Distressed Assets Media Centre
Collapse of online accommodation company leaves thousands of tourists stranded
The collapse of an online accommodation booking company specialising in Gold Coast holidays has left more than 2,000 holidaymakers stranded and facing a battle to recover hundreds of thousands of dollars paid out for hotel bookings. Gold Coast-based company Accommodation 1 collapsed on May 19 and was placed in the hands of liquidator Jason Bettles and Ivor Worrell of insolvency firm Worrells Solvency & Forensic Accountants. >more
Clive Peeters place into Administration
Troubled white-goods retailer Clive Peeters has been placed into administration, a victim of the downturn in the retail sector and a $20 million fraud by an employee last year. >more
Investment Company goes into Administration
A company which manages investment schemes in the Great Southern and around Western Australia has gone into administration. >more
Venture capital company in administration as directors work on rescue plan
Listed venture capital services business VentureAxess has been placed into administration as its directors struggle to restructure the company following the death of its founder in July last year. >more
Scott Printing in administration
Sydney-based printing group Scott Printing has entered voluntary administration, though the director said he was confident of being able to return to trading. >more
Receivership for St Laurence
St Laurence’s debt for equity swap proposal didn’t look convincing in the first place. So it is no surprise that the trustee, Perpetual Trust, intervened and appointed Deloitte as receivers for the company. >more
Beaver expected to enter liquidation
Uncertainty still surrounds the future of Sydney printer Beaver Press, as administrators told creditors that there was no money left in the company. >more
Coast Booking Flop
UNIT owners and holiday makers are the big losers in the liquidation of accommodation booking company Tailly Pty Ltd. >more
SA medical products firm Safety Medical Group in administration
ADELAIDE medical products maker Safety Medical is under administration after talks with its financier and a potental investor failed. >more
Liquidators move in at defunct AdType Colour
An outstanding debt has pushed defunct Sydney pre-press specialist AdType Colour to formally enter liquidation, after beginning to wind down more than a year ago. >more
Designer furniture chain Living Edge collapses
Upmarket furniture chain Living Edge has been placed in receivership by its lender National Australia Bank and will now be put up for sale. >more
Young pub baron Rick Munday's empire collapses
Just six months after Rick Munday was listed on the BRW Young Rich list with a fortune of $114 million, his pub empire has been placed in receivership by its main lender, National Australian Bank. >more
Chevron tower's future clouded by receivership
RECEIVER managers have been appointed to the company behind the proposed tallest building on Chevron Island. >more
U.S. Masters Holdings set to commence liquidation
U.S. Masters Holdings announced on March 31, 2010 that the board of directors have advised the company will cease investment activities and begin liquidation proceedings immediately. >more
Bolton's bolt-ons are turning to mush
A COMPANY controlled by Nicholas Bolton has gone into liquidation with debts exceeding $635,000, including a $385,000 tax bill and $250,000 of superannuation that has not been paid to staff. >more
Frank Vellar's empire comes tumbling down
The company behind Quattro, the Wollongong development at the centre of one of the biggest corruption scandals in local government history, has been placed into administration. >more
Fletchers Freighters in administration
A 38-year-old road freight company has gone into voluntary administration ahead of a potential restructuring or trade sale of the business. >more
Highland Air into administration
Scottish airline Highland Airways has been placed in administration and has called in PricewaterhouseCoopers to take over the running of the business. >more
Steel company bust leaves financier $5M in the red
The Darwin steel company Transcon has gone into liquidation, leaving 30 workers out of a job and a financier five and a half million dollars out of pocket. >more
Pettaras Press enters receivership
Pettaras Press has entered receivership, though the business is continuing to trade as receivers mull over the best way to sell the Sydney printer. >more
Sydney cookery college off the menu
A SYDNEY cookery college that was once one of Australia's fastest growing companies has gone into voluntary liquidation. >more
Iconic resort for sale by tender
The liquidation sale of an iconic slice of South Durras paradise has stirred the interest of park operators and investors from around the country. >more
Co-op in receivership
The NZ Organic Dairy Farmers Co-operative has been placed into receivership, owing an estimated $15 million and costing about 30 jobs. >more
Baby wear company Bay Bee Cino collapses
A Sydney-based baby wear company Bay Bee Cino has been placed in administration, just three years after undertaking a capital raising and unveiling plans to grow aggressively through franchising. >more
Strategic Finance in NZ in receivership
Strategic Finance Ltd is now in the hands of receivers. >more
Contractors, families 'reeling' after builder's collapse
The liquidation of a building company in Alice Springs is sending subcontractors and their families to the wall, a contractor registration company said. >more
Building materials group 7Steel Distribution in receivership
A national steel distribution company with $110 million in annual revenue has collapsed into receivership and been put up for sale in further evidence Australia's construction sector remains under pressure. >more
Manufacturer, health care group and NSW resort in receivership as collapses surge
A South Australian manufacturer, a hospital group with operations in New South Wales, Victoria and Queensland and a resort in the Blue Mountains are the latest victims of what insolvency experts are calling a surge in company collapses >more
Hunter Economic Zone in receivership
RECEIVERS have moved in to take control of the Hunter Economic Zone, which the State Government once predicted would be the biggest employment development in the State, providing more than 10,000 jobs and attracting $2 billion in investment. >more
Printers go into Administration
Sydney company Chippendale Printing has entered voluntary administration, just over a week after it claimed to be merging with Beaver Press, now also in administration. >more
Worldwide Online Printing enters administration
Prominent hub printing franchise Worldwide Online Printing has entered administration, though the company's franchise stores are continuing to operate as normal. >more
Footwear retailer Figgins Holdings collapses into liquidation
Subdued sales and savage discounting in the clothing and footwear industry appear to have claimed another major retailer, with Melbourne shoe company Figgins Holdings collapsing into liquidation. >more
Gold Coast developer in receivership
The pressure on the Gold Coast property sector shows no signs of abating, with receivers appointed to another high profiled project. >more
Anger as Caversham Homes folds
The private building company of Australand's State housing construction manager has gone into liquidation amid complaints from angry customers >more
Reader’s Digest UK Collapses into Administration
The British division of Reader's Digest has collapsed into administration, six months after its US parent group filed for Chapter 11 bankruptcy >more
Biotechnology company Narhex Life Sciences collapses, but sector looking stronger
Struggling Melbourne anti-HIV drug developer Narhex Life Sciences has been placed in administration after a long battle for survival, three months after the death of its executive chairman >more
25 firms follow builder into liquidation
The liquidator for the collapsed north Queensland construction company CMC Cairns says 25 associated companies have also gone into liquidation >more
Collapsed online retailer Contact Communications up for sale
A leading online retailer of radio and communications gear has been placed into administration. >more
Cockatoo Ridge Wines appoints voluntary administrators
THE downturn in the wine sector has claimed another casualty, with Cockatoo Ridge Wines appointing voluntary administrators. >more
Lane Cove Tunnel operator hits the wall
The owner and operator of Sydney’s Lane Cove Tunnel has been placed in receivership >more
EClear in administration order
An order for the administration of payment processing firm EClear was made by the High Court today. >more
Mitre 10 stores in receivership as focus goes 'mega' (NZ)
Three Wellington Mitre 10 branches are in receivership. The Tory St, Kilbirnie and Crofton Downs stores are expected to continue trading and be sold as going concerns. >more
Private college shuts
A PRIVATE college that received Federal Government money to train students has had its licence cancelled after going into voluntary administration. >more
NZ audio retailer in administration
Receivers have been called in to Eastern Hi Fi, with the company directors saying they saw no alternative. >more
Newcastle pubs under administrator
THE hotel management company behind one of Newcastle's most prominent pubs, M. J. Finnegan's, has gone into voluntary administration >more
Ksubi fashion label in administration
The Australian company behind local denim fashion label ksubi has been placed into voluntary administration to help ensure its future. >more
Griffin Coal put into administration
West Australia's oldest and second largest coal supplier has been placed into administration with debts of around $700 million. >more
Brainytoys goes under
One-time listed toymaker Brainytoys has entered administration, calling in Pitcher Partners’ Bryan Hughes after repeated attempts at a recapitalisation collapsed. >more
Wideform construction group calls in administrators
The Wollongong-based Wideform Group of Companies has gone into voluntary administration, putting hundreds of jobs at risk. >more
Borders UK collapses into administration
British book retailing chain Borders UK has been placed in administration after it was unable to find a buyer for its struggling stores. >more
Boston Finance placed in receivership
Boston Finance has been placed in receivership, ending a moratorium arrangement in place since March 2008. >more
Winery in receivership as a sector struggles to survive
Receivers at Ferrier Hodgson are attempting to sell collapsed Victorian winery Boggy Creek Vineyard as a leading wine industry figure warns hundreds of grape growers and winemakers are fighting for survival in Australia's beleaguered wine sector. >more
Jobs lost as construction company goes under
Nearly 100 Queenslanders are now without work after the collapse of a Brisbane-based civil engineering and construction firm this week. >more
Hunter builder Capital Homes folds
HUNTER building firm Capital Homes has gone into liquidation, leaving about 45 customers with unfinished or unbuilt houses and owing suppliers and subcontractors more than $1.5 million. >more
Infotronics in liquidation
Distributor Infotronics has been voluntarily placed into liquidation by S Central CEO Peter Mavridis. >more
Administrators recommend wind-up of Great Southern
The administrators of failed agricultural projects operator Great Southern group have recommended that the companies within the group be wound up but cannot say how much unsecured creditors could receive in the event of liquidation. >more
North Ryde Construction company collapses
Whitehorse Constructions, the construction arm of the Sydney developer PacLib, has gone into voluntary administration seven months after the NSW Government chose PacLib as one-third of a consortium to build the $1 billion Riverstone West industrial park. >more
Kings Cross nightclub changes tune
The Piano Room in Kings Cross faces an uncertain future after its owners, Trademark Hotels, were reported to have been placed in liquidation. >more
Cendenco in receivership ahead of sale
ANZ Bank has appointed KordaMentha receivers to Cedenco Foods but will commit funding to allow Cedenco to continue to trade pending a sale of the businesses. >more
International colleges collapse into administration
Australia's beleaguered export education sector has been rocked by the collapse of another group of international colleges in Melbourne and Sydney. >more
Comsys liquidated
Melbourne-based managed service provider's cash flow woes render it 'hopelessly insolvent', liquidators claim >more
Cubbie Station to go into administration
AUSTRALIA'S biggest cotton farm Cubbie Station will be placed in voluntary administration tomorrow, the Cubbie Group board has confirmed. >more
09-209AD Sammon Corporation Limited wound up
ASIC has obtained orders from the Federal Court in South Australia to wind up Sammon Corporation Pty Ltd (Sammon). >more
Investment company owned by former rich list member Steven Eckowitz collapses into liquidation
The empire of former high-flying entrepreneur and investor Steven Eckowitz is in ruins after creditors voted to put his investment company Harsit Holdings into liquidation. >more
Hotel freehold for sale after owners were placed into receivership
THE freehold of the All Seasons Quality Inn is still on the market following the owners being placed in receivership in July. Despite several months passing, administrator Robert Hutson of KordaMentha said they were yet to be approached with a viable offer for the McIvor Road property. >more
Australian video game developer Transmission Games collapses
The Australian video game industry is in crisis, with one development company falling into liquidation and another reportedly laying off approximately 30 staff. >more
Receivers appointed to Mannway Logistics
Transport group Mannway Logistics Pty Ltd has been placed in receivership ahead of a review of its operations and potential trade sale. >more
Creditors opt to liquidate ACL
The troubled Tasmanian car parts manufacturer, ACL Bearing, has gone into liquidation following a creditors meeting in Launceston this morning. >more
Vultures swoop on distressed Australian brands
The list of distressed Australian brands is growing, and more are likely to be taken over at discount prices by cashed-up competitors or new entrants, according to a leading intellectual property lawyer. >more
Dealer group Financial Planning & Life voluntarily liquidated
South Australia dealer group Financial Planning & Life (FP&L) has gone into voluntary liquidation, partly as a result of a fraud perpetrated by one of its authorised representatives. >more
Clothing group Mercury Brands in receivership and up for sale
Melbourne-based fashion brands company Mercury Brands Group has been put up for sale after being placed into the hands of receivers. >more
Press Release - Sons Of Gwalia - Conditional agreement to settle
Ferrier Hodgson Partners Garry Trevor, Andrew Love and Darren Weaver announced today that they have reached a settlement with Ernst & Young and the Shareholders that will result in $125m being payable to Sons of Gwalia Limited – subject only to creditor approval at a meeting to be held on 23 September 2009. >more
Press Release - GSL - Administrators Granted Extension
The Administrators of Great Southern Limited and entities (“GSL Group”), Ferrier Hodgson Partners Martin Jones, Andrew Saker, Darren Weaver and James Stewart, were today granted a further 60-day extension to the convening period for the second meeting of creditors. >more
Roamfree up for sale after falling into Administration
Roamfree online travel company established in 2006 fell into administration on the 24 August 2009. Tim Michael and Will Colwell of insolvency firm Ferrier Hodgson were appointed as administrators. Four of the subsidiaries owned and operated by Roamfree are still currently in operation despite being in the hands of administrators. These companies, BookEasy, Horizon, Roamfree and Roamfree advanced are currently up for sale. >more
Babyco Collapses into Voluntary AdministrationA
After over 30 years of operation, Babyco collapses with administrators Tim Norman, Sal Algeri and Simon Cathro of Deloitte considering options to sell Babyco as a going concern. Only 4 stores remain in operation with a total of 22 stores nationwide. The first meeting with creditors is scheduled to take place on the 9th of September. >more
Digital Media Swish Group Collapses for a Second Time
9 years after purchasing Swish from previous administrators, Cary Stynes finds his company in administration for a second time. The Swish Group had 5 divisions: a digital music business calledAmpHead, a digital signage business; a film production business; a Bollywood film distribution company called Swish MG Productions;and a sales and marketing services company called Torque. >more
Bounty Mining collapses into Voluntary Administration
BRI Ferrier administrators Peter Krejciand Martin Green were appointed as administrators yesterday after mining company Bounty Mining have been experiencing cashflow problems due to the declining economy. Bounty are seeking to sell investors to take over the business as a going concern, or to inject the necessary capital to revive the ship. The first creditors meeting will be held on the 20of August. Any deed of arrangement or proposal would be considered at the second meeting to be held on the 14 September. >more
Premier parking in Administration
After over 20 years in operation, Australia’s third largest parking operator, Premier parking has been placed into administration. Premier manages around 37 different parking locations in and around the Sydney and Melbourne CBD. Steve Parbery and Andrew Smith from insolvency firm PPB were appointed administrators to the collapsed firm. In order to re-capitalise the company and to down pay dept, Premier intends to sell off non-core assets. >more
Polartechnics placed in Administration
Jonathan McLeod of Brisbane insolvency firm McLeod Partners has been appointed as administrator by the board. Polartechnics has a range of medical devices for screening of cervical cancer and other sexual diseases. The board takes the view that the company needs to restructure its operations to reduce the amount of working capital it needs to expand operations. >more
Austcorp Collapses into VA
With debts over $550m, Sydney property development company Austcorp collapses into Voluntary Administration. In their statement, that the collapse was due to the fact that 1 of the 3 lenders on the 79 storey Vision tower withdrew their support. Austcorp is confident that the Vision tower project will go ahead once the restructure is undertaken. There is also speculation that the Vision project could be one of the first to receive support from the Federal Governments so-called Rudd Bank. BRI Ferrier, administrators who now have control of Austcorp Group and Austcorp Funds Management have indicated that they may still attempt to access funds for the Government to keep the project alive. >more
Largest Retail Collapse in 5 Years
With debts of over $201 million, Australian Discount Retailer goes into receivership. ADR owned well known companies such as Crazy Clark’s, Go-Lo and Sam’s Warehouse. Ferrier Hodgson receivers James Stewart and John Melluishwill be in charge of selling the 374 stores owned by the ADR. >more
Sell off for ABC Learning begins
Today 715 viable ABC Learning centres go up for sale. Receivers have up to March 31 to sell all 715 centres, or face eviction. A second creditors meeting will be held at this time, whereby the company is expected to be put into liquidation, allowing liquidators to pursue numerous claims against the company’s former directors and executives, including Eddy Groves. >more
Receivers appointed to Automotive Components Limited (ACL)
Receivers Greg Keith and Matt Byrnes of Grant Thornton Melbourne have been appointed to Tasmanian car parts manufacturer Automotive Components Limited (ACL) yesterday. The company's directors appointed voluntary administrators to the company, which manufactures bearings and gaskets and supplies them to Ford and Toyota in Australia.The company was formed in 1986. >more
Timbercorp placed into Voluntary Administration
With a net debt of over 900m, Timbercorp has been placed into voluntary administration. Mark Korda of Korda Mentha said that "the company has been hurt by the combined impact of declining global asset values, tightening credit, the economic downturn and drought." >more
10,000 Creditors affected by Kleenmaid Collapse
With debts of over $73m, Queensland based business Kleenmaid found themselves in deep water when they went into administration on Thursday. Up to 6,000 customers are owed up to $26m for non-received goods. John Greig, Richard Hughes and David Lombe of accounting firm Deloitte have been appointed as administrators. >more
Biotech firm Ventracor in Administration
Ventracor, heart pump manufacturer goes into administration after being unable to find an investor willing to fund its operations past 30 June. The company said that it was in negotiation with two firms regarding the sale of one asset, however as the negotiations did not include short-term funding, the directors though it was sensible to put the firm into VA. Ferrier Hodgson’s, Steven Sherman and John Gothardwere appointed as administrators. >more
Storm Financial Collapses
Storm Financial collapses as key lender Commonwealth Bank gives Storm calls on a 10m loan. Storm said that it had no choice but to go into voluntary administration, after being given 24 hours to repay on the loan. After quick growth, Storm Financial claimed to have around $4.5b dollars of funds under management. Rajendra Khatri and Ivor Worrell partners of Worrells Solvency and Forensic Accountants have been appointed as administrators. >more
Midas in Administration
Midas is looking for a buyer after the business was placed into administration by its directors on the 23rd of December 2008. George Georges of Ferrier Hodgson has been placed in control of the business. He is confident that he will find a buyer for the business. Midas has 91 stores around Australia (with 30 operated by franchisees). >more
Strathfield Collapses into Administration
After a disastrous Christmas trading period, mobile phone and car retail audio chain Strathfield has been placed into VA. Administrators Brian Silvia and Andrew Cummins of BRI Ferrier were appointed administrators by the Board of Strathfield. Strathfield has over 75 outlets all over Australia. All is not lost, with its largest shareholder and support partner looking to restructure the company via a deed of company arrangement. >more
EzyDVD up for Sale
EzyDVD fell in to receivership with company debt of 18 million, with the primary problem being too much debt, and not enough capital. David Kidman of Ferrier Hodgson’s Adelaide office has been appointed receiver, and says expressions of interest will be taken through to 9 January 2009. Starting in 1999, founder Jim Zavos built EzyDVD to be an estimated $100m turnover business. >more
Allco Finance Group in Administration
Under the weight of $1.1 billion debt, Ferrier Hodgson have been appointed as receivers for the group. The company will attempt to break the company up and sell off all its assets. These include shipping assets, real estate, financial service firms and an aircraft leasing business. >more
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