STUFF Tourism businesses fear job losses could surpass 100,000. Tourism businesses owed $3m by online travel agency Aoliday NZ Ltd have forced the company into liquidation. Administrator Grant Thornton had recommended 130 creditors accept Aoliday’s offer to pay $284,000 while it chased up a major debtor in China. But representatives from major operators such as…
THE company who had expressed interest in the proposed Kingaroy coal mine went into voluntary administration yesterday. The Moreton Resources board of directors appointed Deloitte Financial Advisory’s Grant Sparks and David Orr as administrators of the group. An urgent assessment of the group’s business and financial position will be undertaken to determine the business’ future…
THE VIRGIN AUSTRALIA FLEET SITS IDLE AT AIRPORTS. When Virgin Australia Holdings Ltd went into voluntary administration towards the end of April a casualty of the COVID-19 pandemic members of Virgin Australias Velocity Frequent Flyer program may have thought that their points were safe. Velocity Frequent Flyer Pty Ltd (VFF) is a distinct company from…
Virgin Australia says it will double domestic capacity by early July as state border restrictions ease and demand grows, joining rival Qantas in adding a significant number of flights. Virgin, the country’s second-biggest carrier, entered voluntary administration in April, owing nearly $7 billion to creditors, but has been flying a limited government-supported network during the…
Peak body Equestrian Australia has been placed in voluntary administration by its board in a bid to avoid insolvency. In what has been described as a “difficult decision, Equestrian Australia says the move follows the withdrawal of funding by Sports Australia – reportedly due to due to poor governance – and the impact of COVID-19…
Carillion announced its first profit warning on 10 July 2017. At the time, I was scheme secretary to a board of 16 trustee directors and a company-appointed trustee of a trust-based defined contribution (DC) plan. Although it would be a further six months before the company was placed in liquidation, it was at this point…
June 10 (Reuters) – Moreton Resources Ltd: * CO & UNITS HAVE ENTERED VOLUNTARY ADMINISTRATION * APPOINTED GRANT SPARKS AND DAVID ORR OF DELOITTE FINANCIAL ADVISORY PTY LTD AS ADMINISTRATORS OF GROUP * ADMINISTRATORS TO UNDERTAKE URGENT ASSESSMENT OF GROUPS BUSINESS & FINANCIAL POSITION TO DETERMINE FUTURE OF BUSINESS & ASSETS Source text for Eikon:…
In AnAn (Singapore) Pte Ltd v VTB Bank (Public Joint Stock Company) [2020] SGCA 33, the Singapore Court of Appeal (the Singapore Court) recently grappled withan issue of paramount importance where a creditor seeks to recover a debt arising under a contract containing a clause which provided that disputes would be determined through arbitration (arbitration…
June 10 (Reuters) – Moreton Resources Ltd: * CO & UNITS HAVE ENTERED VOLUNTARY ADMINISTRATION * APPOINTED GRANT SPARKS AND DAVID ORR OF DELOITTE FINANCIAL ADVISORY PTY LTD AS ADMINISTRATORS OF GROUP * ADMINISTRATORS TO UNDERTAKE URGENT ASSESSMENT OF GROUPS BUSINESS & FINANCIAL POSITION TO DETERMINE FUTURE OF BUSINESS & ASSETS Source text for Eikon:…
A GROUP of subcontractors badly impacted by the collapse of builder Ri-Con Contractors, has engaged investigators to prepare a brief of evidence in a bid to force a criminal investigation into events leading up to the company’s liquidation. The subbies had been working on jobs for which Gympie, Noosa and Sunshine Coast councils were clients.…