Stricken wide-format supplies business Starleaton has finally been placed into liquidation, with the company not making any of its $33,000 a month payments required under its DOCA for the past three months.

The former $20m a year family-owned national business initially placed itself into voluntary administration in January last year, and then successfully gained its DOCA (deed of company arrangement) two months later.

Starleaton went into administration with debts totalling $17.5m, and with only $1.93m in realisable assets, unsecured creditors were facing the prospect of zero cents in the dollar on their outstanding invoices. Trade creditors were owed…

Johnstone and Area Community Transport revealed they ceased trading on June 9.

The non-profit firm’s director, John McBarron, said it was with “great sadness” that an agent had been appointed for the liquidation of the “small” transport company.

SPT announced last week they had issued an advert for a temporary replacement for Johnstone and Area Community Transport’s services.

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It has now been confirmed that McGill’s will be covering one of the affected routes, with the firm stepping in to take over service 9 between Johnstone and Quarriers Village.

They will also continue to serve Kilbarchan with the 32 and 38, and Cochrane…

GlobalBees Brands Private Limited, a subsidiary of Brainbees Solutions Ltd (which owns FirstCry), is facing an insolvency plea at the National Company Law Tribunal (NCLT), New Delhi.

Ashutosh Garg, Paritosh Garg, and Manju Agarwal, the directors of Kuber Mart Industries, have approached the NCLT, New Delhi bench, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) over an alleged default of Rs 64.92 crore. The claim includes interest at 18% per annum from May 9, 2025, until the date of actual payment.

Notably, GlobalBees is an investor in Kuber Mart Industries, having infused Rs 50 crore in…

In June 2020, the company raised $3.2m via online investing platform Snowball Effect, and a further $409,287 three years later.

Creditor proposal rejected

In a letter to creditors dated April 17, seen by the Herald, Little Island director Wade Gillooly said the company had been in a difficult financial position over the past five months.

“Given the difficult position we find ourselves in, we cannot continue without creditor support to resolve our arrears and we need to formally propose a creditor compromise on the outstanding balance owed to your business as at March 31, 2025,” Gillooly said.

The letter also explained why Little Island was in financial trouble.

“Little Island has faced a significant…

Treasury Secretary Scott Bessent stated on June 17 that stablecoins could cut federal borrowing costs and slow debt growth if Congress sends the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to the president. 

In an X post, he pointed to research projecting a $3.7 trillion stablecoin market by 2030 and argued that the bill would accelerate that expansion by setting reserve, audit, and licensing rules. 

Bessent called the outcome “a win-win-win” for issuers, the Treasury, and consumers because payment coin reserves would sit largely in short-dated US Treasuries, lifting demand for the securities and easing financing pressure.

The Senate will vote on the GENIUS Act today, with the session starting at…

Former Whyalla Steelworks parent company GFG Alliance has placed its subsidiary Whyalla Ports into voluntary administration.

In a statement, the company said it had no choice after the State Government intervened last month to determine the control of the facility.

It comes after the company was embroiled in a federal court case with adminstrators Korda Mentha earlier this year, who are hoping to gain control of the port to sell the Steelworks as an integrated asset.

Despite the voluntary administration, the State Government said the port will continue to operate as usual.