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1. 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...

2. 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...

3. 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...

4. 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'...

5. 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...

6. 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 $600-$...

7. 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. The company, which has showrooms in Sydney, Melbourne, Brisbane, Perth, Canberra and Adelaide, was put in the hands of receivers Keith Crawford and Matthew Caddy of McGrathNicol on Monday. "Our objective is to work constructively with Living Edge stakeholders to stabilise and prepare the business for sale," Crawford said in a brief statement ...

8. Sam Riley

Sam Riley is the chief executive of Ansarada, a Sydney-based technology company that provides virtual data rooms that are used in the due diligence process for mergers and acquisitions. The company, which had revenue last year of $3.2 million, is enjoying a boost from the recent surge in M&A activity and is planning to head to the US market later this year.

9. Another Queensland tourism development collapses

The parlous state of Queensland’s tourism and property sectors has been highlighted by the collapse of another high profile resort development in Noosa. Viridian Noosa, which was developed by Leighton Properties and Macquarie Real Estate, was placed in the hands of receiver John Cronin of accounting and insolvency firm McGrathNicol on Wednesday. The $300 million development is continuing to trade while the receiver assesses the project’s financial situation. Of t...

10. Transport company in administration and up for sale

South Australian transport company Fletchers' Freighters has been put up for sale after collapsing into voluntary administration. The business, which was started in 1948, was placed in administration 12 days ago after reportedly battling cashflow issues. The administrators, Rob Kirman and Sam Davies from the Adelaide office of insolvency firm McGrathNicol, have continued to trade the business but are now seeking "urgent expressions of interest" from parties who might buy the comp...

11. Adelaide home construction business Red Ochre collapses desp

An Adelaide home construction business turning over $11 million has collapsed with more than $1 million in debt, with many building companies still under pressure despite a drop in interest rates and an unexpected rise in building approvals. The Australian Bureau of Statistics yesterday confirmed approvals had skyrocketed 27% during May, while over the previous year they had risen 9%. The major contributor was a 58.7% rise in "private sector dwellings, excluding houses". H...

12. Employees from collapsed telco Commander Communications hit

Leading insolvency firm McGrathNicol has suffered a blow to its reputation from its management of the receivership of collapsed telco services company Commander Communications. Former Commander employees have accused the firm of incompetence, lacking empathy and failing to communicate basic information about entitlements. Some claim they have not been paid entitlements from December last year.The firm has also...

13. Rich list duo’s listed construction company in administrat

Listed construction company Verticon, which has rich list duo David Goldberger and David Wieland as directors and major shareholders, has been placed in administration after being suspended from trade on the ASX since March 23. Goldberger and Wieland, who were valued at $625 million on last year's BRW Rich 200 list, are best known as the founders and major investors in Austexx, the parent company of the DFO Factory Outlet chain, which almost collapsed last year as it teetered und...

14. BREAKING NEWS: Receivers appointed to ABC Learning Centres

15. M2 acquires assets of collapsed telco Commander Communicatio

M2 Telecommunications has acquired some of the assets of collapsed telco Commander Communications from receiver McGrathNicol in a $19 million deal, with M2 expecting a $100 million annual revenue boost from the deal. The deal is the latest in a string of acquisitions for M2, including the purchases of Wholesale Communications Group and Southern Cross Telco in 2007, followed by last year's takeover of People Telecom, completed in April 2009. The latter should see the company'...

16. Property tycoon Greg Goodman gets a lifeline from Macquarie

Beleaguered property development company Goodman Group has won valuable breathing space in its battle to deal with more than $4 billion of debt, with Macquarie Group agreeing to provide $300 million in short-term finance.   The deal - which involves a nine-month financing facility, extendable for a further 15 months, plus options over 414 million shares in Goodman Group - will allow Goodman ...

17. Commander collapse highlights the perils of growth for growt

The collapse of Commander Communications shows the dangers of setting business goals that have no connection with profitability as well as giving us a timely reminder of how easy it once was to borrow money from Australian banks. The collapse of Commander Communications shows the dangers of setting business goals that have no connection with profitability as well as giving us a timely reminder of how easy it once was to borrow money from Australian banks. Commander, a telecommunic...

18. Banks call in receivers to Great Southern as anger grows at

Great Southern's banking syndicate has rejected any hopes of restructuring the agribusiness investment scheme company by calling in receivers to take over the business.   According to a report in the Sydney Morning Herald, the company's lead bankers - ANZ Banking Group, Commonwealth Bank of Australia, BankWest and Japanese bank Mizuho - refused a request for $35 million that would allowed th...

19. Iconic Esky brand sold to US outdoor equipment maker

The iconic Esky brand has been sold to US-based outdoor equipment company Coleman, which intends to push the product outside of Australia's borders into south-east Asia. The Australian division of Coleman has acquired the Esky business from troubled manufacturer Nylex, which was put into administration in February. Coleman, which makes camping gear and outdoor products such as tents, lanterns and sleeping bags, said a strategy is being developed to market the Esky outside of Austr...

20. 19 ABC Learning Centres to close

Corporate recovery firm PPB has announced that it has found buyers for the majority of the 241 ABC Learning Centres under its control, but 19 will be closed. "This is an excellent outcome, particularly as all of these centres were assessed by the ABC receiver McGrathNicol as not being viable under the ABC Learning business model," said receiver Stephen Parbery in a statement. The company has said it has found 65 buyers for the centres, and 80% of existing employees are expected t...

21. Queensland property developer CEC enters into receivership

The listed North Queensland property developer and builder CEC Group has gone into receivership, after failing to renegotiate its bank debt facility. Secured creditor Commonwealth Bank called in receivers from McGrathNicol yesterday after the company was unable to renegotiate about $80 million in loans or get an employee buyout over the line. McGrathNicol partners Chris Honey and Keith Crawford said in a statement that they will work with key stakeholders to stabilise and prepare ...

22. Assets of collapsed firm Extrastaff Recruitment bought by NS

Extrastaff Recruitment, the Adelaide-based recruiting company that went into administration in October, has been given new life after being bought out by the NSW Business Chamber’s recruitment services division, Australian Business Talent. A public notice was given on Monday by Rob Kirman, the appointed administrator from McGrathNicol, saying the shell of Extrastaff had been voluntarily placed into liquidation following the sell-off of its assets. Kirman told SmartCom...

23. Pub group in receivership

The terrible year for Australia's pub operators continues, with New South Wales hotel group Big Bert, formerly owned by publican David Wakefield, collapsing into receivership. The group owned four pubs in regional New South Wales and the ACT: the Charles Hotel at Fairy Meadow near Wollongong, the Royal Mail in Braidwood, the Steelworks Ho...

24. South Australian winery in receivership with $20 million in

The troubled wine sector continues to suffer, with the South Australia-based group Barossa Valley Estate now placed in receivership with reported debts of $20 million. The development comes as the global wine market continues to suffer. A glut of grapes and lower export figures have caused trouble among Australian businesses, with businesses such as Casella Wines and B...

25. Receivers ask Federal Govt for cash to keep ABC Learning chi

The receivers of ABC Learning Centres have begun the desperate race to keep the company’s 1200 childcare centres open, and will seek a cash injection from the Federal Government.The receivers of ABC Learning Centres have begun the desperate race to keep the company’s 1200 childcare centres open, and will seek a cash injection from the Federal Government.Receiver Chris Honey from insolvency firm McGrathNicol declined to say yesterday how much money is needed to keep ABC Learn...

26. Howard’s generous industry package… Wages spiral up… S

Howard’s generous industry packagePrime Minister John Howard today hit back at Labor with a massive assistance package for business including many initiatives for small and medium companies. There is a new start-up grants program, assistance to connect business with public research, a huge export support program and productivity centres. The $1.4 billion Industry Statement called “Global Integration” contains some surprising new initiatives, the usua...

27. Printing company's receivers accuse suppliers of seeking "ho

Geon Group's future hangs in the balance as the collapsed printing company's receivers accuse key paper suppliers of withholding supply of critically needed product. McGrathNicol were appointed as receivers to Geon last month, but partner Shaun Fraser claims paper inventories at the business are already exhausted. Without the immediate provision ...

28. More property projects halted as NSW debenture business hits

The debenture issuing arm of financial services group Momentum has been placed in receivership, owing investors about $36 million. The collapse has resulted in work being halted on three projects in Newcastle. The debenture issuing arm of financial services group Momentum has been placed in receivership, owing investors about $36 million. The collapse has resulted in work being halted on three projects in Newcastle. The firm, which is based in Port Macquarie, also has insurance ...

29. South Australian potato company collapses with $40 million d

A South Australia-based potato company has collapsed, with its assets now up for sale, following debts in excess of $40 million after a widespread drop in value for potato prices during 2011-12. Corporate advisory firm McGrathNicol has been appointed as receivers and managers to Mondello Farms Group, a wholesaler of processed potatoes, and Heard Phillips is handling the administration investigations. Administrators Anthony Phillips and Andrew Heard were appointed to the farm...

30. Tasmania's leading modular homes company collapses after 32

Another business in the troubled construction industry has collapsed, with a Tasmanian builder of modular homes placed in administration after more than three decades in business. However, despite the string of collapses in the niche segment of the construction sector, an IBISWorld report from last month found demand for prefabricated metal buildings in the residential market is expected to increase. A statement from corporate advisory firm McGrathNicol confirmed "Tasmania's...

31. Retail waits for the crunch

There are two very different stories coming out of the retail sector today - one positive and one negative. On the plus side, big retailers Woolworths and Supercheap Auto have posted strong sales and profit growth for 2008-09, shrugging off fears that the downturn would cut a swathe through the nation's retailers. There are a number of reasons for the success of these two companies. For starters, they hold strong positions in their respective markets. Secon...

32. ABC Learning receivers desperate for more cash

The receivers of ABC Learning Centres desperately need a fresh injection of cash to keep the company’s centres running.The receivers of ABC Learning Centres desperately need a fresh injection of cash to keep the company’s centres running.The receivers revealed at a Federal Court hearing yesterday that a $10 million injection of funds from Westpac will run out today. The Federal Government has tipped in $22 million to keep the company’s 1000 Australian centres...

33. Buyers line up for a slice of collapsed telco Commander

More than 60 parties have expressed interest in buying assets of the collapsed telco and internet junior Commander Communications. More than 60 parties have expressed interest in buying assets of the collapsed telco and internet junior Commander Communications. Receivers and managers, Peter Anderson, Chris Honey and Joseph Hayes of McGrathNicol officially called for submissions from businesses interested in parts of Commander yesterday, but say they have been contacted by a raft...

34. Business confidence jumps again, Shares flat: Economy Roundu

Businesses are now the most confident they have been in years as they take advantage of a sustained economic recovery, the latest results of the NAB business survey and economic outlook for February reveals. The survey shows confidence rose by four points to 19, returning to levels seen in 2002, with NAB pointing out that the index has now been in double digit territory for the past six months. The survey also reveals conditions rose by five points to eight, reflecting higher lev...