QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
IN 16 years of business in Central Queensland Geoff Gumley estimates he has lost between $250,000 to $400,000 in bad debt from other companies who owe him money who are now in liquidation. The owner of CQ Fasteners, which has stores in Rockhampton and Yeppoon, said while it is very frustrating, it has just become…
TOOWOOMBA civil construction company Hotshot Transport Queensland, which traded as HTQ Civil Pipe Mining, is in liquidation. The company was placed into a members voluntary liquidation on June 30 and Adam Ward of Worrells Solvency and Forensic Accountants was appointed liquidator. In a notice to former employees dated July 3, Mr Ward wrote that he…
Mayfair 101s IPO Wealth declared voluntary administration and appointed administrators from Cor Cordis in an attempt to prevent its trustee, Vasco, to prevent a fire sale of its assets. But the Supreme Court of Victoria has now decided that it was appropriate for Vasco to appoint receivers from insolvency firm Dye & Co a move…
A T.M. Lewin store in the UK. Source: Facebook Apparel retailer T.M. Lewin Australia collapsed into voluntary administration on Thursday, days after its UK parent announced a restructuring deal that will see all its stores close indefinitely. Stuart McCallum, Adam Nikitins and Colby OBrien, directors of Ernest & Youngs local restructuring arm, were appointed joint…
Seafolly Group will close 15 of its Sunburn branded stores as administrators for the collapsed swimwear retailer seek to slim down the business for sale. More than 50 potential local and international buyers are circling the company, which collapsed into voluntary administration on Monday. A total of 25 Seafolly stores in Australia will remain open…
QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends. In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration. The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19. Liquidator Brendan…
MACKAY businesses have been left more than $20,000 out of pocket after the collapse of a civil and mine site contracting construction company. Busby Contracting’s liquidation is set to be wound up by the end of this year, with its debts blown out to almost $5 million. The company, which went into voluntary liquidation in…
In order to survive, companies and lenders alike will have to weather the storm, demonstrate a level of a… The financial impact of COVID-19 will depend on how long it lasts and the depth of the fall in output. The main cost of COVID-19 will no doubt be unemployment occasioned by the inevitable financial distress…