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The company, AF-1, has managed Nike stores in Sydney since 2006 along with a retail consultancy, which offered training and advice for other retail businesses.

AF-1 managed seven Nike shops on Pitt St in the CBD, Bondi, Neutral Bay, Burwood, Chatswood, Warringah and Castle Hill with 115 employees, according to its website.

The business gave notice on Friday to ASIC that it was being wound up, with BCR Advisory John Morgan being placed as liquidator.

The stores will also no longer be honouring customers’ gift certificates and store credits, Mr Morgan added, as they represented unsecured claims against…

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Financial Trouble for Kiosk Operators

The company managing the Strasse Park kiosk in Tenerife’s García Sanabria park has declared insolvency and is unable to meet its debts, at least temporarily. This was confirmed by the Social Court number 5 of Santa Cruz de Tenerife on 16 September, after establishing that the company lacks sufficient assets to settle its obligations. The insolvency declaration by a social court suggests that it may be linked to a labour-related asset claim, such as unpaid wages.

Significant Debts Accumulated

In parallel, the company owes approximately €150,000 for illegally tapping into the municipal electricity supply of García Sanabria park for years. However, recovering this debt will be…

The North East branch of R3, the UK’s restructuring, turnaround, and insolvency trade body, says the recent improvement is welcome but warns that business leaders remain cautious amid ongoing economic uncertainty.

New figures from the Insolvency Service show corporate insolvencies in England and Wales dropped by 1.7 per cent in August to 2,048, down from 2,083 in July.

Kelly Jordan, North East chair of R3 and a partner at Muckle LLP, said: “Corporate insolvencies may have decreased slightly in August, but we have a trend which shows continued high numbers of formal insolvencies, albeit way off the peaks of 2023 when pandemic-era problems unwound.

“While any drop in insolvency numbers is a welcome piece of news for…

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Three and a half years after war plunged Europe into an energy supply crisis, millions of households in Great Britain are braced for another winter of painful gas and electricity bills.

On Wednesday, the quarterly cap on charges will increase again. Despite a fall in wholesale gas prices, the ceiling for a typical annual dual-fuel bill will rise by 2% to £1,755 to help cover the costs of energy policies and network upgrades.

Bills are far lower than during the peak of the energy crisis when the government was forced to step in to subsidise costs. But they remain almost £600 a year higher than before Russia’s full-scale invasion of Ukraine in 2022. And while the cap has fallen, households have racked up growing debts.

The latest…

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