Insolvency Guardian Media Centre
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Unimetals appears headed for liquidation Recycling Today
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TT-Line Company’s Spirit of Tasmania IV. The ferry was already handed over in 2024, but technical issues and a lack of adequate wharf facilities have prevented it from entering service as originally scheduled. TT-Line Company
The Chair of Australian passenger vessel operator TT-Line Company has disputed an assessment by Tasmania’s Auditor-General that the company has become insolvent.
Speaking at the Tasmanian Parliament earlier this week, TT-Line Chair Ken Kanofski said it is “absurd” for the state’s Auditor-General Martin Thompson to declare that the company has been insolvent since August of this year.
Mr Thompson’s assessment of TT-Line being insolvent came after the company’s borrowing limit was raised to AU$1.4 billion (US$910…
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Mr Kanofski, who was appointed Chair of TT-Line as part of a recent restructuring, had earlier said that the company, “has more assets than liabilities,” and that it is continuing, “to work on developing a range of long-term financially sustainable options for the government to consider.”
The insolvency declaration comes as TT-Line Company, which operates under the Spirit of Tasmania brand, continues to face scrutiny over a ferry replacement program beset by delays, cost overruns, and technical issues. As a result, two of the company’s new ferries that were intended to be operational by 2024 are now scheduled to finally enter service in 2026.
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Hundreds of jobs at risk as Unimetals enters liquidation TheBusinessDesk.com
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REVEALED: Latest business liquidations in Brisbane The Courier Mail
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TGIF 30 September 2022 – Inquiry into Australia’s corporate insolvency regime commences Corrs Chambers Westgarth
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From 1 January 2021, Australia’s insolvency framework for small businesses changed. The purpose of the change was to assist small businesses, with debts under AUD $1 million, to survive – specifically, by providing these businesses with simpler, more flexible restructuring options outside the existing “one size fits all” voluntary administration and scheme of arrangement processes available under the Corporations Act 2001 (Cth). In many cases, those processes are too costly and time-consuming to be a realistic option for financially distressed, but viable, small businesses to pursue, often leading to a premature liquidation.
The new insolvency framework also introduced a simplified liquidation process for small…