The accommodation industry freefall has hit Sydney-based real estate fund manager iProsperity Group hard. iProsperity fell into voluntary administration on Thursday, less than three months after sounding out plans to acquire a portfolio of seven Kimpton Hotels in the US for $US477 million (A$720 million). The Hong Kong-backed fund manager, led by Michael Gu, has…
Troubled national sporting organisation Equestrian Australia has avoided liquidation with creditors having agree to support administrator KordaMenthas proposal to reform the sport. In June, Sport Australia forced the NSO into voluntary administration, deeming its governance unacceptable after the resignation of eight directors and three chairs in just over 16 months. As of Tuesday this week,…
A Rochdale recruiter has been banned from managing companies for six years after paying himself a 150k bonus just before the company entered liquidation. According to the Insolvency Service, Roy Davies cannot act as a director or directly or indirectly become involved without the permission of the court, in the promotion, formation or management of…
The Australian master franchisee for multinational discount retailer Miniso has collapsed into voluntary administration after the COVID-19 pandemic saw sales tank in recent weeks. Miniso Master Franchisee Pty Ltd, the main revenue generating entity associated with Minisos business in Australia, appointed administrators from Grant Thornton earlier this week, owing an estimated $14.6 million to creditors.…
Australian school students and their parents are millions of dollars out of pocket after the collapse of a travel company specialising in educational tours. Antipodeans Abroad has been sending high school students and university groups from around Australia and New Zealand overseas for nearly 30 years. Find out more in the video above They specialise…
It’s more bad news in a shocking year for Brisbane’s events scene with the liquidation of a long-term planning firm. Director Marc Sheldon has put his high-class event planning business Flugente under after 10 years of operation in the River City. Mr Sheldon tapped experienced liquidators Kaily Chua and David Hambleton of Rodgers Reidy to…
Amanda Young, of Lewisham, NSW, a former registered liquidator, has been charged with three counts of using her position dishonestly to gain an advantage under section 184(2) of the Corporations Act 2001 and one count of dishonestly obtaining a financial advantage by deception under section 192E(1)(b) of the Crimes Act 1900 (NSW) following an ASIC…
“ABSOLUTELY gutting” is how a director of the Cooloola Waters Retirement Resort labelled the decision to push the business into liquidation, despite it still running in the black. Rodney Lohse, who ran Cooloola Retirement Villages with his mother Lorraine Gay Lohse, said the village had not only been a Tin Can Bay fixture for 30…
TM Lewin goes into voluntary administration with fears menswear company could close all Melbourne stores in the coronavirus pandemic Australian menswear company TM Lewin entered into voluntary administration The formal wear brand has five stores across Australia and a team of 40 staff TM Lewin’s parent company in the UK recently closed all of its…
Equestrian Australia has avoided liquidation. Picture Sarah Reed Equestrian Australia will live to ride another day, as the embattled body narrowly avoided going into liquidation on Tuesday after its creditors voted to support administrator KordaMenthas proposal to reform the sport. They agreed the administrators proposal, endorsed by Sport Australia, the Australian Olympic Committee and the…