The company at the centre of Victoria’s recycling crisis will be wound up after it was declared insolvent in the Supreme Court of Victoria.

SKM owes 16 creditors more than $5.5 million and after being given an extension to pay the money back, its lawyers today told the court it could not come up with the cash.

A liquidator will now be appointed to refund the creditors.

The case was led by logistics company Tasman, which claimed it was owed $3.35 million.

A further 15 creditors were chasing smaller debts,…

Horizon was the former accounting system used by the Post Office. Between 1999 and 2015, a number of Postmasters experienced shortfalls in cash and stock in relation to the data produced by Horizon. As a result, Postmasters were required to make good the shortfall. 

In some cases, this led to bankruptcy, where some postmasters may have petitioned for their own bankruptcy or were subject to a bankruptcy order on the petition of a creditor.
The Insolvency Service and the Official Receiver, acting as trustee in bankruptcy, continues to assist former Postmasters impacted by bankruptcy and we are working closely with the Post Office and the Department for Business and Trade to ensure that claims for compensation are paid as quickly as…

Regional Express (Rex) subsidiaries Australian Airline Pilot Academy (AAPA) and Pel Air are not involved in the voluntary administration of airline operations announced yesterday.

Rex Group directors have appointed Ernst and Young Australia as Joint and Several Voluntary Administrators, but the administration is limited to the airline and investment arms of Regional Express Holdings, which does not include AAPA and Pel Air.

Flight training organisation AAPA, which has bases at Wagga Wagga and Ballarat, will continue to operate as normal. The academy uses Warriors, Seminoles, C172s and King Airs to train pilots for careers in the airlines, with a cadet program fast track to Rex SAAB operations.

Pel Air is a charter/aeromedical operation…

Swedish electric motorbike company Cake files for bankruptcy.

The company, which makes extremely unique-looking utility-themed motorbikes and motorcycles, was forced to make the decision after a major investor bailed right before a funding round was set to close, according to Electrek. Certainly this will come as sad news to fans of Cake’s two-wheelers, which are geared toward off-roading and cargo-hauling.

Our own Thomas Ricker was taken with the Ösa’s multifaceted features, but found the price and digital display to be lacking.

McGill and Partners, the global boutique specialist (re)insurance broker, has launched a ready-made and self-contained coverage solution for corporate insolvency, known as SAIFElimits.

This innovative offering is designed to seamlessly integrate into primary directors’ and officers’ (“D&O”) policies, automatically triggering coverage upon the occurrence of an insolvency event.

SAIFElimits is specifically engineered to address the challenges faced during corporate insolvencies and enables directors and officers to enjoy protection for up to six years throughout the insolvency process.

The unpredictable risk of insolvency, even for large companies, can emerge suddenly and without warning, as exemplified by cases like Carillion,…

A Hong Kong court has ordered one of China’s biggest property developers, Evergrande Group, to liquidate after it was unable to reach a restructuring deal with creditors over hundreds of billions of dollars it owes.

The liquidation could have severe consequences for the world’s second-largest economy, as the Chinese property sector continues to…

The Federal Court has ordered that a company associated with Melbourne business figure “Diamond” Joe Gutnick be wound up and declared insolvent amid allegations of millions of dollars of dishonest related party transactions.

The Federal Court on Wednesday appointed liquidators to the publicly traded mining company Merlin Diamonds Limited after a provisional liquidators’ report showed it had just $1331 in the bank and liabilities of $13 million.

Judge Michael O’Bryan said a liquidator would allow for investigations into a number of inter-company loans, related party transactions and “round robin” payments that “have the appearance of uncommercial and…