A buyer has been secured for Booktopia after the troubled online retailer collapsed into administration last month following a major slump in share value.
The ailing business and related assets was bought by the owner of digiDirect last week, an Australian-owned business specialising in consumer electronics like cameras, computers and gaming tech.
Administrators shared the news in a statement to the ASX published on Monday.
“Booktopia has been a key part of Australia’s publishing industry for 20 years, and transitioning the business to such a well-known Australian retailer is a great outcome for all stakeholders,” McGrathNicol Partner and Administrator Keith Crawford said.
“We commend digiDirect’s owner Shant Kradjian and his…
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The former interpreter of Japanese baseball star Shohei Ohtani pleaded guilty to tax and bank fraud charges at a courthouse south of Los Angeles on Tuesday.
Ippei Mizuhara, 39, is accused of stealing nearly $17m (£13.3m) from Mr Ohtani – who plays for the Los Angeles Dodgers – during the years he was employed by the top athlete.
Mr Ohtani is one of the biggest names in modern baseball. He signed a record 10-year, $700m contract with the Dodgers before the 2024 season, becoming a face of the franchise and Major League Baseball.
Prosecutors have said that Mizuhara used the baseball player’s money to pay off his mounting gambling debts.
The guilty plea is part of a deal the ex-interpreter entered with prosecutors in exchange for a reduced…
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Liquidations in the British Virgin Islands can be either an insolvent liquidation governed by the Insolvency Act 2003 (as amended), or a solvent liquidation governed by the BVI Business Companies Act (as amended). This article provides a brief overview of insolvent liquidations.
The purpose of an insolvent liquidation is to bring a company’s affairs to an orderly end by settling the company’s debts and other affairs, as well as taking possession of any company assets and distributing them. An appointed liquidator can also bring claims to set aside certain transactions entered into by the insolvent company before it went into liquidation.
Under the…
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Against a backdrop of rising global temperatures, the new Labour government’s creation of the National Wealth Fund is an important step in accelerating the UK’s green transition. The fund’s blended finance model – providing debt and equity funding – will channel £7.3bn of public cash into low-carbon projects.
The hope is that the fund will bring together key institutions and private investors to mobilise over £20bn of private investment into green technologies and, crucially, help them to scale.
Traditionally, VC-backed companies have relied on equity funding as most software companies do not create major sunk costs until they launch their first version of a product and test customer demand.
However, debt financing is…
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The Albanese Government has botched its Budget commitment to cut student debt for three million Australians with the ATO confirming HELP loans will rise by 4.7 per cent from 1 June 2024, rather than the 4 per cent increase Labor promised.
Shadow Minister for Education, Sarah Henderson, said Labor’s go-slow on student debt reform means there is no certainty as to when Labor’s HELP indexation changes will be implemented.
With no legislation in sight to enact Labor’s changes, there is also no certainty as to when last year’s crippling indexation rate of 7.1 per cent will be backdated to 3.2 per cent, as Labor promised.
On 5 May 2024, Education Minister Jason Clare announced “..in response to the Australian Universities Accord, the Government…
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The voluntary administration period for Sunshine Coast-based airline Bonza has been extended for another two months.
The Federal Court has granted Bonza administrators, Hall Chadwick, extra time to hold a second meeting of creditors.
The main purpose of the extension is to provide the Administrators with further time to conduct a sale of Bonza’s business and assets “which we believe is in the best interests of all creditors”.
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Bonza employees remain stood down without pay and are unable to accept other work for the two months.
In a statement, Hall Chadwick said they understand how difficult and…
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Image: Facebook/CarlsJrAU
US burger chain Carl’s Jr has placed its Australian stores into voluntary administration, affecting 24 stores nationwide.
CJ’s Group is a licensee of Carl’s Jr. restaurants in Australia and independently owns and operates 24 Carl’s Jr. restaurants. The CJ’s Group also serves as the master licensee to 25 Carl’s Jr. restaurants independently owned and operated by third party sub-licensees.
The appointment of voluntary administrators excludes the 25 restaurants independently owned and operated by third party sub-licensees, which are expected to continue to operate with little to no impact.
On Monday 29 July, KPMG announced David Hardy, George Georges, and…
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One of Australia’s biggest book retailers has been rescued by a buyer after it entered voluntary administration last month.
Booktopia, an online bookseller founded in Sydney, was purchased by online camera store digiDirect owner, Shant Kradjian.
The sale of the business and its assets were finalised with the transfer to Kradjian on Friday evening.
Booktopia’s website has since resumed trading…
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The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12 months. Each payment, once made, is non-refundable, subject to law. Not in conjunction with any other offer. Prices after the first 12 months may be varied as per full Terms and Conditions. See www.theaustralian.com.au/subscriptionterms for full details.
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The Government has announced a two-phase process seeking to reform corporate governance laws.
In the first phase the Government is looking to update corporate legislation to reflect modern business practices, make compliance simpler and deter and detect poor business practices. In other words, this phase seeks to resolve uncontroversial problems to improve the performance of our corporate legislation, and aspects of our insolvency law. The bill for these proposals is expected to be introduced in early 2025. We summarise the proposed key features below.
In the second phase, there will be a Law Commission review of directors’ duties, liability, offences, penalties and enforcement. This was announced…
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The owner of popular fashion accessory brands Colette by Colette Hayman and The Daily Edited has entered voluntary administration.
Marquee Retail Group said it aims to keep all 60 stores open while in voluntary administration and has no plans to cuts its 400 workforce.
It would be “business as usual”, the company said as it continued to operate, with the aim of securing a sale of the businesses.
MRG said the company had suffered a decline in sales from October 2023 to March 2024, due to higher interest rates and inflation.
It also said ongoing debt with the Australian Taxation Office had impacted its performance.
Insolvency firm Mackay Goodwin has…
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Infamous Swim has secured backing of approximately $1 million through a group of entrepreneurs from the tech, e-commerce, fashion and communications sectors, with the founder of the original mummy-and-me swimwear brand confirming the label has been restructured and is now operating in a new company structure with new directors.
It comes after the swimwear brand went through voluntary administration earlier this year, but came out the other side.
Founder Gemma Crowe told SmartCompany that although she and the investors are all stakeholders in the new operation, she remains the CEO of Infamous Swim and will continue to lead the business as before.
Coming on board as external investors are tech CEO Alex Macpherson,…
