The first half of 2023 saw a significant increase in business insolvencies as economic sectors responded to uncertain financial conditions in Canada and around the world. In this issue of Davies Insolvency Now, we examine the impact of this rolling recession by sector and region. We also look at the role of AI tools in…
Mr Arunesh Narain Maharaj, of Sydney, New South Wales, the former Chief Executive Officer of stockbroking firm BBY Limited (BBY), has appeared in the Downing Centre Local Court charged with aiding, abetting, counselling or procuring fraud. ASIC alleges that Mr Maharaj aided, abetted, counselled or procured offences by another former BBY employee, who, by deception,…
Credit: Nourish Foods / X Australias Nourish Foods has been snapped up by Tempo Group of Companies after entering voluntary administration earlier this year. The healthy kids snacks business hired administrators last month due to a lack of working capital. Financial details were not disclosed. John McInerney and Matt Byrnes of accounting firm Grant Thornton…
Bad Shepherd Brewing Co, based in the Melbourne Bayside suburb of Cheltenham, have this week entered voluntary administration as they seek “to facilitate a financial restructuring of the business”. Founders Dereck and Diti Hales (pictured above) said they had taken the decision to enter voluntary administration to deal with the financial losses the business has faced over the last few…
By Eliza Mcphee For Daily Mail Australia Published: 14:18 AEDT, 10 October 2023 | Updated: 15:50 AEDT, 10 October 2023 An Australian technology company has collapsed after half of its staff quit within a year. D635 Group, a Microsoft Gold Partner, has gone into liquidation with … Read the full article at: https://www.dailymail.co.uk/news/article-12613179/D365-Group-goes-liquidation.html
Debt-laden companies across Europe, Middle East and Africa face a $500 billion refinancing scramble in the first half of 2024, a challenge that could kill off many zombie businesses even though an expected peak in rates could bring some relief. Businesses facing rising debt costs after years of low rates will have to compete to…
Australian Grainlinks assets include the Western Riverina Intermodal Freight Terminal at Wumbulgal near Griffith, where stakeholders including then NSW Minister for Regional Transport Sam Farraway, pictured at centre wearing hat, gathered in February 2023 for a NSW Government funding announcement. Photo: Sam Farraway AFTER entering voluntary administration in June, four Grainlink entities have been purchased…
Small businesses are most vulnerable to economic shocks but their rising insolvency rates pose little threat to the overall financial system, according to the RBA. The bank, in its biannual Financial Stability Review released Friday, said small businesses needed to manage their finances carefully as high interest rates, costs and slowing demand had put a…
Mumbai: The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Swan Energy, the successful resolution applicant of debt-laden Reliance Naval and Engineering, to pay 250 crore upfront before seeking any further extension to complete the corporate insolvency resolution process. A bench led by Justice Chitra Hankare held that From the application, it…
Rainwater tank manufacturer Camel Tanks will be liquidated with more than $2.5m in debt owed to its creditors. The company was placed into voluntary liquidation on September 21 and it was decided that there was no way it could trade itself out of trouble. Worrells accountant Adam Ward has been appointed to liquidate the company.…