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.
One of Victoria’s longest-running and most respected multi-arts festivals, the biennial Castlemaine State Festival, has entered into voluntary administration.The news
Australian bookseller Booktopia has entered voluntary administration, following failed recent attempts to secure emergency funding. The announcement comes after a
Online book retailer Booktopia has been placed into voluntary administration, with McGrathNicol appointed to run the business.The administrators are undertaking
One of Victoria’s longest-running and most respected multi-arts festivals, the biennial Castlemaine State Festival, has entered into voluntary administration.
The news was announced in an email from the Festival Board, sent just before 5pm last Thursday 28 March, at a time when many people were already switching off their computers and leaving work in preparation for the Easter break.
Consumer debt advice organization MoneyPlus has teamed up with NTI Insolvency Training to launch a pioneering PIP qualification aimed at elevating customer service standards and enhancing staff retention within the UK’s debt management sector.
This new qualification will be mandatory for all customer-facing employees at MoneyPlus, which employs over 170 staff members. The initiative is part of an extensive employee support program that includes an on-site gym, subsidized meals at the company canteen, and mental health support from a qualified counselor.
With nearly 10% of UK debt advice providers considering leaving the sector within the next year, according to the Institute of Money Advisors (IMA), MoneyPlus aims to set a precedent…
Air Vanuatu said on Thursday it had cancelled international flights for the rest of the week, as the Pacific Island nation’s government considered placing its national carrier into voluntary administration.
All of Air Vanuatu’s international flights between Thursday and Sunday are canceled, and all later flights are under review, the airline said in a statement.
“The Vanuatu Government is now considering placing Air Vanuatu … into voluntary administration,” and Ernst & Young has been appointed to advise the government, the statement said.
Air Vanuatu operates only four aircraft among the country’s islands – which rely heavily on tourism – and to Australia, New Zealand and other South Pacific islands.
WASHINGTON — Vice President Harris says she wants to cancel billions of dollars in medical debt if elected president this fall.
The plan, unveiled Friday in a wide-ranging platform to cut Americans’ economic costs, is a longtime progressive policy goal. It eclipses a Biden administration initiative this June to exclude medical debt from credit reports, as well as previous Covid-19 relief funding aimed at clearing debt. However, erasing bills amounting to more than $200 billion across the U.S. would require unprecedented congressional and state government cooperation with the White House.
Harris and her running mate, Minnesota Gov. Tim Walz, said in a statement that they would “work with states” on the plan “because…
The KirribilliClub Board has stepped aside and appoint the services of SV Partners to act as Voluntary Administrators of the KirribilliClub effective immediately.
“Unfortunately, due to a combination of overwhelming financial, operational and hospitality market circumstances we have exhausted all available options and have not come to this conclusion lightly. Mr Hugh Armenis from SV Partners will provide further details once he and his office have completed their assessment of the clubs’ financial affairs,” now former Club chair Lukas Bendt said.
“It has always been the board’s priority to ensure the club’s members, ex-services, staff, and guests have a place to call, “Home”….
A major WA tourist attraction that allows visitors to interact with wild dolphins has been rescued from voluntary administration by a lifeline from the state government.
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process.
Loan requests
Initially, the EY-Parthenon teams were asked to advise the bankruptcy of the parent company, with the ambition to find an alternative way ahead for the subsidiaries of Abengoa, where the majority of employees and debt were housed.
With support from EY teams, the subsidiaries requested help from the state-owned company SEPI, who are often used as a tool to implement government…
Australian bookseller Booktopia has entered voluntary administration, following failed recent attempts to secure emergency funding.
The announcement comes after a prolonged period of difficulties for the online retailer, which suspended trading shares on the ASX in June. The company has also endured three years of unprofitability, has been forced to make 90 staff redundancies in the past 18 months, and has seen the resignation of several key executives, including former CEO David Nenke, who recently resigned after only a year in the job.
While Covid-19 lockdowns were catastrophic for most retailers, Booktopia turned over an impressive $223.9 million in the 2021 financial year and $240.8 million in the 2022 financial year. However,…
The Fanatec saga of 2024 has taken yet another twist, and a turn for the worse, as the brand’s parent company has filed an application to begin insolvency proceedings.
It’s been a pretty crazy few months for Fanatec and its owner Endor. While it’s likely the public troubles began with a chaotic Black Friday, things only really kicked off in March when the company suddenly announced that it had dismissed its founder and figurehead CEO Thomas Jackermeier.
At the time, this was stated as being a condition of its creditors — lending banks — to allow the company to extend a “standstill agreement” on some pretty hefty loans. Andres Ruff was brought in as a “chief restructuring officer”, and was then announced as CEO very…
Online book retailer Booktopia has been placed into voluntary administration, with McGrathNicol appointed to run the business.
The administrators are undertaking an urgent assessment of Booktopia’s business, and are exploring options for a potential sale or recapitalisation.
Shares in the struggling retailer were placed into a trading halt on June 13, at just 4.5 cents apiece, before being suspended from the stock market a few days later.
A first meeting of creditors will take place before Monday, July 15.
Sydney-based print broker Mesh Direct has gone into voluntary administration with several printers caught up in the collapse of the company.
Mesh Direct owes a number of wide format printers hundreds of thousands of dollars as well as staff entitlements of more than $250,000 – with total debt calculated to be $1,924,086.53.
Printers who have been caught up in the collapse of Mesh Direct include Jetmark Trade Signage (owed $218,327), Billboard Media (owed $82,853.46), Complete Banner Service ($22,938.40) and Insane Signs & Print (owed $19,269.83).
Sprinter understands that Mesh Direct director, Andrew Doenicke, was still operating his business a week ago and told printers he hoped to…
Designer label Dion Lee has appointed voluntary administrators in the latest high-profile business to come under pressure amid difficult economic conditions.
The fashion house, which has six stores in Australia and one in the US, is now under the control of insolvency firm dVT Group administrator Antony Resnick, who will continue running the business as a going concern as he urgently “assesses all options” relating to the US business.
Designer Dion Lee prepares backstage for his fashion show during New York Fashion Week in February 2019.Credit: Fernanda Calfat/Getty Images
“We are in the very early stages of our administration process and our focus right now is on speaking with the Australian and US-based team and getting across all…
