Here, you will find press releases relating to administrations Worrells are managing, and firm-related press releases.
Our Press Releases
On 23 September, Josh Frydenberg on behalf of the Morrison government, announced its intention to introduce a new insolvency process for small businesses—the most drastic reform to insolvency law in Australia in the last 30 years.
On 9 September 2020, the DOCA was executed which resulted in management of the association’s business and affairs being returned to committee.
At the second meeting of creditors on 4 September, ODFA’s creditors resolved to place the co-operative into voluntary liquidation.
On 24 August 2020, the DOCA was executed and management of the organisation was returned to the board of management of Geelong Mood Support Group Inc.
SYDNEY: The unsecured creditors of Criniti’s Group of Companies unanimously approved a recent Liquidators’ determination to pool all assets and liabilities of the group’s myriad companies during a marathon, four-day national teleconference held last week.
At a meeting of Travelsim’s creditors held on 4 August 2020, creditors resolved to wind up Travelsim and appoint Mr Bettles as liquidator.
GEELONG AND WESTERN VICTORIA: Scott Andersen and Nathan Deppeler, Partners at Worrells Solvency and Forensic Accountants Victoria were appointed Voluntary Administrators of Colac R.S.L Inc on 29 July 2020.
On 7 July 2020, Scott Andersen and Nathan Deppeler of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of Geelong Mood Support Group Inc, which trades as Mind Works Geelong.
On 1 July 2020, Jason Bettles of Worrells Solvency and Forensic Accountants was appointed voluntary administrator of Travelsim Australia Pty Ltd (Travelsim).
SYDNEY: Christopher Darin, Partner at Worrells was appointed Voluntary Administrator of Cuppa Edge Pty Ltd. As part of the Voluntary Administration process, Mr Darin will review the company’s position and reasons for failure.
On 15 May 2020, Scott Andersen and Ivan Glavas of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of Organic Dairy Farmers of Australia Limited (ODFA). Established in 2002 as a co-operative, today ODFA remains 100% owned by more than 40 family farmers who supply fresh, organic milk from three main dairy regions of Victoria, as well as central, and North-West Tasmania.
On 25 February 2020, Con Kokkinos and Matthew Kucianski of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of the Heathmont Pre School & Kindergarten.
Worrells is urging business owners and directors to stay vigilant of their business performance and identify any business operations susceptible to being impacted by the ongoing Coronavirus crisis.
With numerous companies already affected by the disruption to their normal operations, Worrells Solvency and Forensic Accountants are urging businesses experiencing financial challenges to seek professional assistance early.
Christopher Darin, Partner at Worrells was appointed as Liquidator of Mister Dee’s Kitchen Pty Ltd and Voluntary Administrator to Parramatta Phoenix Pty Limited to review each company’s position and reasons for failure.
Following an approach from company directors, Graeme Beattie, Partner at Worrells was appointed as Voluntary Administration of KNet Technology Pty Ltd, the main trading entity, to review the company’s position and options available. During period of administration, the company ceased to trade and Mr Beattie was appointed liquidator on 2 December 2019.
The Administrators of the companies comprising the well-known restaurant group are preparing a leaner and hungrier Criniti’s for sale as a going concern, with the hunt for a new owner likely to commence next week.
The liquidators of White Ribbon Australia are pleased to announce that the net assets of White Ribbon Australia have been acquired by Communicare Inc.
The Directors of Criniti Restaurant Group at a meeting held on 18 November 2019 appointed Mr Graeme Beattie, Mr Aaron Lucan and Mr Christopher Darin, partners of Worrells Solvency and Forensic Accountants NSW & ACT, as Administrators of the companies.
On 7 November 2019 ASIC applied to the Federal Court seeking an inquiry into the conduct of Jason Bettles, Partner of Worrells Gold Coast and Northern Rivers. Jason continues to have the firm’s full support. His practice and leadership within the firm remain unaffected and we’re ready and willing to assist him address ASIC’s concerns in the Federal Court setting.
On 12 November 2019, Nathan Deppeler and Mathew Jess of Worrells Solvency and Forensic Accountants terminated AGB Training Group Pty Ltd.’s Deed of Company Arrangement (DOCA) in accordance with the powers provided under the DOCA. The termination of the DOCA has resulted in AGB Group being placed into liquidation with immediate effect.
On 21 November 2018, the creditors of registered training organisation, AGB Group Pty Ltd voted in favour of a Deed of Company Arrangement (DOCA) as put forward by the company’s director. Nathan Deppeler and Matthew Jess of Worrells Solvency and Forensic Accountants were appointed deed administrators.
In response to media reporting of 22 October 2019 that White Ribbon Canada (WRC) “is attempting to seize back the intellectual property of its Australian White Ribbon offshoot”, Mr Aaron Lucan, a liquidator of White Ribbon Australia Limited (WRA), said “Since receiving a letter of demand from White Ribbon Canada on 15 October, and despite numerous requests and an open invitation to talk through their claims and concerns, we’ve received no correspondence evidencing a legitimate ownership interest in the assets of White Ribbon Australia.
The IGA Goodna store is being independently operated by a third party while a buyer is sought. The IGA Boronia Heights store is no longer being traded by Worrells and is now being traded by an independently operated third party under a licence agreement. Offers to buy the IGA Boronia Heights store have been sourced by Worrells’ engaged broker, which are being assessed.
OM Mahalaxmii Pty Ltd was operating two IGA supermarkets at the time of liquidation, however Worrells remind all parties that all IGA stores are independently owned and operated.
Members at a general meeting of White Ribbon Australia Limited held on 2 October 2019 have appointed Aaron Lucan and Graeme Beattie, partners of Worrells Solvency and Forensic Accountants NSW & ACT, as liquidators of the company.
Worrells Solvency & Forensic Accountants has announced the opening of the Worrells Capalaba office.
Following the 2014 appointment of Worrells Partners, Morgan Lane and Michael Griffin, as liquidators of the Indooroopilly Bowls Club Inc., the property has now been sold for $1.3 million.
The assets of Remapak, one of Australia’s leading end to end packaging solution providers, will be sold with the company entering into liquidation. This follows the termination of the Deed of Company Arrangement (DoCA) intended to enable the business’s restructure and ongoing operation.
Worrells Solvency & Forensic Accountants has announced the opening of the Worrells Chermside office.
On 31 July 2019, the director and shareholders of ADE Electrical Pty Ltd appointed Morgan Lane of Worrells Solvency & Forensic Accountants as liquidator.
On 11 July 2019, the directors of Woodland House Pty Ltd trading as Woodland House appointed Matthew Kucianski of Worrells Solvency & Forensic Accountants as liquidator.
On 15 May 2019, Paul Burness and Ivan Glavas of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of Mawarra Centre Inc, which is an incorporated association providing National Disability Insurance Scheme (NDIS) services and disability support services.
On Tuesday, 30 April 2019 at the second meeting of creditors, it was resolved to place Claypave Pty Ltd into liquidation and appoint Adam Ward as liquidator. Worrells advise that during the liquidation the business will continue to trade to maximise recoveries.
Established since 1997, the company operates in the construction industry specialising in formwork, reinforcing, and concreting. In recent years, the company had grown to provide services to major infrastructure and construction projects in Queensland and Northern New South Wales. As part of the Bruce Highway Upgrade Program, Multifix Constructions had been engaged by CPB Contractors for the Mackay Ring Road project, which commenced in late 2017 with completion projected for mid-2020.
Creditors voted to support the Deed of Company Arrangement (DOCA) and to avoid placing the company into liquidation and shutdown. Both the administrators and KUBA will now proceed to complete some critical steps in order for the DOCA to be signed and for the company to be handed to the control of KUBA.
Worrells Solvency & Forensic Accountants have issued their report to creditors for the second meeting of creditors of Napoleon Perdis Cosmetics Pty Limited scheduled for Monday, 8 April 2019. Voluntary administrators, Simon Cathro, Chris Cook, and Ivan Glavas have completed their investigations and recoveries; and with the support of employees, resellers, and other key stakeholders they were able to trade the business profitably during the administration period, while undertaking critical steps to right size the business. Contemporaneously, the administrators conducted an expedited and intensive global sale process, looking to identify a potential buyer for the business with the goal of allowing it to continue as a going concern.
On 1 March 2019 Lee Crosthwaite and Raj Khatri of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of B J Saggers Investments Pty Ltd trading as Brisbane RVs. The company had seen a substantial increase in competition in the caravan industry in recent years and suffered from a suspected employee fraud in excess of half a million dollars, which was only recently identified.
Recent reports of specific industries continue to make the headlines, with the construction industry and retail trade featuring heavily. The construction industry continues to suffer losses under its traditional business model structure and sustain government scrutiny around licensing and subcontractor payment schemes.
At the second meeting of creditors, held at 12:00pm on 27 February 2019, the creditors of the Club voted to put the Club into Liquidation rather than adopt the Deed of Company Arrangement proposed by the Club’s Directors.
Worrells advise a number of formal offers have been received. Those offers and their associated terms are now being considered and the administrators are continuing to work closely with each interested party to finalise the terms of their offers. The process is expected to take up to two weeks.
Yesterday the Federal Court of Australia made Orders extending the convening period for the second meeting of the creditors of the companies pursuant to section 439A of the Corporations Act to 14 May 2019. The second meeting of creditors may now be held at any time during or within five business days after 14 May 2019.
The first meeting was held simultaneously across four locations: Sydney, Brisbane, Melbourne, and Perth at 2.30pm AEDT and concluded at 3.02pm AEDT. Only a few creditors and proxy-holders attended the meeting, with the majority of votes conducted on voting papers.
Worrells Solvency & Forensic Accountants’ Simon Cathro, Chris Cook, and Ivan Glavas announced they are now in a position as voluntary administrators to honour gift cards and e-vouchers. Worrells advises that such decisions in a company trade on is a discretionary and critical matter to uphold creditor’s best interests during the voluntary administration process, under the Corporations Act 2001. The Australian Competition & Consumer Commission’s (ACCC) website also outline consumer rights during these appointments, in several scenarios, including gift cards.
Today marks the beginning of the restructuring phase of the administration by right sizing the store profile and presence, Australia-wide. Worrells over the weekend undertook an assessment of each store’s performance and positioning in its current market environment and is now complete. The administrators state that these steps are critical to ensure the business is saleable.
All stores nationally were closed yesterday by the administrators for a full stocktake instore and online. Today, all 56 stores threw open their doors for an unprecedented, 30 percent off storewide and online. Just halfway through Friday trade, the Napoleon Perdis point-of-sale systems and e-commerce platform behind its website showed the strategic sale is off to a stunning start.
On 31 January 2019, the directors of Napoleon Perdis Group appointed Simon Cathro, Chris Cook, and Ivan Glavas of Worrells Solvency Accountants as voluntary administrators. All stores are continuing to trade as at the appointment date.
RemPak Pty Ltd entered into voluntary administration on 17 January 2019. Aaron Lucan and Graeme Beattie, Partners of Worrells Solvency and Forensic Accountants NSW & ACT, have been appointed as the Administrators. Aaron Lucan and Graeme Beattie were also appointed Voluntary Administrators of Remapak Forwarding Pty Ltd and RemaPak Plastic Pty Ltd.
The Dubbo Railway Bowling Club Ltd, trading as Sporties Dubbo, entered into voluntary administration on 15 November 2018. Aaron Lucan and Graeme Beattie, Partners of Worrells Solvency and Forensic Accountants NSW & ACT, have been appointed as the Administrators.
The Joint Administrator of Foodora Australia Pty Limited (Administrators Appointed), Mr. Simon Cathro, confirms that at the meeting of creditors held today, creditors present voted to accept the Deed of Company Arrangement (DOCA) proposal.
Worrells consider that the Cairns region is an important economic hub with its tourism and primary production industries contributing substantial growth and possibilities to the region, Queensland and nationally. As insolvency practitioners, Worrells know their insights make them best placed to help all stakeholders involved be guided and supported through all phases of business cycles and environments.
foodora Australia Pty Ltd have appointed Simon Cathro and Ivan Glavas of Worrells Solvency and Forensic Accountants as Voluntary Administrators, effective immediately.
Worrells Solvency & Forensic Accountants has announced the opening of the Worrells Logan office. The office will be headed up by partner, Chris Cook alongside Hanzel Hizola at M1 Business Centre at Suite 2, 3972 Pacific Highway Loganholme. The office opens on 1 August 2018.
On 28 June 2018 the owners of ‘Life with Bird Pty Ltd (Liquidator Appointed)’ and ‘LWB Enterprises Pty Ltd (Liquidator Appointed)’, trading as: “LIFEwithBIRD” resolved to appoint Matthew Kucianski of Worrells Solvency & Forensic Accountants as liquidator.
On 11 April 2018, Morgan Lane of Worrells Solvency and Forensic Accountants was appointed administrator of Jeygar Investments Pty Ltd trading as Good Real Estate, in Gladstone.
On 2 April 2018, Morgan Lane of Worrells Solvency and Forensic Accountants was appointed, via a creditors’ voluntary liquidation to Kezra Pty Ltd trading as Michel's Patisserie Yeppoon Central.
On 23 March 2018, Ivan Glavas and Matthew Jess of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of Project Group Construction Pty Ltd. The company operates as a residential and commercial builder in Melbourne.
On 19 March 2018, Raj Khatri of Worrells Solvency and Forensic Accountants was appointed, via debtor’s petition as trustee of Damian Griffiths’ bankrupt estate.
Runtong Investment and Development Pty Ltd, which is behind the $117 million Datong U2 apartment complex in Waymouth Street, has appointed Nick Cooper and Dominic Cantone of Worrells Solvency and Forensic Accountants as voluntary administrators.
Worrells NSW and ACT are proud to announce its partnership with Golf NSW. Worrells has entered into a one-year partnership, which complements its existing sponsorship arrangement with Clubs NSW and underlines Worrells’ approach of being “resourced nationally, focused locally”.
Worrells Solvency & Forensic Accountants has released its third edition of The Worrells Insolvency Report. Their Report aims to show the extent and reach of insolvency, in all its forms, across Australia. By crunching the data, and adding anecdotal insight to the numbers, Worrells hopes it helps to soften the perception and judgement on debt issues.
Custom Bus Australia Pty Limited and Custom Bus Holdings Pty Limited entered in to Voluntary Administration on Thursday 18 January 2018. Partners Simon Cathro and Aaron Lucan of Worrells Solvency & Forensic NSW & ACT have been appointed as the administrators.
On 11 January 2018, the directors of the Gidget Retro Teardrop Camper Pty Ltd appointed Lee Crosthwaite and Chris Cook of Worrells Solvency & Forensic Accountants as voluntary administrators.
Today, a meeting of creditors of Sandgate R.S.L. Memorial Club Inc (trading as Club Sandgate) appointed Raj Khatri and Morgan Lane of Worrells Solvency & Forensic Accountants (Worrells) as liquidators of the Club.
On 28 November 2017, the members of Comet Training Pty Ltd appointed Christopher Darin and Simon Cathro of Worrells Solvency and Forensic Accountants as liquidators in a members’ voluntary winding up.
On 4 September 2017, the director of Medifield Pty Ltd appointed Dane Hammond of Worrells Solvency & Forensic Accountants as voluntary administrator of Medifield Pty Ltd, trading as Gladstone Valley Medical Centre & Calliope Medical Centre (Medical Centres).
The second meeting of creditors for the nine companies that form the ‘Bubs Baby Shops Group’ was held today. No Deed of Company Arrangement was proposed, and creditors resolved to appoint Worrells’ voluntary administrators as liquidators of the companies.
The first meeting of creditors for the nine companies that form the ‘Bubs Baby Shops Group’ was held today. Worrells Solvency & Forensic Accountants’ Simon Cathro and Chris Cook were appointed to the Bubs Baby Shops Group on 17 August 2017.
On 17 August 2017, the directors of the Bubs Baby Shops Pty Ltd and associated entities appointed Simon Cathro and Chris Cook of Worrells Solvency & Forensic Accountants as voluntary administrators. Numerous parties are affected by the voluntary administration including suppliers, who have supplied their stock under a myriad of security provisions; the landlords of each of the eight Bubs Baby Shops and warehouses; trade creditors, the employees of businesses, and customers.
Worrells, a national insolvency firm, explain how insolvency practitioners can help small-to-medium enterprises in response to Suncorp’s SME vs ME Report, which revealed almost two-thirds of small business owners’ wellbeing is suffering because their business and personal affairs were too intermingled.
Worrells announce the appointment of three new partners in the Worrells Group, effective 1 July 2017.
On 11 January 2017, the board of the CQ Leagues Club Limited appointed Morgan Lane and Paul Nogueira of Worrells Solvency & Forensic Accountants as voluntary administrators. Investigations into reasons for the Club's insolvency are underway and a report to creditors will be issued in due course.
Worrells are not appointed in any capacity to the above company or associated entities. Worrells, however, advocate that businesses that have agreements in place with the company/businesses, and assets under lease or security, should obtain independent advice promptly. While the season break allows some pressure alleviated from associated trade, under the various insolvency appointments, the critical meeting dates are looming, with the first creditors meeting held for the voluntary administration appointment is 5 January 2017.
Morgan Lane and Michael Peldan, partners Worrells Brisbane were appointed liquidators of Australian Commercial Publishing Pty Ltd (trading as Australian Property Investor) on 20 December 2016 pursuant to a creditors' voluntary liquidation by its director. Worrells are calling for expressions of interest for the sale of the intellectual property. Expressions of interest close on 16 January 2017.
The Voluntary Administrators of FFC, Paul Burness and Con Kokkinos of Worrells Solvency and Forensic Accountants, have now finalised their formal report and have called a meeting of all FFC’s creditors for the morning of 3 October 2016. At that meeting, the fate of FFC will be decided by the club’s creditors.
On 26 August 2016 the board of the Frankston Football Club Inc resolved to appoint Paul Burness and Con Kokkinos of Worrells Solvency & Forensic Accountants as Voluntary Administrators.
The Worrells Partners made a submission to The Treasury in response to its Proposals Paper: Improving bankruptcy and insolvency laws April 2016.
Worrells Solvency & Forensic Accountants has released a new initiative with their inaugural The Worrells Insolvency Report 2014-15.
Worrells Solvency & Forensic Accountants continues to grow with the addition of a new partner, Simon Cathro, formerly a partner of a large accounting firm.
Worrells Solvency & Forensic Accountants has announced the opening of the Worrells Lismore office.
Mr Nick Cooper, the Adelaide Partner with national solvency and forensic accountancy firm Worrells, said today the decision by Leane Electrical Pty Ltd to enter liquidation was a matter for its director.
The growth in the number of 24-hour gymnasiums in Adelaide is shaking up the fitness industry with less financially secure operators hitting the wall, an Adelaide insolvency expert has warned.
Worrells Solvency & Forensic Accountants has announced the opening of the Worrells Rockhampton office. Their insolvency practice will be the only permanent office in the Rockhampton region.
Paul Burness and Con Kokkinos of Worrells Solvency & Forensic Accountants were appointed as voluntary liquidators of Shiva Yoga Inc on the 23rd April 2015 by resolution of the members.
Worrells Solvency & Forensic Accountants (Worrells) is excited to announce the opening of their new Geelong office. The office will be lead by Regional Manager, Scott Andersen, who brings a wealth of solvency and forensic accounting experience to the Region.
Aaron Lucan, partner of Worrells Solvency and Forensic Accountants, was appointed trustee of the bankrupt estate of Dolores Lavin on 19 February 2015.
Raj Khatri and Morgan Lane were appointed Voluntary Liquidators of Barlow’s Piping Pty Ltd on the 20th November 2014 pursuant to a resolution of the Board of Directors.
Nathan Deppeler and Paul Burness were appointed Voluntary Administrators of Macedon Grammar School Co-Op Ltd on 27th November 2014 pursuant to a resolution of the Board of Directors. Macedon Grammar School has been in operation since 1979.
Worrells Solvency & Forensic Accountants were appointed by the court, as liquidators of the Indooroopilly Bowls Club Inc on 9 October 2014. Morgan Lane and Michael Griffin, Partners in Worrells Brisbane are managing the liquidation, which is in its early days.
Adelaide’s insolvency industry is facing a major shake-up with national solvency and forensic accountancy firm Worrells expanding into South Australia.
Nathan Deppeler and Paul Burness of Worrells Solvency & Forensic Accountants were appointed Voluntary Liquidators by the members of the Eaglehawk Golf Club Inc. (Eaglehawk) on 10 December 2013.
Last month the Insolvency and Trustee Service Australia released the provisional personal insolvency activity statistics for 2012–13.
Worrells Solvency & Forensic Accountants (Worrells) has announced the opening of the new Worrells Toowoomba office. It will be the only insolvency practice to have staff regularly on site in the Toowoomba region so as to better serve the Darling Downs.
Christmas is suddenly brighter for former employees of a car dealer that left over 1000 car owners across Australia out of pocket and 53 full time staff out of a job when the company went into liquidation in July.
The business operating in Australia under the brand WEBUYANYCAR.COM.AU is separate from, and has no connection with, the business operating in the United Kingdom and internationally under the brand WEBUYANYCAR.COM.
The business operating in Australia under the brand WEBUYANYCAR.COM.AU is separate from, and has no connection with, the business operating in the United Kingdom and internationally under the brand WEBUYANYCAR.COM.
Worrells Solvency & Forensic Accountants (Worrells) and Ramsay Clout Insolvency and Forensic Accountants (Ramsay Clout) have today announced the merging of their respective firms to form the largest insolvency practice on the Sunshine Coast.
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