number will continue to increase. The rising value of Australian Tax Office (ATO) outstanding collectable debt tells the same story, providing…
Franklins European Bathrooms liquidation: Westpac among creditors owed $31.2m – what happens next? New Zealand Herald Read the original article here
Rex staff told to provide ‘quality service’ to ‘secure their jobs into the future’ Bay Post-Moruya Examiner Read the original article here
By Rukayat Moisemhe Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered the Asset Management Corporation of Nigeria (AMCON) to empower practitioners with the international best practices on business insolvency and asset management recovery. Both parties at an engagement on Monday in Lagos, stressed the need to jointly build body…
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Stay on top of all of the latest news about Rex’s voluntary administration, plus its impacts on travel and the travel industry in one place, right here. We’ll continue to refresh stories about Rex Airlines as they come to hand, so be sure to check back for the most current and accurate travel industry updates.…