Administrators for Reacon Australia and MMW 3Degrees have shared an update on the first creditor’s meeting held this week and the likely release date for the upcoming creditors report.
Administrator Andrew Blundell, from Cathro & Partners said there were no major outcomes from the first creditor’s meeting held on Tuesday this week and everything remains “business as usual”.
“In relation to the creditor’s meeting, no committee of inspection was formed and there was no replacement of administrator,” Blundell said.
The Federal Court injunction that attempted to wind-up Reacon Australia on Friday 11 April has been adjourned to Friday 9 May allowing more time for the business to be…
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The organisation’s Board made the decision in light of ongoing funding challenges, compounded by the economic fallout from the COVID-19 pandemic and reduced stakeholder support. Voluntary administrators Michael Jones and Bruce Gleeson of Jones Partners Insolvency & Restructuring have been appointed to oversee the process.
In a statement, the Board said the move allows for “an independent assessment of the organisation’s affairs and…
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Translated by
Nazia BIBI KEENOO
Published
April 30, 2025
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Sweepstakes company Publishers Clearing House goes bankrupt Reuters
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:
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By Yun Park · April 30, 2025, 5:23 PM EDT
A team of lawyers from Pashman Stein Walder Hayden PC is leading the bankruptcy case of Creativemass, the developer of a wealth management software app, as the business looks to wind down…
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CustomCells Files for Insolvency Proceedings for Key Operating Entities
Kiel / Itzehoe / Tübingen, April 30, 2025 – German battery pioneer CustomCells has filed for insolvency proceedings for the group’s key operating entities located in Itzehoe and Tübingen. The competent court in Kiel has appointed attorney Dr. Malte Köster, a partner at the law firm WILLMERKÖSTER, as the preliminary insolvency administrator of the operating companies. WILLMERKÖSTER is one of the leading insolvency law firms in Germany. The holding…
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Translated by
Nazia BIBI KEENOO
Published
April 30, 2025
…
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New economic considerations came to the forefront early Wednesday when the Commerce Department announced a shrinking in the gross domestic product (GDP) for the first quarter of 2025. GDP, which measures the overall value of services and products, shrank at a 0.3% annual growth rate for January through March, down from the 2.4% growth it experienced in the final quarter of 2024.
The news was not welcome for millions of…
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Translated by
Nazia BIBI KEENOO
Published
April 30, 2025
…
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Another Canadian retailer has sought creditor protection amid financial struggles.
Hakim Optical, a large eyewear and optical chain with more than 140 stores across Canada, is the latest company to file for creditor protection under the Bankruptcy and Insolvency Act. But the stores may remain open.
The company filed a Notice of Intention to Make a Proposal on April 16, according to KSV Restructuring Inc. which is appointed as the proposal trustee.
The total amount owed to creditors is more than $25 million, according to a notice to creditors from KSV.
While the chain has filed under the Bankruptcy and Insolvency Act, KSV Restructuring Inc. said “it is important to note that the Company is not bankrupt.”
The filing will help…
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Cyber Group Studios known for popular IPs such as Gigantosaurus, Press Start and others will be liquidated, according to a ruling of the Paris Commercial Court. It means that the company’s assets will now be sold part by part to make the payment to the creditors.
As per reports, in November 2024, the company entered judicial recovery process, a form of legal protection implemented after a French company becomes insolvent. The French company was asked to try for financial recovery or completely liquidate despite having four take over bidders namely Hildegarde, Solent Productions, Newen Studios and a joint venture between United Smile, Toonz Media Group and Atlas…
