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.
In short: The NSW Supreme Court has appointed liquidators for the Gateway Marina at Burnett Heads.Liquidators find companies owe $7.9million to creditors.What's
Photo: Keith Birmingham/MediaNews Group/Pasadena Star-News via Getty Images When news broke that Shohei Ohtani’s interpreter, Ippei Mizuhara, had been accused
Award-winning ACT and NSW-based construction company – Project Coordination (Australia) Pty Ltd – today entered voluntary administration. Company Directors –
The Body Shop has filed for bankruptcy in the US and Canada and is struggling to pay suppliers in Australia as the group’s most profitable overseas businesses struggle with cash shortages after its UK parent’s collapse last month.
The US arm of the ethical cosmetics group has ceased trading at its 50 outlets. On Saturday, it filed for Chapter 7 insolvency, under which assets are sold off to clear debts, putting about 400 jobs at risk including those in a distribution centre that still holds millions of dollars-worth of stock.
In Canada, 33 of the 105 shops have closed, with the loss of more than 200 jobs.
In Australia, where the group operates almost 100 stores and is responsible for more than 20 more in New Zealand, it is understood…
With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
Dunfast Pty Ltd has been wound up. Photo: Frogman1484.
Transport business Dunfast Pty Ltd, which trades under the name Griffith Fast Freight, was wound up in insolvency by the Federal Court on Friday (8 March), ending a decade in operation.
According to court documents obtained by Region, the wind up motion was lauched by the Australian Tax Office (ATO), who alleged it was owed $859,713.32.
On 21 September 2023, ATO official Chris Anderson wrote to Dunfast Pty Ltd demanding payment of this money.
“I believe there is no genuine dispute about the existence or amount of any of the debts,” he wrote.
According to his description of the debt, $473,713.86 of the alleged amount owed was under Business Activity Statement (BAS) provisions…
A $250 million marina development on the edge of the Great Barrier Reef has gone into liquidation, owing millions of dollars to creditors and leaving buyers in limbo.
The Gateway Marina was expected to transform Bundaberg’s coastal suburb of Burnett Heads, four and a half hours north of Brisbane, into a Whitsundays lookalike.
Photo: Keith Birmingham/MediaNews Group/Pasadena Star-News via Getty Images
When news broke that Shohei Ohtani’s interpreter, Ippei Mizuhara, had been accused of stealing $4.5 million from the baseball superstar to pay down gambling debts with a California bookie, it was already one of the more consequential sports stories of the year, rapidly overshadowing March Madness and the NBA playoff push. The wire transfers had come to light because the FBI was investigating a man named Matthew Bowyer for running an illicit bookmaking scheme (online gambling isn’t yet legal in California). ESPN and…
In Oakland, California, the Roman Catholic Cathedral of Christ the Light is difficult to miss. Towering over Lake Merritt in the heart of the city, its modernist glass dome reflects the East Bay sun in all directions.
The building, which was completed in 2008 and financed by the Roman Catholic diocese of Oakland, cost $175m. But that price tag confounds Joseph Piscitelli.
In the 1970s, Piscitelli attended a Catholic high school in nearby Richmond, where, from the age of 14, he experienced repeated sexual abuse at the hands of his vice-principal, an ordained priest. For decades, Piscitelli experienced nightmares and panic attacks. Friends who had also been abused turned to drugs and alcohol, and several took their own lives.
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Judging by Marshall’s (MSLH)half-year results, the trading period through to 30 June might best be described as a “holding operation”. The manufacturer of sustainable building products still faces the dual challenge of a fall-away in new housing starts and the slump in housing repair, maintenance and improvement that followed on from the pandemic-linked surge in activity.
99 Cents Only Stores LLC has filed for bankruptcy after announcing plans in April to wind down its business operations.
The California-based discount retailer listed assets of $1 billion to $10 billion and liabilities of a similar range in a Chapter 11 petition filed in Delaware. Filing Chapter 11 will give 99 Cents Only time to conduct going out—of-business sales at its roughly 370 locations.
99 Cents Only has secured $60.8 million in senior secured super priority debtor-in-possession financing to wind-down its operations and sell its real estate and other assets for as much as possible in order to repay …
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Creditors of one of the main companies in René Benko’s Signa Group have alleged it fell into insolvency because of “illicit” financial transactions, not a downturn in the European property market.
Their claim contradicts earlier findings of the company’s insolvency administrator and statements by Signa’s management and shareholders, which have so far pinned blame for the luxury property conglomerate’s collapse on rising interest rates and their impact on property valuation models.
Signa Development Selection was one of the three central entities in the Signa Group. It was declared insolvent on…
Bruno Mars isn’t in the red with MGM, that is, according to the hospitality and casino giant.
In a statement given to the Las Vegas Review-Journal on Monday, MGM Resorts shut down rumors the “24K Magic” singer had racked up a $50 million gambling debt, and that he was paying his balance via multiple business deals with MGM and its Las Vegas properties.
The company said claims that it has Mars on the hook for millions were “completely false,” writing, “We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers.”
Celebrating his residency at the Park MGM and partnership on the Bellagio’s new Pinky Ring cocktail lounge, MGM’s statement read, “Bruno’s brand of…
Award-winning ACT and NSW-based construction company – Project Coordination (Australia) Pty Ltd – today entered voluntary administration.
Company Directors – father and son, Paul and Gavin Murphy – today appointed RSM Australia Partners Jonathon Colbran, Frank Lo Pilato and Brett Lord as joint and several Administrators of the company.
The long-standing family-run company, which is in its 50th year of operation, specialised in the construction and management of small and large-scale public and private buildings and infrastructure in key sectors.
The Directors advised staff of their decision at two separate meetings at the company’s Canberra and Wollongong offices. They also released a statement (linked here) explaining…
