Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
On 6 November 2024, the Federal Court dismissed the Australian Securities and Investments Commission’s (ASIC) case against Paul Ryan, a director of Dixon Advisory & Superannuation Services Pty Limited (DASS). The case alleged that Mr Ryan had breached his directors’ duties by failing to consider the interests of DASS’ creditors when the company was approaching insolvency.
The findings from this case demonstrate that a director who acts in good faith, reasonably relies on professional advice, and independently assesses the assumptions behind that advice may be able to successfully defend against claims of breaching their duties as a director when making decisions when facing a potential insolvency.
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Sydney-based large format printer, Blow Up Imaging, has lived up to its name and imploded with the collapsed company now in the hands of administrators.
Blow Up Imaging was established in 1993 and is owned by Tricol Pty Ltd (incorporated in 1976) and forms part of the WK Family Investments Group.
Tricol Pty Ltd is now in voluntary administration with Cameron Gray from DW Advisory appointed. The first meeting of creditors has been scheduled for 11.30am on Friday 6 December.
Blow Up Imaging describes itself as a leading supplier of large format digitally printed images, image manipulation and lenticular solutions offering complete in-house service from the initial consultation, artwork setup, printing to…
A nationwide solar power company that was founded in Christchurch has been put into liquidation, leaving some customers worried about the contracts they have signed with the business.
SolarZero – which offers customers solar power systems with no upfront cost but an ongoing, multi-decade lease – said the directors had requested its shareholder appoint a liquidator.
It said directors had requested its senior lenders take enforcement action, and appoint another provider Verofi, to ensure power service for customers was not interrupted.
“The directors have advised company employees that due to unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current…
SolarZero customers are being told not to worry about the future of their solar panels, as the company goes into liquidation.
The company said on Tuesday that “due to unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current form”.
SolarZero owner BlackRock told RNZ on Thursday the board of SolarZero had formed a view that the business was not sustainable in the long term without significant restructuring.
Discussions were held with multiple parties to identify options that could support the business “while meeting the needs of stakeholders”, a spokesperson said.
“Regrettably, these efforts could not be brought to fruition and…
KUALA LUMPUR: Some 37,461 individuals were declared bankrupt between 2019 and 2023, the Dewan Rakyat was told.
Minister in the Prime Minister’s Department (Law and Institutional Reforms) Datuk Seri Azalina Othman Said said the 35-44 age group recorded the highest number of bankruptcy cases at 14,476.
This was followed by the 45-54 age group (10,052), 25-34 (6,874), 55 and above (5,811), those with no age information (126) and 25 and below (122), Azalina said, based on statistics from the Insolvency Department.
“Personal loans recorded the highest number of bankruptcy cases with 18,343 followed by business loans (6,563),” the Minister said in a…
