The director of a childcare company that plans to acquire 31 underperforming centres from G8 ran another childcare venture that went broke late last year, owing almost $5 million rent to a landlord.

Darren Misquitta, director of Genius Childcare, was also accused of failing to supply key financial records to a liquidator, according to a report to creditors filed earlier this month. Mr Misquitta has since told The Australian Financial Review he had retained lawyers “to work with liquidators”.

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The administrators of a formwork company involved in a suspected $180 million tax fraud have reduced an $11 million payroll tax debt to just $1 and executed a deed that effectively shuts down investigations.

Revenue NSW this week launched a rearguard action in the Federal Court against Jones Partners principals Bruce Gleeson and Daniel Soire in a bid to reverse their decision in relation to Dalma Form Specialist (DFS) and to send the company into liquidation, which would make way for public examinations of shadow directors.

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Gateway Liquor Wholesalers, a Sydney based distributor, has announced that it is entering into liquidation. The notice was given at a general meeting of the members of the company last Friday 1 March. 

The ASIC notice named Clifford John Sanderson and John Raymond Gibbons as liquidators. However, a timeline of the process is yet to be established. 

“Notice is given that at a general meeting of the members of the Company held on 01 March 2024, it was resolved that the Company be wound up and that Clifford John Sanderson and John Raymond Gibbons be appointed liquidator(s),” said the notice.

The liquidation announcement also presents cause of concern for the National Independent Liquor Wholesalers Association (NILWA). In addition to…

The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action.

On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape.

In a statement, Dreyfus said the amendments will “ensure a fairer outcome for debtors in the personal insolvency system,” and “reduce the stigma currently associated with entering into bankruptcy”.

Chief among the reforms is a permanent lift to the bankruptcy threshold, which has rested at $10,000 since January 1, 2021.

The $20,000…

More companies went bust last year than in the 2008 financial crisis, according to new figures from the Insolvency Service.

A total of 25,551 business insolvencies were recorded last year, more than the 25,186 that collapsed in the year from August 2008 to July 2009 including corporate giants like investment bank Lehman Brothers.

The numbers of firms companies unable to continue trading in England and Wales rose 16 per cent year-on-year as tough trading conditions took a toll. A total of 2,191 were unable to pay their debts, 300 more than in July 2023, but down by 7 per cent on June’s figures, according to the Insolvency Service.

Insolvencies in July consisted of 320 compulsory liquidations, the highest monthly number since before the…