With the impact and duration of the pandemic stretching beyond everyone’s expectations, we have witnessed the rise and fall of many corporations and those entering administration and even liquidation. Below are some examples, highlighting major corporations that have undergone the strain of the COVID-19 pandemic.
Virgin Australia Group, perhaps one of the most high profile COVID-19 victims were placed into administration in April 2020 due to the pandemic restriction but had been struggling before the pandemic.
Carriageworks, considered to be Sydney’s cultural centre and believed to be the largest contemporary multi-arts centre in Australia was placed in administration in May but was saved from liquidation in July.
However, the sector that took the biggest hit without a doubt was the retail industry. Unable to withstand online and overseas competitors the pandemic fast-tracked many of the issues this sector was already faced with before the pandemic. Some examples of corporations undergoing administration (before and during Coronavirus) include Victoria’s Secret (the UK branch) in early June, Colette by Colette Hayman in February, and major Australian swimwear brand Seafolly in June.
If your business is still struggling from the impact of the pandemic or is looking for more information on company liquidations, then please contact Australian Company Liquidations. We are registered company liquidators who offer a FREE 24/7 insolvency hotline for Australian directors seeking expert advice. Please call us on 1800 731 155 now.