The company behind Sunshine Private Hospital in Melbourne’s west has entered voluntary administration, forcing hospital management to cancel surgeries and move patients to other hospitals.

In a statement from Wexted Advisors, administrators said funding to continue to operate the hospital was not available, leading to administrators winding down operations.

“The administrators have commenced working with management to cancel day surgery operations, notify the Victorian Department…

Fugitive former lawmaker Ted Hui Chi-fung has been declared bankrupt for failure to pay the legal costs of proceedings and criminal offences he was involved in before he fled Hong Kong in 2020.

High Court Master Kent Yee Kai-siu issued the bankruptcy order against Hui on Tuesday.

Hui, who failed to pay the fees for two private prosecutions he launched in 2020, was convicted of contempt in 2022 for breach of bail conditions and given a three-year jail sentence.

The High Court judge who presided over the 2022 case ordered him to pay the justice department’s costs for the proceedings on an indemnity basis.

But Hui jumped bail and fled the city in late 2020 as he awaited trial…

One of China’s largest shadow banks warned it’s “severely insolvent”, with a debt pile more than two times higher than assets, according to a letter seen by Bloomberg News.

In a further sign of trouble for the nation’s $US3 trillion ($4.6 trillion) trust sector, Zhongzhi Enterprise Group told investors on Wednesday that it has debts of about 420 billion yuan to 460 billion yuan, compared with assets of 200 billion yuan. Liquidity has dried up and the recoverable amount from asset disposals is expected to be low, the company said.

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Bloomberg

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Cisalfa Sport Spa, one of Italy’s largest sportswear retailers, has been selected as the new business partner of SportScheck GmbH, a leading German omnichannel sports retailer that had filed for voluntary insolvency proceedings on Nov. 30 after that Signa, its previous owner, was declared insolvent.

As a result of this deal, Cisalfa Sport will enter in the German retailers’ business operations, but SportScheck will retain the use of its Munich-based brand name and business individuality, while it will benefit from the synergies and economies of scale of the Italian group.

Further details of the deal will be disclosed in the future because at this stage the agreement is as much subject to approval by the German Antitrust…

The administrators handling the collapse of Booktopia have announced that orders placed with Australia’s largest online bookseller will not be filled – and there may be no refunds either.

It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors – which voids store credits and gift cards too.

This week all trading ceased on the Booktopia site, with administrator Damien Pasfield from McGrathNicol Restructuring informing customers they must lodge a proof of debt form to make a claim.

The Booktopia Group and its associated entities Booktopia, Making I. T. Better, and Virtual Lifestyles, were declared insolvent and went into voluntary…

Hong Kong’s High Court has declared self-exiled activist Ted Hui bankrupt for failing to pay costs of legal proceedings involving him.

The former lawmaker, who left Hong Kong in November 2020, is among 13 self-exiled pro-democracy activists accused of breaching the Beijing-imposed national security law.

High Court Master Kent Yee issued the bankruptcy order against Hui on Tuesday, saying the activist had “never responded” to requests that he pay for legal proceedings against him. Hui was not represented at the hearing.

The bankruptcy petition was filed last November.

Hui was found guilty in June 2022 of four counts of contempt of court over his absence from legal…

The Australian Securities and Investments Commission (ASIC) published its annual corporate insolvency statistics earlier this week, revealing that small and medium sized business have “dominated” the external administration sector for 2023.

But shamefully, in 96 per cent of these cases, only between zero and 11 cents is recovered for every dollar owed to out-of-pocket creditors, Australia’s corporate regulator found.

Let me break that down for you. If you are owed, say, $100,000 when a business goes bust, you would be lucky to get back a single cent. Best case…

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Workers should go to court

In its decision, the FWC found that the dismissals were unfair. However, it said it can no longer decide on the merits of the case since the company was already put in liquidation.

“Had the company not been placed into liquidation and the applications had proceeded, [the Commission] would have concluded that the [workers’] dismissal was unfair.”

“Based on the material before the Commission, there is no indication that there was a valid reason for dismissal related to the workers’ capacity or conduct.”

“The [workers] were treated very poorly by the [employer] after many years of service,” it said. However, the Commission said that the workers still have a remaining course…

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