Insolvency Guardian Media Centre
The low-cost airline Bonza entered voluntary administration on Tuesday, after abruptly cancelling all of its flights after the repossession of its entire fleet that caught its CEO by surprise.
Passengers were left stranded at a handful of airports when Bonza “temporarily suspended” all services on Tuesday with no notice, as the airline’s owners considered the viability of the business’ future.
Bonza appointed firm Hall Chadwick for the administration process of its operating and holding company, documents filed with the Australian Securities and Investments Commission (Asic) show.
Bonza’s fleet has been grounded until the end of Thursday, with the administrators advising passengers with booking not to turn up to the airport.
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Neill had been investigated by the UK’s insolvency service for the last seven years, leaving him stuck with bankrupt status and unable to even own a mobile phone on a contract.
The Times reported at the height of Neill’s financial struggles, the lights would go out in his home because he was unable to top up his pay-as-you-go electricity meter.
Australian Test skipper Pat Cummins talks with former Socceroos captain Lucas Neill after day five at Old Trafford.Credit: Nine News
He survived on his monthly £900 ($1700) footballer’s pension while partner Lindsey Morris worked as a beauty therapist and personal trainer to support the family and their two children.
“There were some really humiliating moments,” Neill said. “Like at…
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Getty ImagesA court in Hong Kong has ordered the liquidation of debt-laden Chinese property giant Evergrande.
Judge Linda Chan said “enough is enough”, after the troubled developer repeatedly failed to come up with a plan to restructure its debts.
The firm has been the poster child of China’s real estate crisis with more than $300bn (£236bn) of debt.
But it is unclear how far the Hong Kong ruling will hold sway in mainland China.
The property giant, which has been in hot water with its creditors for the last two years, filed a request for another three months’ leeway at 4pm on Friday.
But Judge Chan turned it down, describing the idea as “not even a…
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Munich-based biomethane trader Landwärme is at the start of insolvency proceedings under its own management.
The company announced that business operations in Berlin and Munich – including all 140 employees – will continue until further notice.
Landwärme managing director Zoltan Elek will remain in charge during the upcoming reorganisation phase.
Lawyer Katharina Wilke will support him during this time as the specially appointed restructuring manager.
In addition, Lucas Flöther will accompany the proceedings as general authorised representative.
Both Wilke and Flöther represent the Berlin law firm Flöther & Wissing, which specialises in insolvency law.
In addition, the competent court appointed Gordon Geiser from the law firm…
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A beloved US burger franchise which had big plans to expand into Australia has entered voluntary administration.
Late yesterday, KPMG’s David Hardy, George Georges and Emily Seeckts were appointed administrators of CJ’s Group, which is the master licensee for Carl’s Jr in Australia.
The burger chain, which opened its first store in Australia in 2016, operates in dozens of countries around the world.
In Australia, Victorian-based CJ’s Group independently owns and operates 24 Carl’s Jr restaurants, KPMG said in a statement.
The group also serves as the master licensee to 25 Carl’s Jr restaurants independently owned and operated by third-party…
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History repeats itself as Fisker, the electric automaker started by car designer Henrik Fisker, faces a series of challenges that could potentially result in the company filing for bankruptcy. The timing of this is interesting if you consider all the negative press, but it’s probably best to weigh the bad buzz against all the other information about the company we have.
While Tesla is far from being in Fisker shape, the world’s second-biggest EV automaker is taking some fairly desperate measures to increase its profitability as it faces its own challenges. In spite of all the EV troubles for others, Toyota is reportedly going to electrify the Hilux.
And, finally, I had a great night with legendary racer Jacky Ickx — a…
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Melbourne-based tech start-up E-Mersion Media has sensationally collapsed with debts of over $12 million.
According to liquidator Mathew Gollant’s report, the company, which specialised in digitising traditional print magazines, had been at a loss since its inception.
The media-tech company only managed to make four sales in the four years it was in operation, coming in at a measly $84,274.
The business also received a further $200,000 from the government’s JobKeeper grant to pay staff during the COVID-19 pandemic which kept it afloat until it went into liquidation in April this year.
Over the course of these four years, Iliopoulos’ business racked up losses of $12.6 million on staff wages, legal fees, computer…
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Sam Bankman-Fried, former CEO of the bankrupt cryptocurrency exchange FTX, presided over a spectacular collapse that cost his customers billions of dollars. He argues in court filings that anyone owed money by FTX “will eventually be paid in full”. The US government says he’s living in a fantasy land. He was sentenced to 25 years in prison on Thursday.
Last week, FTX’s caretaker, John Ray III, appointed to oversee the company’s bankruptcy proceedings, reminded the court that Bankman-Fried had masterminded a “colossal fraud”, lived a “life of delusion”, and called Bankman-Fried’s lawyers’ claim that no one had been harmed as “categorically, callously, and demonstrably false”.
Bankman-Fried was sentenced after…
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Australian tourists are stranded in Vanuatu after the country’s national airline cancelled international flights for four days, while the Vanuatu government considers putting it into voluntary administration.
Air Vanuatu confirmed in a statement on Thursday afternoon all international flights until Sunday were cancelled, and flights after that day are “under review”.
“The Vanuatu government is now…
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Hydroponic farming, a method familiar to those growing crops such as lettuce in greenhouses, is not a new concept. However, recently, a water-based cultivation project stood out. The project’s floating island was showcased at the Floriade in Almere. Its first harvest took place in the summer of 2022.
This experiment was a collaborative effort by Floating Future, Wageningen University, and students from Aeres University of Applied Sciences. The experiment initially received quite some attention but later fell silent. By 2023, updates ceased. The company has now been declared bankrupt, according to a verdict from the Gelderland…
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Is it better to die in debt or declare bankruptcy in retirement? MarketWatch