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1. Krispy Kreme Australia in administration, directors will att

Donut retailer Krispy Kreme Australia has been placed in the hands of administrators after being hit by a combination of falling sales, high distributions costs, unsustainable rents and poor store locations. However, the directors of the company, who include chief executive and major shareholder John McGuigan, are likely to present a restructuring plan to the voluntary administrator in the coming weeks in an effort to make the company more "financially stable". McGuigan said...

2. Matthew Perrin owes wife $21.7 million

Nicole Perrin, the wife of bankrupt entrepreneur Matthew Perrin, has emerged as the largest creditor of a company controlled by the former Billabong International chief executive.   Perrin's company Christie Pty Ltd was placed in receivership last week after Perrin filed for bankruptcy.   The company is being wound up a...

3. Commonwealth Bank attacked after posting $6.1 billion profit

The Commonwealth Bank recorded a 42% increase in full-year cash profit to $6.1 billion this morning, and said it remains cautious about prospects for the next year as economic conditions remain uncertain. But the bank, and the financial industry altogether, has been accused of being run by a group of "greedy thieves" by Family First senator Steve Fielding, who says the Government and Opposition should be questioning the size of the banking sector's profit. Commonwealth Bank said i...

4. Kleenmaid directors face insolvent trading and fraud charges

The directors of failed whitegoods company Kleenmaid have appeared in court over charges the business traded while insolvent, in one of the first major insolvency cases for a business that collapsed in the aftermath of the GFC. The case comes after years of controversy surrounding the company’s failure, which affected thousands of creditors and placed the future of franchisees up in the air. Directors Andrew Young, Bradley Young and Gary Armstrong have been accused of 20 c...

5. Tools chain Glenfords placed in voluntary administration

The shocking year for Australian corporate collapses has continued, with discount tools chain Glenfords now up for sale after being placed in voluntary administration last week. The sale of the chain comes as the do-it-yourself sector has reached a major transformation point, with market leading hardware chain Bunnings now battling the Woolworths-backed Masters chain. Analysts have said mid-tier and smaller operators will slowly be pushed out of the market as Bunnings and Masters ...

6. SMEs must act now to avoid post-Christmas cashflow crunch

Small businesses are being urged to start preparing for the Christmas shutdown period now to avoid traditional post-Christmas cashflow shortages that typically lead to a spike in insolvencies in February. Michael Fingland, managing director of turnaround specialists Vantage Performance, says many businesses fall into a cashflow hole over the Christmas break. As business shuts down over the Christmas period and the normal payment cycle stops, start-ups and small businesses can find i...

7. 10 collapses and the lessons learnt

It’s tough out there right now. This year it seems that every week another business goes under, from big companies like trucking firm 1st Fleet to small businesses like the football and athletic shoe importer Azumah. From tourism industry troubles to construction company collapses and the ongoing downturn in ...

8. How will your sector perform in 2009?

The threat of recession hangs heavy over the business landscape, but not every company is bracing for bad news. In a sector-by-sector breakdown, SmartCompany reveals the industries of likely refuge in the maelstrom ahead. By Patrick Stafford and James Thomson

9. Destra placed in administration. What went wrong?

Digital media and marketing firm Destra has been placed in administration after major shareholder Prime Media Group and the company’s bankers withdrew support for the company.Digital media and marketing firm Destra has been placed in administration after major shareholder Prime Media Group and the company’s bankers withdrew support for the company.“Continued adverse trends in the consumer and advertising markets and unprecedentedcapital market volatility have… con...

10. Payless Shoes caught on the back foot by shoe downturn and p

Payless Shoes has become the latest corporate victim to succumb to poor consumer confidence, with the 220-plus strong discount footwear chain now placed in voluntary administration. The collapse of the business highlights turmoil not only in the fashion industry and footwear, which have suffered collapses and poor sales during the past year, but also the downturn in retail overall. WHK principal David Gordon says while there are some categories of footwear that are doing ext...

11. Retail empire of Young Rich members Richard and Christina Ma

The discount perfume chain Perfume Empire has been placed in the hands of receivers, just six months after its owners, Richard and Christine Matta, appeared on the BRW Young Rich list with a fortune of $58 million. The chain, which has 34 stores around Australia, with the majority in New South Wales, was placed in the hands of administrator Giles Woodgate of accounting firm Woodgate & Co on March 28. However, Woodgate told SmartCompany that receiver Quentin Olde of i...

12. Discount retail chains collapse with debts of $201 million

Discount chains Crazy Clark’s, Go-Lo and Sam’s Warehouse have collapsed into receivership with debts of $201 million, putting about 2700 jobs at risk around Australia. Discount chains Crazy Clark’s, Go-Lo and Sam’s Warehouse have collapsed into receivership with debts of $201 million, putting about 2700 jobs at risk around Australia. The three chains are owned by Australian Discount Retail, which is Australia’s largest discount retailer. Yesterday, ADR was placed in th...

13. 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. Munday Group, which owns eight leaseholds pubs and two restaurants in Victoria, has been trying to sell its portfolio since late January, when Munday said the business had attracted strong interest from private equity groups who were moving back into the pub sector. But an initial ...

14. Clive Peeters collapses into voluntary administration

Whitegoods retailer Clive Peeters has collapsed into voluntary administration with about $160 million in debt, leaving the fate of thousands of customer orders up in the air. The collapse comes after a tumultuous period for the company, during which profits and revenue have slumped and it was hit by a shocking case of alleged fraud, in which a payroll officer was accused of stealing millions from the group. Clive Peeters' shares were suspended early on May 19 after the company re...

15. Cleaning giant Reflections Group collapses into receivership

Melbourne-based cleaning, security and facilities management company Reflections Group has been placed in receivership, and will now be put on the sale block. The company, which was founded in 1980 by Wayne Crewes, provides services to 450 cleaning sites and around 70 security sties. It is said to clean about a third of all shopping centres around Australia, and claims to clean four million square metres of floor space, 300,000 car spaces and over 50,000 food court chairs every day. ...

16. Gold Coast developer Raptis Group finally collapses

The five-month battle to save veteran developer Jim Raptis’ Gold Coast property company Raptis Group has come to an end, with the company placed in the hands of administrators yesterday with debts of more than $780 million.   A steady stream of Raptis Group subsidiaries have been placed in receivership since last September as the Gold Coast property market went into freefall and the company struggled under its huge debt load. The demise of Raptis Group started whe...

17. How to cut your wage bill (before you cut your headcount)

Employers are looking at their wage bill in horror as demand falls and their businesses are stagnating - but they are reluctant to cut staff straight away.   

18. Seven ways to dodge the Christmas cashflow crunch

The year is coming to an end and you can almost hear the sigh of relief throughout Australia's SME community. But before you get swept up in the festive spirit, stop and think about the lifeblood of your business – cashflow – and what could happen to it over the holiday period, lest you join that unfortunat...

19. Recruitment advertising firm TMP Worldwide collapses into ad

Sydney-based recruitment advertising firm TMP Worldwide has collapsed just months after winning four gongs at Fairfax's Employment Marketing Awards. It is understood that the company's five offices in Sydney, Adelaide, Brisbane, Melbourne and Perth have been closed. A skeleton staff working in the Sydney office met yesterday to discuss how outstanding work would be handled. It is understood that any booked advertising will be transferred to an other media buying agency. T...

20. Receivers appointed over assets of transport company Viking

Insolvency firm McGrathNicol is acting as receivers over certain assets within Melbourne-based transport company Viking Group after being appointed by an as-yet-unnamed secured creditor. However, in an unusual twist, McGrathNicol is not acting as managers, as is standard in most receiverships. This means the directors of the company remain in control. However, inquires at Viking's head office in Melbourne suggest the business is no longer operational. Directors of the b...

21. Biotechnology company Polartechnics placed in administration

After failing to find funding to support its growth, Sydney-based life sciences company Polartechnics has been placed in administration. The directors of Sydney-based life sciences company Polartechnics have placed the company in administration after being unable to find a funding source to support the growth of the business. The board appointed Jonathan McLeod of Brisbane insolvency firm McLeod Partners as administrator late on Friday. Polartechnics has a range of...

22. Footwear retailer Figgins Holdings collapses into liquidatio

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. The company, which used to operate 140 stores around Australia, owned the Midas, Emporio, Mollini and Scooter brands and previously operated the Shoobiz and Evelyn Miles and Florsheim brands. The company's collapse comes just over 12 months after it announced it was closing the 43 store...

23. Luxury online classifieds site Dutton Direct in liquidation

Dutton Direct, an online classifieds site dedicated to luxury cars, planes, properties and boats that was set up five years ago by a fourth-generation member of Melbourne's famous Dutton family, has been placed in liquidation. The company, established in 2004 by James Dutton, collapsed in late June and has been put in the hands of liquidators from Melbourne insolvency firm Vince & Associates. The Dutton family is famous in Melbourne for their luxury sports car dealership, whi...

24. Rich list member’s $500 million tower project in receivers

Receivers have been appointed to the $500 million Raine Square office/retail tower project in Perth, which was being jointly developed by rich list member Luke Saraceni and fellow property developer Hossean Pourzard. Major lender Bankwest – which has also signed on as the 20-storey tower's major tenant – called in receivers Mark Korda and Cliff Rocke of insolvency firm Korda Mentha in conjunction with fellow lender Bank of Scotland. Reports suggest that Saraceni and Pourzard'...

25. Affiliate networks and advertisers caught up in collapse of

Small web publishers, advertising companies, Telstra and Neverfail Springwater are among the companies caught up in the collapse of Sydney-based affiliate marketing services business Affiliate Marketing Solutions. The company, run by Christian Knight and Andrew Kilday, managed web-based affiliate marketing programs for a range of big-name clients, including Quickflix, CareerOne and RSVP. But it collapsed into administration on August 31. While the level of debt owed is small by in...

26. Sydney food icon Snow’s Confectionery in administration an

One of Sydney's oldest food companies, 91-year-old lolly manufacturer Snow's Confectionery, has collapsed into administration and has been put up for sale. According to ASIC records, the business was placed in the hands of voluntary administrator Adam Shepard of Sydney insolvency firm Setter Shepard on November 30. Shepard formally advertised the business for sale this morning. Snow's Confectionery was established in 1929 by Harry Hughes, who started making...

27. Bankrupt Matthew Perrin may still lose $10 million family ho

The bankruptcy of former Billabong chief Matthew Perrin is about to get very messy, and the lawyer-turned-entrepreneur could be about to lose his $10 million Surfers Paradise mansion.   Perrin's trustee-in-bankruptcy Graham Starkey has said Perrin's home would not be involved in his personal bankruptcy because it is in the name of his wife Nicole. But The Australian has reported that the administrator of two Perrin family companies that have collapsed ...

28. Government to investigate ABC Learning Centres collapse

Deputy Prime Minister Julia Gillard has asked forensic accountants from the insolvency firm PBB to examine the accounts of embattled childcare giant ABC Learning Centres as apart of a wider investigation into the collapse of the company. Deputy Prime Minister Julia Gillard has asked forensic accountants from the insolvency firm PBB to examine the accounts of embattled childcare giant ABC Learning Centres as apart of a wider investigation into the collapse of the company. Gillard...

29. Furniture chain collapses and put up for sale, security grou

Sydney-based furniture retailer Timberland Furnitures has been put up for sale after falling into the hands of receivers. The company, which has 10 stores in New South Wales and the Australian Capital Territory, was placed under the control of Neil Cussen and Vaughn Strawbridge from accounting firm Deloitte after falling into receivership on September 6. A sales campaign for the business was launched this morning. The advertisement describes the company as selling "quality Austra...

30. Clothing brands in liquidation as retail turmoil spreads

The terrible year for Australia's fashion industry has continued, with well-known Melbourne clothing brand Bauhaus, AAH!!, Shark, One Tru Luv and Cloak & Dagger in the hands of receivers. The companies which owned the brands, Covert Direct and Rook, were placed in the hands of liquidators Keith Crawford and Matthew Caddy of insolvency firm McGrathNicol on August 17 after creditors moved to have the company wound up. Streetwear brand Bauhaus is the best known of the companies'...

31. The worst case scenario, honestly

Sometime, no matter how positive we try to paint the picture, the paint runs instead of drying, and the whole thing becomes a mess of conflicting and competing colours that refuse to fit into our scheme of things.   The picture simply isn't one that we have set out to paint. That's the point at which we want to tear the whole thing up and give it away as a bad job.

32. Tax Office hits Jim’s Plumbing franchise with wind-up orde

The Australian Taxation Office has applied to wind-up Jim's Plumbing, one of the several trade-based franchises run by entrepreneur Jim Penman under the well-known Jim's Group banner, with a hearing set for the Federal Court on July 20. Penman was contacted by SmartCompany this morning for comment, but was unaware the notice had even been filed. He has confirmed that Jim's Plumbing has received the wind-up order and says he is now in the process of contacting the head of Jim's Plumbing, ...

33. Rising rents, cautious consumers behind rise in insolvencies

The number of companies entering insolvency in March reached a near-record high of just under 1,500, according to the corporate regulator, with cautious consumers and rising rents believed to be behind the worrying result. Figures from the Australian Securities and Investments Commission show the number of company collapses reached 1,491 in March, versus 1,299 in February and 640 in January. The 1,491 figure is one of the highest ever figures released by ASIC since the late 1990s...

34. Commander Communications collapse to hit 30,000 small and me

The collapse of telecommunications company Commander Communications could leave up to 30,000 small and medium companies scrambling for a new supplier of telephone and IT management services.The collapse of telecommunications company Commander Communications could leave up to 30,000 small and medium companies scrambling for a new supplier of telephone and IT management services.Commander was placed into receivership on Friday after the company’s banking syndicate refused to gra...

35. How will your sector fare in 2009-10?

After an extraordinarily difficult 2008-09, Australia's small and medium businesses are gearing up for another very tough 12 months this financial year. While economists are expecting a slow recovery to start in the last few months of 2009, the depth of the global recession and a predicted rise in unemployment is likely to take it...

36. Perth millionaire Pankaj Oswal to sell luxury toys as receiv

Perth-based entrepreneur Pankaj Oswal is expected to place his luxury car collection up for sale as he battles to save his empire, the cornerstone of which is one of the world's largest fertiliser plants. Receivers from insolvency firm PBB were appointed to Oswal's Burrup Fertilisers in late December after an ongoing dispute between Oswal and Norwegian joint venture partner Yara, which has a 35% stake in the West Australian fertiliser plant. ANZ Bank, which has an $800 million ex...

37. Property trust follows retirement villages into insolvency a

A battle looms over the future of collapsed property trust Prime Retirement and Aged Care Property Trust, after founder and former managing director Bill Lewski appointed his own administrators to the trust's management vehicle. Lewski sold out of Prime Trust in May 2008 for between $60-80 million, but in the last few months Lewski has appeared to be manoeuvring around the Trust. In early August, Lewski regained control of the vehicle which manages the trust – Australian Proper...

38. Rich list member John Beville has shopping centre seized by

Receivers have been appointed to the Top Ryde Shopping Centre in Sydney six months after rich list member John Beville unveiled renovations to the centre at a ceremony attended by Prime Minister Julia Gillard. A lending syndicate including National Australian Bank, Royal Bank of Scotland, ING Real Estate Finance, Suncorp and ANZ called in receivers from insolvency firm McGrathNicol after attempts to sell the property failed. It is believed financiers are owned between $600-$...

39. How to survive insolvency – and prosper

More businesses are drifting closer to being labelled insolvent, but are nowhere near complete failures – yet. MIKE PRESTON reveals the warning signs and maps a way out of the mire.By Mike Preston

40. How the ATO will help small businesses with tax debts

To his credit, the Tax Commissioner Michael D'Ascenzo has for many months been saying that the Tax Office would help small businesses manage their tax debts through these difficult economic times. And I have written about this on several previous occasions. It is however (and not unreasonably so), a two-way street - the Commissioner expects SMEs to ...

41. Construction carnage: More than 80 firms collapse in a month

The building and construction industries have had a poor start to the year, with more than 80 firms entering administration, liquidation or being hit by a winding up notice over the past month on the east coast alone.  A SmartCompany review of insolvency appointments shows that companies in earthmoving, project development, kitchens, fencing, civil engineering, plumbing, electricians and plasters have recently collapsed. Collapses this month include Royal &...

42. Gold Coast property developer says $180 million fortune is m

Besieged Gold Coast property developer Craig Gore has admitted that the bulk of his fortune, once valued at $180 million, is gone.   The admission came after listed Gold Coast property and finance company City Pacific put a fourth Gore company, called Sickle Avenue, into receivership late last week.   City Pacific place...

43. Managed investment scheme promoter Rewards Group collapses

 Australia's agribusiness sector has been dealt another blow with managed investment scheme promoter Rewards Group and its subsidiary Rewards Projects placed in administration, putting $250 million of investor funds in doubt. The Perth-based company, which manages 12,000 hectares of forestry and fruit plantations around Australia, including teak, mango and strawberry plantations, has been fighting to raise working capital to keep the company trading. However, Rewards Group b...

44. Construction group Candetti Constructions placed in administ

South Australian construction firm Candetti Constructions has been placed in administration as the industry continues to suffer a downturn, with building approval figures remaining low and lengthy approval processes keeping new business grounded. The collapse comes as the company had just competed the new State Aquatic Centre in Mario, for which it is owed about $30 million. According to administrators Stephen Duncan and Chris Powell of Korda Mentha, a creditors' meeting is schedu...

45. The best and worst awards of 2009

46. 10 tips to get people management right in a downturn

As the economy slows, getting staffing right will make or break your business. MIKE PRESTON explains how to lower staff costs, get rid of the underperformers and protect your stars.By Mike Preston

47. Renewable energy company Solverdi Worldwide collapses

A listed biodiesel fuel company that billed itself as the world's first renewable energy company has been placed in administration after collapsing with debts of $4.3 million. Solverdi Worldwide, which has its operational headquarter in New York but is listed on the Australian Securities Exchange, offered a range of renewable energy products including biodiesel, biomass fuels and renewable diesel for use in what is known as "behind the meter" infrastructure, such as back-up or stand-by p...

48. Finance giant Allco placed in administration

High-flying finance giant Allco Finance Group has finally collapsed under the weight of $1.1 billon in debt. High-flying finance giant Allco Finance Group has finally collapsed under the weight of $1.1 billon in debt. Allco’s banking syndicate – led by Commonwealth Bank, which is owed $500 million – finally gave up attempts to rescue the company last night and have appointed insolvency firm Ferrier Hodgson to act as receivers for the group. The receive...

49. Car park manager Premier Parking placed in administration

Australia's third largest parking operator, Premier Parking, has been placed in administration by secured lender St George Bank. Steve Parbery and Andrew Smith from insolvency firm PPB were appointed as administrators yesterday to Premier Parking (NSW) and Premier Parking (VIC). The company, which was established in 1984, manages around 25 car parks in New South Wales and 12 in and around Melbourne's CBD. Premier's managing director Scott Thomas was unavailable for...

50. Property developer Craig Gore has three companies placed in

Gold Coast property developer and motor racing identity Craig Gore says he is shocked and disappointed that three of his property companies have been placed in receivership after defaulting on loans of $145 million.   Fellow Gold Coast finance and property company City Pacific – which is itself in trouble – placed Gore’s Atkinson Gore Group, Atkinson Gore Agricultural and AGG Treetops in receivership late yesterday. Mark Korda and John Park of insolvency firm ...