Tigerlily has been rescued once again with Seafolly purchasing its swimwear competitor out of its second voluntary administration.

Boho swimwear brand Tigerlily has once again been lifted out of voluntary administration, this time by fellow swimwear brand Seafolly.

Tigerlily was founded nearly 25 years ago in Sydney. The swimwear company fell into voluntary administration for the first time in 2021 following the fallout from the Covid 19 pandemic. It was rescued just months later, by fellow Australian company Crumpler under Crescent Capital. In March this year, the company announced it has fallen back into voluntary administration following an unsuccessful search for a buyer. 

This week, it has been revealed that Australian swimwear…

German tennis legend Boris Becker was discharged from bankruptcy court in London after a judge found he had done “all that he reasonably could do” to repay creditors tens of millions of pounds.

Becker fell far short of repaying his creditors nearly $95 million he owed, but Chief Insolvency and Companies Court Judge Nicholas Briggs said it would be “perverse” not to end the case given the efforts Becker made.

“On the spectrum of bankrupts who range from ‘difficult as possible and doing everything to frustrate the trustee’s inquiries’ to ‘co-operative, providing information and delivering up assets’, Mr. Becker clearly falls on the right side of the line,” Briggs wrote.

READ MORE: Former Wallabies coach emerges as shock…

The city council of Birmingham, located in the country’s midlands, was slammed with a ginormous equal-pay claim worth up to £760 million ($955 million), following which it said the council had “insufficient resources” to make those payments. 

As a result, the council was forced to make drastic cost cuts, resulting in the sacking of 600 staff, closure of community centers, reduction of household waste collections, and even turning down the brightness of its streetlights.

The measures reflected just how precarious the finances of Europe’s largest local authority were, as it turned to the government for additional support.  

Now, it turns out, the situation may not have been as dire as anticipated. 

A new…

Rex Airlines has announced it has gone into voluntary administration and cancelled all flights between major airports.

A statement posted on Rex’s website on Tuesday said Regional Express Holdings Limited and a number of its subsidiaries under the Rex Group have entered voluntary administration.

Ernst & Young Australia have been appointed administrators.

The statement said regional Saab 340 flights were unaffected and will continue to operate, but domestic 737 services have been grounded with Virgin Australia offering impacted Rex passengers free rebooking.

“Flights between major airports have been cancelled, with the Rex Group’s domestic fleet of Boeing 737 aircraft all grounded,” the statement said.

“Affected customers are being contacted…

A local authority that is effectively bankrupt needs to borrow £206.7m from the government to balance its 2023-24 budget, a report revealed.

Thurrock Council had initially planned to borrow £180.2m but a provisional financial outturn report suggested an extra £26m was needed.

The government appointed commissioners to oversee the council after a series of bad investments damaged its finances.

Responding to the report, the commissioners said the secretary of state was “minded to approve” the extra financial support package.

However, the council was warned its borrowing must not exceed £234.5m for the year.

The secretary of state said a “significant” amount was already being offered, but said Thurrock Council had “delivered on its saving…

About William Farrington

William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology.

Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical writing. Other jobs have… Read more

About the publisher

Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our…

Katie Price‘s former home has been bought just a week after it appeared on the market, according to The Sun. The former glamour model moved out of her mansion in May after being handed an “eviction notice.”

The reality TV star, who was previously declared bankrupt in 2019, moved into her £2 million mansion in 2014. The model is believed to owe £761,994.05 to HM Revenue and Customs, a court was told in March.

The Sun has shared that her former home has been snapped up for £1.5 million, but Katie won’t be getting any of the proceeds as the cash will go towards her unpaid debts.

She had previously been warned that she could lose her home if she failed to pay the £750,000 sum in tax, VAT, and other fees. The mansion reportedly cost her…

When Tommy Robinson first entered the national consciousness, it was as an angry young man leading a group of football fans onto the streets of Luton to clash with Islamist activists disrupting a homecoming parade of soldiers returning from Afghanistan.

Fifteen years on and while the message and the rage remain, plenty has changed.

As the 41-year-old’s supporters are arrested up and down Britain, the man whose name they chanted while they terrorised communities was notable by his absence. No need to take to the streets in person any more – today Robinson wields his malign influence from wherever he chooses.

Tommy Robinson is seen resting and relaxing on a sunlounger in a pool while inciting violence at home 

And at the moment that…

In the case of JDK Construction Limited the Court of Appeal had to consider whether an earlier decision by a High Court judge that liquidators had been validly appointed was correct.

The answer to that question turned on whether the resolutions that the company had passed to place the company into voluntary liquidation were valid given there were questions over who the members of the company were (or should have been) at the time the resolutions were passed.

The liquidators had relied on the filings at Companies House, but these did not reflect what ought to have been the position following shares being transferred without one of the shareholders knowing. Although it will be rare that shareholdings are transferred in the circumstances…