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A builder and kitchen renovations company servicing Melbourne’s leafy inner-eastern suburbs have added to the growing list of construction insolvencies
Animus Distillery has entered into voluntary administration. Animus Distillery in Kyneton has entered into voluntary administration. Leading advisory and restructuring
Arbitration and Insolvency: Australian court determines when arbitration costs orders can be recoverable against a company in administration Herbert Smith Freehills
Chartered accountant Lorcan O’Connor has joined the Insolvency Service Board as non-executive member
Mr O’Connor was the founder of the Insolvency Service of Ireland (ISI) and led the organisation for seven years
He joined the UK Insolvency Service Board on 2 April and was inducted on 2 May 2024
Lorcan O’Connor, founder and former leader of the Insolvency Service of Ireland, has joined the UK Insolvency Service’s Board as a non-executive member.
Mr O’Connor, who founded the Insolvency Service of Ireland (ISI) in 2012, joined the UK’s Insolvency Service Board on 2 April 2024, and was inducted on 2 May 2024. The Board is the agency’s main decision-making body and is responsible for the long-term success of the agency
A builder and kitchen renovations company servicing Melbourne’s leafy inner-eastern suburbs have added to the growing list of construction insolvencies hitting boutique companies servicing wealthy clients.
Builder Warwick Constructions went into administration in late October, followed four days later by fellow Hawthorn East-based renovations business Ultimate Kitchens & Bathrooms, when director Jeff Richards appointed a liquidator to wind up his company.
Workers at two NSW factories have slammed their former employer after the company went bust, leaving them and other creditors multiple millions out of pocket.
Last month, two companies linked to the Sydney-based Apollo group, which manufactures kitchen and bathroom joinery, collapsed into liquidation after 56 years in business.
Its main clients were big builders who will likely have to wear the cost in an already difficult market. Apollo also had showrooms in Sydney and the Central Coast where customers could come in to order cabinets or bench tops for their homes directly.
The Federal Court ordered Apollo Kitchens (NSW) Pty Ltd into liquidation in March over a $7.8 million unpaid tax debt, leading to around 100 people losing their jobs….
The city of Birmingham has issued what is known as a section 114 notice. This signals that the council is unable to balance its budget, due to lack of financial resources.
That the largest local authority in Europe and the second largest city in the UK should effectively declare itself bankrupt should come as no surprise. More than a decade of austerity in English local government has squeezed local councils to their utter financial limits.
Government grants are expected to total £61.7 billion in 2023-24. That represents a £1.9 billion (3.2%) increase in real terms over 2022-23 budget data.
However, this recent reversal in local government funding is not enough to offset the decade-long cuts to government funding. In July…
Animus Distillery has entered into voluntary administration.
Animus Distillery in Kyneton has entered into voluntary administration.
Leading advisory and restructuring firm, Cor Cordis, has been engaged to assist the business with opportunities for sale or potential recapitalisation.
In a statement issued to customers and partners, the Animus team said the decision was not made lightly.
“We firmly believe that this is the best course of action to ensure the long-term viability and future success of Animus Distillery,” the statement said.
“We want to assure you that we are committed to minimising any impact on our customers and partners through this process.
Katie Price has been declared bankrupt for a second time over an unpaid tax bill of £761,994.05.
The former glamour model had not responded to HM Revenue & Customs (HMRC) over the debt, a court was told on Monday.
The demand for payment was made by HMRC last October.
Price – who was first declared bankrupt in 2019 over unpaid debts – did not attend the short hearing.
A court was told the bill “derives from self-assessments” for the years 2020-2021 and 2021-22 and includes income tax, VAT, surcharges and interest.
Insolvency and Companies Court Judge Sebastian Prentis told the hearing at London’s Rolls Building: “There has been no response from the debtor. The papers are in order.
“There is a substantial debt due from Ms Price to HMRC and…
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The company at the centre of René Benko’s property empire more than doubled its debt in the first nine months of the year, indicating the scale of the liquidity problems facing the group as it tried to stave off financial collapse.
Signa Holding, whose €27bn of assets include department stores Selfridges and KaDeWe, had outstanding liabilities of just under €2bn at the end of 2022, up from €635mn the previous year, according to accounts reviewed by the Financial Times.
By the end of September this year, borrowings had risen to about €5bn, according to the company’s insolvency filing. Signa Holding went…
England’ second largest city Birmingham‘s city council on 5 September, declared itself bankrupt, putting a pause on all spending except essential ones. The Birmingham city council issued a 114 notice last Tuesday, thereby joining a string of local authorities, which include Woking, Croydon, and Thurrock, that have announced it did not have the resources to balance its books, the United Kingdom that is now living “hand to mouth”.
So far the Conservative party Prime Minister Rishi Sunak-led government has refused to come to the Birmingham City Council’s rescue. The government had already provided extra funding for the council, at around 10 percent of its budget, but ”it’s for locally elected councils to manage their own budgets,”…
Proform Food Group – the manufacturer of plant-based protein products under the Meet, Protein Plate, and Bad Hunter brands – has entered voluntary administration.
KPMG Australia’s Gayle Dickerson and James Dampney have been appointed as administrators to oversee the process.
The administrators have assumed day-to-day control of the group, which will continue operating normally while conducting a rapid business assessment. Meanwhile, Meet products will remain on supermarket shelves.
The appointment of administrators covers the entities including Proform Food Group Pty Limited, Proform Innovation Pty Limited, Proform Gourmet Pty Limited and Proform Foods Pty Limited.
Fisher King, the leading Finnish company behind some of Scandinavia’s biggest scripted hits including “Bordertown” and “The Helsinki Syndrome,” has gone bankrupt amid challenges that have thrown the Scandinavian TV industry into turmoil.
Beta Film, which acquired Fisher King in 2019 and subsequently launched the umbrella banner Beta Nordic Studios, said the company was declared bankrupt on Dec. 23.
Fisher King was founded in 2013 by executive producer Matti Halonen and chief visual officer Miikko Oikkonen. Over the years, the outfit was able to produce some of the region’s most ambitious drama series through international co-productions. The company’s recent titles include “Estonia,” a limited series…
