With record numbers of business bankruptcies this year, cash flow management in private enterprises has come back into focus as business owners try to offset poor economic conditions, the Financial Review reported. The Insolvency and Trustee Service Australia (ITSA) says the proportion of debtors reaching a business-related debt agreement in the June quarter – 25 per cent of all debt agreements – was the highest business proportion since the September quarter 2003.

Metals recycler CMA Corporation has gone into voluntary administration, TheBull.com.au reported. CMA operates more than 17 recycling facilities across Australia, New Zealand and Asia and has about 190 staff. The directors of CMA have appointed Phil Carter, Marcus Ayres and Nicholas Martin of PPB Advisory as voluntary administrators. "PPB Advisory will undertake an urgent review of CMA's operations," Mr Carter said in a statement on Friday. Until the completion of the review, CMA would continue to operate as usual. A meeting of CMA creditors will be held on August 14.

A family-owned retail fashion business in rural New South Wales founded in 1936 has collapsed, with administrators saying tough trading conditions and a poorly-timed expansion are to blame, SmartCompay.com.au reported. Brenstew, which currently trades in five retail outlets located in Dubbo, Tamworth, and Armidale under the brands Blowes Menswear, The Wardrobe and URXs, had administrators appointed last week. The company turns over more than $6 million annually.

Photography business PixiFoto is set to announce mass job losses after its parent company Photo Corporation of Australia plunged into administration late last week, News.com.au reported. Staff at the Sydney-based group are currently being briefed by senior management about the dire prospects of the company. Photo Corporation of Australia entered voluntary administration on July 25, with John Morgan and Steven James of BCR Advisory appointed as administrators.

Australia's takeover regulator declined a request from Oaktree Capital Management and Centerbridge Partners to delay a $359 million refinancing deal surfwear for company Billabong International Ltd on anti-trust concerns, Reuters reported yesterday. The two U.S. hedge funds, whose own refinancing proposals were rebuffed by Billabong, had asked the Takeovers Panel to intervene in the deal with Altamont Capital Partners because some elements, including a hefty break fee, were "anti-competitive and coercive". The panel declined to stop the sale but would still investigate the deal.

Australia's largest organic poultry farm, Inglewood Farms, has gone into receivership owing $60 million, The Chronicle reported. The announcement was made following news the company's directors wanted to resign after shareholders indicated that they would not provide additional funding to support ongoing operations. The company, which is a subsidiary of RM Williams, employs about 100 people and operates on a 1710 hectare property near Inglewood.

Insolvency experts are predicting more pain to come over the next six to 12 months as the shakeout in Australia's mining sector takes hold, ABC News reported. Restructuring firm Ernst & Young is expecting to see more receiverships and distressed sales as miners end their investment and construction phase to focus on production. The forecast comes after almost half of the listed companies exposed to mining services issued profit downgrades as projects are deferred and market conditions falter.

Kevin Rudd is ditching the optimism of his predecessor and selling himself as the best leader to steer Australia through a downturn as Chinese demand wanes, Bloomberg reported. The new prime minister, who ousted Julia Gillard last week as the ruling Labor party headed toward a landslide election loss, is channeling his ex-boss Ross Garnaut in flagging that the end of a China-led mining boom could lead to a recession.

Creditors are expected to support a rescue plan for Spring Gully Foods that will hand back control of the 60-year-old company to the Webb family, News.com.au reported. About 300 creditors will meet tomorrow to consider an offer for full payment of debts, saving the company from collapse and lifting it out of administration. The company will put forward a Deed of Company Agreement that would see all creditors paid 100c in the dollar with an initial down payment and regular quarterly payments until the debt is finalised.

Creditors of Apex Minerals have finally called time on Ed Eshuys' attempt to revive the struggling gold producer, with receivers appointed to the company overnight, The West Australian reported. A last ditch attempt to borrow more money to keep the company afloat appears to have failed, with one of the company's major secured creditor - RF Capital, the family company of Multiplex heir Andrew Roberts - last night appointing Pitcher Partners as administrators and Ferrier Hodgson as receivers.