Insolvency Guardian Media Centre
Clothing retailer Jeanswest has collapsed, with more than 90 stores set to close within months and hundreds of employees set to lose their jobs.
The company confirmed the news on Wednesday, with administrators citing increasingly tough trading conditions in the Australian retail sector.
Jeanswest entered administration in January 2020, but was rescued by Hong Kong business Harbour Guidance.
Administrators from Pitcher Partners said the decision to close the brand came after five years of struggling to revive the company, with shoppers spending less due to the higher cost of living.
“The owners have done everything they can to keep Jeanswest going,” administrator Lindsay Bainbridge said in a statement.
“But market conditions mean sustaining…
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Ola Electric responded by strongly disputing the claims and also contended that it would take all necessary legal steps to protect its interests.
The company mentioned it was already in the process of renegotiating contracts with its vehicle registration agencies including Rosmerta. This renegotiation was cited as the reason for a temporary dip in vehicle registrations on the government’s Vahan portal in February 2025, leading to a discrepancy between reported sales figures and official registration data. This discrepancy had also drawn scrutiny from the Ministry of Heavy Industries and the Ministry of Road Transport and Highway
While the company claimed sales of 25,000 units, only about 8,600 were registered, a discrepancy attributed to…
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Meetings and Events Australia (MEA), the country’s longest-standing industry body for the events sector, will be entering voluntary administration after 50 years of service to the events industry.
MEA will cease operations and appoint an administrator with MEA noting that rising operating costs and declining financial backing had made it unsustainable. These challenges were compounded by the emergence of new industry bodies, such as the Australian Business Events Association, which redirected funding away from MEA.
Vanessa Green, Chair of MEA advised “it is with great sadness and immense pride that we share this news. MEA has been a cornerstone of the Australian…
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US data center operator Switch has raised $3.5 billion, which it will use to refinance its existing debt.
The DigitalBridge-owned company has secured the cash in two separate transactions – a $2.4 billion commercial mortgage-backed security loan (CMBS) and a $1.1 billion asset-backed security (ABS) issuance.
A statement from Switch said the company will use the cash to “refinance the majority of the company’s outstanding acquisition financing, which supported the take-private transaction led by DigitalBridge and IFM Investors in December 2022.”
“We are thrilled to announce the completion of two landmark transactions: our third ABS and our inaugural CMBS issuances,” said Thomas Morton, president of Switch.
“These comprised $3.5…
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Nikola Goes Bankrupt, Capping Troubled EV Maker’s Long Slide Bloomberg
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Source: Straits Times
Article Date: 21 Mar 2025
Author: Selina Lum
Judge finds he intended to gift properties, making her both the legal and beneficial owner.
The High Court on March 20 dismissed a claim by motoring tycoon Peter Kwee that he is the true owner of five properties that are registered in the sole name of his daughter Karen.
In a written judgment, Justice Philip Jeyaretnam accepted that Mr Kwee funded the purchase of the properties and that the businessman bought properties in the names of his family members for business strategy and wealth planning purposes, including avoiding estate duty.
However, the judge found that Mr Kwee had intended…
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Katie Price has revealed her bankruptcies gave her a “wake-up call” and made her take control of her financial affairs.
The TV star was first declared bankrupt in 2019 and then again in March 2024 after failing to pay a £750,000 tax bill.
After six years, the 46-year-old’s second bankruptcy was discharged earlier this month, weeks after the first one was cleared in February.
On The Katie Price Show podcast on Thursday, Katie celebrated the end of her financial hell and revealed that the experience has made her take charge of her money.
“(It was a) nice little wake-up call that you just have to look after yourself with things,” she told her sister Sophie. “Moving forward, I’m in control of everything. Well, I have been for ages now so I…
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TV personality and former soldier Ant Middleton has been banned from being a company director after his business failed to pay more than £1 million in tax.
The former star of Channel 4’s SAS: Who Dares Wins and his wife Emilie were the directors of Sway and Starting Limited before it went into liquidation at the end of 2022.
The Government’s Insolvency Service found that the couple were taking millions of pounds out of the company at the same time that taxes were not being paid.
Some £385,000 in VAT and £869,000 in corporation tax was owed between 2019 and 2022.
But the pair had taken out about £3 million from the company in the form of a directors’ loan by the time it went into liquidation at the end of 2022, the service said.