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A family-owned Sunshine Coast builder has gone into liquidation, reportedly owing more than $4 million and leaving customers with unfinished projects and financial losses.

Immackulate Pty Ltd, which traded as Immackulate Designer Homes, had operated since 2009 and according to its website had completed more than 100 homes.

ASIC documents show the company is directed by Kenneth, Mitchall and Matthew Mackenzie and its principal place of business is in Marcoola.

Anne Meagher from SV Partners was appointed as liquidator by a resolution of the company’s members on November 19.

An Initial Report to Creditors was filed by SV Partners on November 28 outlining Immackulate’s financial position. It shows the company owes an estimated…

MISHAWAKA, Ind. (WNDU) – Value City Furniture will close stores across the nation after the retailer’s parent company, American Signature Inc., filed for bankruptcy.

The closures include the Mishawaka location on Grape Road near Ollie’s Bargain Outlet and Dunham’s Sports.

The company said it has already started store liquidation sales and will close once the sales are completed.

For more information on what this means for Value City customers who have placed a deposit on a product or are currently making payments on furniture they previously financed, click here.

Copyright 2025 WNDU. All rights reserved.

The Russell Kennedy Insolvency and Restructuring 

2021 Wind Up

With 2021 coming to an end, our Insolvency and Restructuring team round-up some of the key issues faced this year including:

If you’d like to stay up to date with Russell Kennedy’s insights, please sign up here. 

The Abolishment of The Peak Indebtedness Rule

In Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (In Liquidation) (Receivers and Managers Appointed) [2021] FCAFC 64 (Badenoch), the Full Federal Court of Australia held that what has been known as the ‘Peak Indebtedness Rule’, is abolished in Australia with the introduction of s588FA of the Corporations Act 2001 (Cth) (the Act).

In circumstances where a…

The National Company Law Tribunal (NCLT), Mumbai Bench, has approved a resolution plan worth ₹145.26 crore for the insolvent Indo Global Soft Solutions and Technologies Private Limited, bringing closure to a corporate insolvency resolution process (CIRP) that spanned over three years and faced multiple legal hurdles.

The plan, submitted by Ashdan Properties Private Limited, a stressed asset platform part of the Solitaire Group, was approved by the Committee of Creditors (CoC) with a 100% voting share. The tribunal’s order, pronounced by a bench comprising Member (Technical) Shri Anil Raj Chellan and Member (Judicial) Shri K. R. Saji Kumar, paves the way for the revival of the corporate debtor.

A Long-Drawn Resolution…

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You’re out of free articles for this month

Of the personal insolvencies recorded over the month, 601 were bankruptcies, 498 were debt agreements, 17 were personal insolvency agreements and no insolvent deceased estates.

From these numbers, 16 new temporary debt protections were also recorded, which AFSA outlined as a measure that allowed individuals 21 days of relief from…

• Insolvencies rise in third quarter, but down on year ago
• Failures reflect economic “game of two halves”
• Signs of economic improvement, but outlook bleak for weak companies
• Creditors finishing off companies that cannot survive
• Construction biggest insolvency group, hospitality second

The number of companies going broke has increased in recent months as creditors take a harsh view, but they are down on a year ago amid signs of economic recovery.

The latest report from BWA Insolvency for the September quarter showed a 5 percent rise in the number of insolvencies to 777 on…

Headington-based Blanchford Building Supplies closed down earlier this year after 87 years of trading after underperformance and a cash flow issue had rendered it unable to buy essential stock.

Administrators were called and revealed Blanchford, which also had sites in Bicester, Wallingford, Princes Risborough and Haddenham, had racked up debts of more than £3.3m to suppliers.

Forecasts in the summer suggested creditors would only receive 2.7p in the pound back from debts owed to them.

Blanchford’s yard in Headington (Image: NQ)

However, in their latest report, the administrators now believe this will be 5.8p in the pound – meaning those owed money will still lose out significantly.

Barclays Bank has received…