BUSINESS is full of highs and lows. The Toowoomba business community has been through a lot in the last year. Here are the businesses that shut up shop. The Florence Public House Nev Madsen The Florence ITS owner said in August 2019 that The Florence was “temporarily shut” for some renovation work. “We’re just going…
A LIQUIDATED Central Queensland mining labour hire company is being sued for $2.8 million in a workplace injury lawsuit. Michael Thorogood, 43, is suing One Key Workforce for negligence and breach of contract after he fell 1.5 metres to the ground, causing a severe wrist injury that required 10 surgeries. The claim was served to…
All Trades Queensland (ATQ), the largest commercial employer of apprentices and trainees in Australia, has collapsed into administration. Administrators say business will continue, with the first creditors meeting due August 3. John Park and Joanne Dunn of FTI Consulting were appointed as voluntary administrators of ATQ today. ATQ employs 414 apprentices and has 638 active…
On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a restriction on the effectiveness of certain termination clauses in contracts for the supply of goods and services where a counterparty enters an…
One of the group companies that failed was Majella Towers One, a company initially set up to develop a 91-apartment project, Radius, in inner Brisbanes Woolloongabba. Professor Monsour, a specialist in oral and facial surgery, had been a director of Majella Towers One from 2011 until ceasing in May 2016, saying he was pulling back…
The directors’ plan to resume trading provided a “superior outcome than liquidation”, Mr Quinlan said in a letter to creditors dated July 14 and creditors agreed, with no contrary votes among the 60 or so participants. The result scuttles a push within government for Sydney Opera House to take over the Eveleigh Railway Yards, a…
Following the voluntary administration of Union Standard International Group, which operated under the brand USGFX, the Australian Securities and Investments Commission (ASIC) announced this Tuesday that is has suspended the companys Australian Financial Services (AFS) licence. According to the Australian regulator, the AFSL of USGFX has been suspended under section 915B of the Corporations Act…
Daily News View All News 20 July 2020 A UK recruitment director has been banned for six years for paying himself a 150,000 bonus prior to the recruitment firm entering liquidation. Roy Davies has been banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the…
A local travel company specialising in educational tours has gone into liquidation, citing COVID-19 and issues with its insurance company as the final nails in the coffin. Antipodeans Abroad has been showing high schoolers, schoolies and university students the world for almost 30 years, but COVID-19s travel restrictions and cancellations have all but wiped the…
Summary The COVID-19 Pandemic has disrupted business activities leading to a significant business loss in many sectors primarily hospitality, tourism, airlines, and retail industry, pushing operators towards insolvency Government stimulus programs such as job-keeper program and a temporary moratorium on director liability for insolvent trading are set to become ineffective from September end to November,…