NSW is an economic and business powerhouse. But higher interest rates and a disproportionately large share of insolvencies is putting that to the test.
An administrator’s report on the group that ran the Wilkie Creek coal mine details the possible involvement of shadow directors in the company’s operation.
There’s been an “astonishing” increase in the number of administrators appointed to struggling firms,in a further sign the overall economy is struggling.
The $7.6 million company was forced to reveal it is seeking advice from Deloitte as it struggles to make sales.
A graveyard has filled with airline groups that have tried and failed to challenge the duopoly in the skies,from Compass to Tiger Airways and Bonza. Rex is just the latest.
Prime Minister Anthony Albanese said the regional routes that Rex provides must continue,but its decision to move into capital city services had been misguided.
The airline has cancelled all flights between major airports after halting its domestic 737 services,prompting Virgin and Qantas to offer free rebooking for Rex customers.
Wilkie Creek coal mine was meant to revive the fortunes of Simon Raftery’s private credit firm. Instead,he lost colleagues,his house and became entangled in multiple court battles.
A likely reason for the spike,apart from higher interest rates,is the ATO’s resumption of collection of outstanding taxes after a pause during COVID.
Barely two dozen employees remain at the embattled book retailer whose administrators found the business didn’t have the funds to retain them.
A blindingly bright-coloured flag appeared only a month ago when the listed company told the market that directors’ fees for the year would be paid by issuing shares,rather than in cash.