A group of NSW factory workers who were unceremoniously dumped weeks before Christmas have received their official termination notice but the company has been spared from going into liquidation. On Friday, all 30 cabinet makers at a joinery and manufacturing site in Wetherill Park in western Sydney were sent their official termination notice, more than…
Dishes at an Okami restaurant. Source: Okami / Facebook Sixteen restaurants managed by the all-you-can-eat Japanese restaurant business Okami have entered voluntary administration, as its founder contends with delayed COVID-era costs and rising inflation. Documents listed by the Australian Securities and Investments Commission (ASIC) show businesses corresponding with Okami locations across Victoria, New South Wales,…
Creditors of Daicom Australia Pty Ltd trading as Dainton Beer have voted to accept a Deed of Company Arrangement which will see the company emerge from Administration. Under the DOCA proposal creditors, including the ATO, will receive 10c in the dollar. Dainton entered Voluntary Administration last month saying it needed to financially restructure as a…
Homegrown budget airline SpiceJet, along with two more entities, Africa-focused Safrik Investments and Sharjah-based aviation company Sky One, have reportedly expressed interest in acquiring beleaguered carrier Go First. Their interest comes weeks after the deadline for making proposals passed and lenders started considering Go Firsts liquidation. According to a report in The Economic Times, the…
A companys $66 million collapse is creating a messy fallout more than six months after the business went bust. In March, NSW-based Fourteen Consulting Services Pty Ltd was court-ordered to go into liquidation. The business, headquartered in Brighton Le Sands in Sydneys south, offered labour hire services and had racked up liabilities of more than…
Virgin Australia has gone into administration pic: Supercars Twitter Supercars primary sponsor Virgin Australia has announced it has gone into voluntary administration. Virgin Australia joined Supercars in 2016 on a five-year deal which is set to finish at the end of 2020. Speedcafe.com understands Supercars deal with Virgin Australia is worth $1.5 million per annum…
A company working on the Festival Tower project at Festival Square has fallen into liquidation, with all 100 of the firms staff told they are losing their jobs. Wake Concepts was working on Festival Plaza when it was placed into liquidation. Photo: Thomas Kelsall/InDaily. Construction firm Wake Concepts, which specialises in building wall and ceiling…
This article attributes to the entire Australian Restructuring team. Overview There has been a growing appetite for corporate insolvency law reform in Australia in the last 18 months. In 2021, public consultations were completed on improvements to creditors schemes of arrangement and the treatment of insolvent trusts, and there was an independent review of the…
After a 10-month inquiry process, on 12 July 2023 the Parliamentary Joint Committee on Corporations and Financial Services (PJC) delivered its final report on the effectiveness of Australias corporate insolvency laws. In this alert, we distil some of the key findings from the almost 400-page report and consider what future law reforms might look like. …
Friday 15 December 2023 12:23 pm Business insolvencies have jumped in the month of November, according to the latest data from the UK Insolvency Service. Insolvencies surged in November, confirming that 2023 is set to be the worst year for corporate collapses since 2009, according to the latest data from the UK Insolvency Service today.…