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On Friday, creditors voted to place Cubitt’s Granny Flats and Home Extensions into liquidation.

The builder worked in both NSW and the ACT and been in business for 30 years.

News.com.au previously reported that the family-owned business had been placed into administration earlier this year and had debts of $5.7 million.

Of its substantial debts, $2.6 million of that is owed to 77 tradies.

At an administration meeting at the end of last week, creditors voted to liquidate Cubitt’s.

The appointed administrators Richard Stone and Brett Lord of insolvency firm RSM Australia have…

In Tuesday’s budget, the federal Labor government included a so-called “wipe out” of $3 billion dollars of university student debt to counter inflation which has seen loan repayments balloon in recent years.

But the “relief” is a tiny fraction of the crippling debts incurred by university students amid the worst cost-of-living crisis in a generation.

An estimated 3 million Australians have student debt, under the Higher Education Contribution Scheme (HECS) and the Higher Education Loan Program (HELP).

HECS-HELP debts are repaid through the tax system, with payments required once an individual’s annual income is more than…

Pieter Paul van den Hoven, the founder of Amsterdam-based StoreShippers, a provider of last-mile e-commerce delivery services, recently announced the decision to shut the operation through a LinkedIn post. 

“As I close this chapter, I’m still excited about e-commerce, logistics, and the value of technology in this space. I’m currently exploring new opportunities and would be happy to engage in conversations about new ventures and opportunities,” he adds. 

The announcement comes after the Dutch company went bankrupt after recording a loss of €1.3M in its five-year operations. 

The company also struggled to recover from the debts accumulated during the coronavirus period and the departure of its largest customer,…

Simon Edel, UK Turnaround and Restructuring Strategy Partner at EY-Parthenon:

“The number of registered company insolvencies fell 17% year-on-year in March, however the number of company insolvencies remains higher than those seen during the pandemic and between 2014 and 2019. 

“Beyond the official data, we’re seeing an increase in activity across the restructuring spectrum, including more balance sheet restructurings, asset sales and a rising focus on working capital as companies look to reshape their businesses in response to a changing market. Distress is also now impacting mid-market and larger corporates, as well as smaller businesses.

“Refinancing is likely to be a key hurdle for many businesses this…

Graduates with outstanding tuition debt should do the maths on whether to bring forward repayments because if they get in quick, they can save hundreds of dollars by nabbing lower indexation, financial advisers say.

And even those who cannot afford to make extra payments can take solace in the fact that a one-off interplay between changes to the Higher Education Loans Program (HELP) and stage three tax cuts could mean a heartier tax refund this year.

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When you profess expertise in cost control, cashflow management and the sundry other indicia of insolvency, acquired during a career spanning decades, receiving a winding up notice must come as a surprise.

When that notice is filed in a court by lawyers acting on behalf of the Australian Taxation Office (ATO), along with affidavits in support and a liquidator’s consent well, surprise might concede the field to shock.

iNO can report however that in this case the recipient of the ATO’s unwelcome missive has assured he is on the front foot so the chances of a registered liquidator having his company liquidated from underneath him might be considered remote.

“I am aware of the subject…

Los Angeles Dodgers star Shohei Ohtani issued his first public comments since he became embroiled in a betting scandal involving his former interpreter, Ippei Mizuhara. The athlete said he was “saddened and shocked” by the illegal gambling allegations against his longtime interpreter Ippei Mizuhara, and denied placing bets on sports.

With his new interpreter Will Ireton by his side, Ohtani said that he did not discover Mizuhara’s gambling addiction until after a postgame clubhouse meeting in Korea last Wednesday.

“I never bet on baseball or any other sports, or never have asked somebody to do it on my behalf. I have never went through a bookmaker to bet on sports,” he stated on Monday afternoon.

He…