In a written update to people owed money following the collapse of the company, joint liquidator Leonard Gerber said that he was continuing to recover payments from people who still owed money to the firm, but a refusal by some to engage was going to lead him to pursue recoveries through the courts.

The liquidators have already started litigation against former directors of RG Falla on the basis of wrongful trading, seeking to recover £3.8m.

‘There are a number of debtors, some of them prominent members of the community, who have so far refused to pay the substantial sums they owe to the liquidation estate of Hurel,’ Mr Gerber said.

‘Unless these remaining debtors now engage sensibly and in a timely manner, I regrettably intend to…

Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances.

In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound.

Meanwhile, states that legalized sports betting saw their residents’ aggregate credit scores decrease, while bankruptcies increased.

“Legalization is not a free lunch,” said Scott Baker, associate professor of finance at Northwestern University’s Kellogg School of Management and…

Clothing retailer Esprit Holdings Ltd. released its final results for the 2024 financial year on Monday evening, after a considerable delay. The figures were affected by the ongoing insolvency proceedings of almost all international subsidiaries and the resulting one-off effects. As part of the restructuring efforts and a shift in the business model to licensing partnerships, the company has now given up most of its retail and wholesale business and sold the brand rights for the European market.

Traditional business decline

According to the current annual report, consolidated revenue from continuing operations – excluding the shares of temporarily deconsolidated subsidiaries as part of the ongoing restructuring proceedings –…

Iwan Sunito, the once high-flying co-founder of developer Crown Group, has been making multiple trips to his native Indonesia to try to scrape together capital to shore up his crumbling financial empire, following the collapse of the corporate entity that holds a substantial portion of his personal wealth.

Born in Indonesia, Sunito built up a prominent development business in Sydney with former business partner Paul Sathio before it collapsed following a feud between them.

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Insolvency specialist Begbies Traynor has notched up 10 years of growth in a row as profits nearly doubled amid a surge in larger scale company failures.

The group said it was seeing trading in its business recovery and advisory division – which accounts for 55% of group revenues – boosted by larger and higher value insolvencies.

This helped the firm’s business recovery arm deliver a 5% rise in revenues to £83.7 million over the year to April 30 despite a slight fall in the number of corporate insolvencies more widely across the UK.

Official figures…

Insolvency specialist Begbies Traynor has notched up 10 years of growth in a row as profits nearly doubled amid a surge in larger scale company failures.

The group said it was seeing trading in its business recovery and advisory division – which accounts for 55% of group revenues – boosted by larger and higher value insolvencies.

This helped the firm’s business recovery arm deliver a 5% rise in revenues to £83.7 million over the year to April 30 despite a slight fall in the number of corporate insolvencies more widely across the UK.

Official figures showed there were 23,969 corporate insolvency appointments in the year to April 30, down from 25,408 the previous year.

The total number of administrations – typically…

Aussie fast food chain Mr Potato has collapsed, leaving its management company in liquidation and franchisees facing bankruptcy.

The Adelaide-based franchise was appointed Phil Robinson of Deloitte as liquidator at a court hearing on Friday for wind-up action brought by the ATO over a $151,000 debt.

Miss Universe entrant Jess Davis, who founded the chain with husband Tyson Hoffman, aka Tyson Finau, who played for the 36ers NBL team, is the sole director of Mr Potato Management. 

The court deliberation to determine the liquidation took less than two minutes on Friday.

Earlier this year, former franchisees of the chain revealed the desperate measures they were driven to after their stores failed to turn a profit. 

Some were forced to sell…

“The untimely softer coal price environment, coinciding with the resumption of the Dartbrook underground mine, has necessitated a top-up to existing finance facilities to provide additional working capital,” Australian Pacific Coal executive director John Robinson told the Newcastle Herald in April.

Aged care, disability and veterans care service provider Annecto Incorporated has entered voluntary administration, putting entitlement payouts for hundreds of staff in doubt.

Last month Annecto, which has more than 1,000 employees and 4,400 clients across four states, announced it would stop its community services by the end of July.

On Monday, the Annecto board put the organisation into voluntary administration, saying the organisation was either insolvent, or was likely to become insolvent in future, according to administrators McGrathNicol.

In a letter to staff, the administrators said all staff would be made redundant, and…