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.
Twenty Carl's Jr restaurants have been immediately shut down as administrators assess the books. (Source: Facebook/On Point Digital Solutions)Hundreds of
Lutum, the national roofing tiles and masonry products supplier spun out of ASX-listed Boral in 2021, went into voluntary administration on Tuesday with outstanding debts of $20 million.
EY administrator Morgan Kelly, appointed with colleagues Martie Tziotis, Stewart McCallum and David Kennedy, said they were working with Lutum’s existing management to keep the business going and find a party willing to recapitalise it, which they hoped to within two to three months.
The Australian fashion label Dion Lee has called in the administrators in a major blow to the eponymous brand that has dressed celebrities such as Taylor Swift, Dua Lipa, the Duchess of Sussex and Troye Sivan.
The move came after the Australian retail chain Cue announced it had withdrawn its investment in the designer apparel.
The Australian arm of Dion Lee has been placed under the administration of Antony Resnick of the insolvency firm dVT Group as it evaluates the future of the business and looks to attract new investors.
The label has six retail stores in Australia and one in the US (its first North American shop opened in Miami late last year), which is Lee’s biggest market.
Resnick said he was urgently assessing “all options”…
The manufacturer of MEET plant-based protein products is continuing to trade, after administrators from KPMG were appointed to the company last week.
Established in 2008, Proform Foods has been producing alternative protein products well before other startups like cultured meat startup Vow entered the market.
On May 22, Gayle Dickerson and James Dampney from KPMG Australia were appointed voluntary administrators to manage Proform Food Group Pty Ltd and its subsidiaries.
The group of companies under administration also includes Proform Food Group Pty Ltd, Proform Innovation Pty Ltd and Proform Gourmet Pty Ltd.
There are 24 locations that are owned by CJ’s Group while a further 25 are independently owned and operated by third-party sub-licensees. The two dozen operated by the Australian arm of the US company are the ones that have been placed into voluntary administration.
Only four of the 24 restaurants will remain open while the remaining 20 have been closed down…
Rudy Giuliani filed for bankruptcy in federal court in New York on Thursday, just days after a jury ordered him to pay nearly $150 million to two former Georgia election workers for defamation.
According to the filing, Giuliani listed debts between $100 million and $500 million, and assets worth up to $10 million.
The bankruptcy declaration is another setback for the former New York City mayor, federal prosecutor and one-time front-runner for the Republican presidential nomination, all stemming from his time as Donald Trump’s attorney after the 2020 presidential election.
Leanne Young had to file for bankruptcy after being a sub-postmaster for five years
A former sub-postmaster said it was an “absolute disgrace” that she was left to go bankrupt after being told she owed hundreds of thousands of pounds.
Leanne Young, 49, from Bedminster, worked in the St Philips Marsh post office in Bristol for five years and is a victim of the Horizon IT scandal.
She had to borrow a five-figure sum from her parents, who were made homeless, to pay back the money.
The Post Office said they are “deeply sorry” and are paying victims.
Ms Young said that she and her parents were left out of pocket “not far off a million pounds”, adding that she has now accepted an interim payment from the Post Office, which has apologised to…
Online media HK01 founder Yu Pun-hoi was declared bankrupt on Tuesday for failing to repay his debt of more than HK$416 million to an investment bank.
Locally based CCB International Overseas Ltd had previously filed a bankruptcy petition against Yu at the High Court. It was reported that a company owned by Yu, Pippen Ltd, owes CCB International Overseas more than HK$416 million.
CCB sued Pippen Ltd, Yu and Dadi International in June 2022, saying it had bought bonds from Pippen in March 2017, with Dadi and Yu as guarantors. But Pippen failed to repay the debt in full according to schedule.
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