Notable Business Collapses in Australia

We bring you the list of the most notable business collapses in Australia that will give you an idea during the tough phase.

Network TEN
An Australian commercial television network has fallen into administration days during the end of the 2016-2017after their billionaire shareholders pulled the plug. Read more to know the complete story.
Dick Smith
It was Australia’s biggest business collapse in 2016. Poorly planned processes, inventory purchasing failures and expensive expansion strategy were the main reasons behind the collapse of Dick Smith.
Rugby WA
Rugby WA is the governing body of rugby union in WA which went into voluntary administration due to the lack of financial resources. They were unable to pay fees owed to the Western Australia Government and Rugby Australia.
SurfStitch
This is the Gold-Coast based retail portal that fallen into voluntary administration in August 2017. Justin Cameron, the CEO of SurfStitch, abruptly quit the company, and the new management found that they are in the insolvency state.

HIH: Australia’s Biggest Corporate Collapse

HIH was Australia’s second largest and renowned insurance company which went into provisional liquidation on 15th March 2001. This was the largest corporate collapse in Australia’s history, with total losses up to A$5.3 billion. The members of HIH management were charged as culprits, which led to their imprisonment.

According to the reports of an appointed provisional liquidator, HIH had lost more than $800 million over six months to 31st of December 2000. The company falls under various shortcomings including the failure to rapid expansion, extensive and complex reinsurance arrangements, an unsupervised delegation of authority, underpricing, false reports, reserve issues, self-dealing, fraud and irresponsible management. This caused the demise of HIH insurance company, which was considered as one of the biggest corporate Collapse in Australia.

Our Business Seminars

We, at HIH Support, organise business seminars, professional development workshops for both young and experienced entrepreneurs. Our purpose is to expand their knowledge and save them from sudden collapses.

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Our team of Financial Advisors

HIH Support is an active community which takes pride in offering expert debt advice to save you from financial crises. We have a team of business professionals who have years of experience of working in successful businesses across Australia and are aware of things like liquidation or business insolvency. Our main advisor Bill Illiac has worked for a reputed company providing services for end of lease cleaning in Canberra, and has years of experience in finance field. If you are finding difficulties in running your business operations swiftly due to financial restraints, then contact us. We have reliable options available that might assist you and take you out from bad financial scenarios. Our professional advisors can help you grow higher while letting you experience business success without any failure or loss.

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Our community is committed to providing with reliable information about Australia’s notable corporate collapses and allows business owners to understand the different consequences of insolvency or liquidation. Our mission is to improve the business community of Australia for a better future.

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Know Everything about Business Liquidation

If your business is failed to be saved by voluntary administration, then it will automatically go into liquidation. It is a process of closing a company to distribute its assets to all the creditors. There are three types of Business Liquidation. Including:

Creditors Voluntary Liquidation (CVL)

It allows Directors to wind-up an insolvent business. They nominate their own Liquidator to handle the entire situation. The appointed Liquidator will make payments to creditors before closing the company. This type of liquidation is required when the company is insolvent and is no longer feasible.

Members Voluntary Liquidation (MVL)

Under MVL, shareholders are allowed to appoint a Liquidator to close a solvent company formally. The Liquidator realise all the assets to all the outstanding and liabilities of the company. A capital distribution will be paid to shareholders from funds held in the organisation. This is a situation where business can be winded up before any financial collapse.

Provisional Liquidation (PL)

A Provisional Liquidation is also known as an official Liquidation where a court appoints a Liquidator to manage the debts and liabilities of the company. It is used as an emergency measure to protect the assets of the company that may be at risk of being taken in some or another form.

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At HIH Support Community, we strive to provide the entire business community in Australia with precise information related to previous corporate collapses, business liquidation and insolvency conditions. If you need professional advice on your business matters, then give us a call. We also organise business seminars and workshops across Australia to let business owners protect their company from unwanted financial issues. Our financial advisors will assist you in finding the best solution when it comes to wrapping up the company and handling its affairs.

Our Practical Workshops

Our business workshop aims at providing a comprehensive range of solutions when a company is in a state of insolvency. Our experts provide useful tips and allow entrepreneurs to gauge their liabilities and debts for better understanding.

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November 18, 2019

Sunshine Coast, QLD

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November 21, 2019

Sydney, NSW

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