Media Centre
Court action likely to revolve around Oswal
INDIAN tycoon Pankaj Oswal abruptly left Australia when his Burrup Fertilisers fell into receivership, but in coming weeks he may re-emerge at the centre of a Supreme Court case over claims he owes millions to a Perth property developer. >more
Another receiver for Saraceni
TROUBLED Perth property developer Luke Saraceni has lost control of another key asset in his dwindling empire after receivers were appointed to a $20 million commercial building in the inner-city suburb of Subiaco. >more
Astarra chief declares bankruptcy
Insolvency firm Jirsch Sutherland will look to realise all the assets in former Astarra Asset Management (AAM) director Shawn Richard's estate, after he declared bankruptcy in late January. >more
AMWU: Paragon workers "still owed $100,000" as job losses loom at South Pacific
The AMWU has said some workers likely to lose jobs at South Pacific Print Group are still owned $100,000 in entitlements following last year's Paragon Printing liquidation. >more
ASIC fails to act as directors exploit loopholes
A LITTLE-KNOWN Sydney property developer was last week finally wound up. The company, Foxdale Corp, which had attracted more than 40 investors to put $4 million in an unregistered managed investment scheme, went belly-up in 2005 with a $4.89 million funds deficiency, leaving creditors and investors penniless. >more
Administrators race to sell Griffin Coal's $1.2bn power stations
ADMINISTRATORS for Ric Stowe's Griffin Coal will launch a rapid sale process next month for the failed tycoon's $1.2 billion Bluewaters power stations and $200 million Emu Downs wind farm in Western Australia. >more
Leumeah's Panjo in receivership
Panjo Destination Centre 4 Children has hit another roadblock with the Leumeah centre being placed in receivership last Monday. >more
Roger Pescott's tools of trade
The Victorian businessman and former state Liberal minister, Roger Pescott, who was bankrupted last year, has revealed he owes $269,000 against 10 credit cards and millions of dollars more to secured financiers. >more
Pub group Icon Hospitality collapses into receivership
Sydney pub group Icon Hospitality has collapsed, owing main lender creditor Commonwealth Bank $60 million and leaving property fund ING Real Estate Entertainment without a key tenant. >more
Receivers move in on more assets of rich list developer Luke Saraceni
Beleaguered property developer and rich list member Luke Saraceni has had more of his assets seized by receivers, just a week after the collapse of his $500 million Perth office tower project, Raine Square. >more
Former rich list member and tourism group chief Brett Pointon hit by collapse of private companies
Former rich list member Brett Pointon, who is the founder and chief executive of listed tourism group Oaks Hotels & Resorts, has been hit by the collapse of two private companies, with receivers grabbing control of most of his stake in Oaks Hotels & Resorts. >more
Clean energy investment fund calls in administrators
Publically-listed clean energy group Viridis Clean Energy has been placed in the hands of administrators after failing to complete a recapitalisation of the company. >more
Court appoints liquidator to company in Nicholas Bolton's Australian Style group after legal fight
A company belonging to maverick investor and IT entrepreneur Nicholas Bolton has been placed in liquidation by order of the Supreme Court of Victoria and is now in the hands of liquidator John Lindholm of insolvency firm Ferrier Hodgson. >more
Asic launches action to sink liquidator
The Corporate Regulator has launched Victorian Supreme Court action to bar the Melbourne based liquidator Paul Pattison from practising after his own firm sank into liquidation last year. >more
Burrup receivers close to filing ASIC report
Burrup Fertilisers' receivers expect to finalise a report on suspected financial irregularities in Pankaj Oswal's ammonia empire this week before handing it to the Australian Securities and Investments Commission. >more
If your business is in trouble, raise a hand before it’s too late
Five fingers and a raised hand could be all that’s required to add an extra $2 billion to the Australian economy each year. That’s the money that would be saved if even only half of Australian businesses that find themselves in rough financial waters put their hands up for help earlier. >more
Raine Square tower in receivership
RECEIVERS have been called in to the $500 million Raine Square development in the Perth CBD >more
Bids in for Griffin Coal Assets
Griffin Coal's administrators are bracing for a busy weekend poring over foreign and domestic bids for the collapsed WA miner's assets, with the deadline for offers to close late today. >more
Sons of Gwalia Bill passes Federal Parliament
A Bill that reverses the Sons of Gwalia High Court decision and restores certainty to shareholders and creditors was passed by the Federal Parliament this week, said Parliamentary Secretary to the Treasurer, David Bradbury. >more
Distressed equity opportunities with Brookfield
Canadian distressed equity asset manager, Brookfield Special Situations Group, has expressed its interest in raising funds from Australian investors on a recent visit to Sydney and Melbourne... >more
Gallery apartments under receivership
VICTOR HARBOR - The Gallery Apartments located at 145 - 147 Hindmarsh Road is under receivership and all 17 apartments will be auctioned on November 27. >more
Franz Madlener to continue push to buy back Villa & Hut chain from Allied Brand administrators
Villa & Hut founder Franz Madlener says he will continue with attempts to extract the chain out of Allied Brands and will begin discussions with the company's administrators... >more
New blow for SW dairies
Struggling South-West dairy farmers suffered another major blow yesterday when administrators warned it could take months to get any return from the multi-million-dollar collapse of Challenge Australia Dairy. >more
D'ough! Krispy Kreme whipped
The Krispy Kreme doughnut chain has entered voluntary administration because of poor sales at some stores. >more
Valves foundry sold for $2.5m
The site of the former John Valves foundry at Ballarat has sold for around $2.5million. The company went into liquidation in November 2008 with the loss of 130 jobs. >more
WGI placed into liquidation
Assets still unaccounted for. Dealer group Wright Global Investments has been placed in liquidation. Dealer group Wright Global Investments (WGI) has been placed in liquidation, with the location of assets believed to run into the hundreds of thousands of dollars yet to be accounted for. >more
Insolvency safe harbour for directors - Karen O'Flynn, Partner at Clayton Utz
Insolvency safe harbour for directors - Karen O'Flynn, Partner at Clayton Utz BoardroomRadio Audio - 8:20 a.m. 22nd October 2010 >more
Carpet maker wound up
Devonport carpet maker Tascot Templeton has been placed in liquidation but administrators say it is still not too late to sell the business. A creditors meeting this morning agreed to wind up the company and sell off its assets. >more
Sonray administrators recommend wind up
Auditors under fire Winding up Sonray Capital Markets is in the best interests of investors, according to company administrators. The administrator of Sonray Capital Markets (Sonray) has recommended the company be wound up as any attempt at fund recovery would likely only return between 25 to 30 cents in the dollar to investors. >more
Sonray accountants slammed over failure to identify problems
Two accounting firms engaged by Sonray Capital Markets have been slammed for failing to identify the firm's dire financial situation. Including that it had been trading insolvent for more than two years before its collapse. >more
Adelaide's A&R in Voluntary administration
Twenty-year stalwart of the channel closes its doors. One of Australia's longest operating technology retailers, A&R Computer Services, has entered voluntary administration. A&R, which has operated in South Australia for twenty years, closed its doors on October 19. >more
Goanna Print set to close unless offer 'comes out of the blue'
The odds of selling Goanna Print as a going concern are shrinking after administrators said they have struck a deal to sell the equipment to an auctioneer. >more
Property trust follows rtetirement villages into insolvency as founder appoints his own administrators
A battle looms over the future of collapsed property trust Prime Retirement and Aged Care Property Trust, after founder and former managing director Bill Lewski appointed his own administrators to the trust's management vehicle. >more
Computer Nerds goes into liquidation
Computer Nerds Australia has been placed into voluntary liquidation. Murray Godfrey from RMG Partners was appointed as the liquidator on September 27. The first creditor's meeting was held on October 8 and a final creditor's meeting is yet to be determined. >more
Gunns to acquire softwood saw mill in Tassie
Forestry products company Gunns Ltd (ASX:GNS) has acquired the Bell Bay softwood saw mill in Tasmania for an undisclosed sum. The facility, bought from the receiver and manager of FEA, will process both FEA and the softwood sawlog volumes from Gunns Scottsdale operations in Tassie. >more
Receivers appointed at Carlyle Gardens
TOWNSVILLE'S Carlyle Gardens has gone into receivership but the move is unlikley to affect the 700 residents of the retirement resort according to Suncorp bank and village management. >more
Aged-care provider enters receivership
Voluntary administrators have been appointed to aged-care provider Prime Trust. The company owns retirement villages in Queensland, New South Wales and Victoria. Accounting firm Lawler Draper Dillon will oversee the administration of Prime Trust. Three of Prime's facilities in Townsville, Mackay and Bundaberg are already in receivership. >more
Receiver poised to move on Prime Retirement and Aged Care Property Trust
MAJOR retirement village proprietor Prime Retirement and Aged Care Property Trust, which is chaired by former federal health minister Michael Wooldridge, appears close to collapse. >more
Receivers claim assets of collapsed furniture group Timberland were transferred to new companies
Receivers claim assets of collapsed furniture group Timberland were transferred to new companies... Receivers of collapsed furniture chain Timberland Group have launched legal action to try to secure the assets of the company, after claiming that the assets of the collapsed company have been transferred into a new company without payment. >more
ASIC moves to liquidate tax return websites over claims customer money was used to buy holiday house
ASIC moves to liquidate tax return websites over claims customer money was used to buy holiday house.. The corporate watchdog has won Federal Court orders to appoint liquidators to two companies that purported to assist taxpayers get a tax return, after claims that tax returns owed to customers had been used to buy a holiday house in Port Douglas.. >more
More time for FEA administrator
More time for FEA administrator... The administrator of Forest Enterprises Australia's (FEA) plantation arm has revealed details of a proposal to save the company. >more
Missing the insolvency reform point
Missing the insolvency reform point... The Senate Economics References Committee issued a paper last week making 17 recommendations on the regulation, registration and remuneration of insolvency practitioners in Australia... >more
Administrators probe Griffin collapse
Administrators probe Griffin collapse... Administrators trawling though the billion-dollar collapse of Griffin Coal are investigating whether the WA miner traded while insolvent and potential breaches of the Corporations Act by directors, including its reclusive owner Ric Stowe. >more
Standard Publishing House calls in the liquidators
Standard Publishing House calls in the liquidators... Sydney printer Standard Publishing House has entered voluntary liquidation under the weight of around $2m in unsecured debts. >more
Senate Committee pushes for crackdown on dodgy insolvency practitioners
Senate Committee pushes for crackdown on dodgy insolvency practitioners... Industry experts have given a mixed response to a Senate Committee's recommendation that the Australian Securities and Investment Commission should be stripped of regulatory oversight of the insolvency profession, with power handed to a new body attached to the Insolvency and Trustee Service of Australia. >more
DPA director speaks out over liquidation
DPA director speaks out over liquidation... A director for liquidated company Document Printing Australia (DPA) has said directors did "everything in their power" to find a deal that would repay unsecured creditors. >more
Insolvency report is in, now for some action
Insolvency report is in, now for some action ... Six inquiries into the industry have gone unheeded; this must not happen to the seventh. THE insolvency industry and the Australian Securities and Investments Commission will go into PR overdrive in the next few months to try to bury a bombshell report produced by a Senate inquiry damning the industry and the role of the regulator. >more
Insolvency industry probe targets ASIC
Insolvency industry probe targets ASIC ... Creditors of failed companies would be compensated for the actions of dodgy insolvency practitioners in a new blueprint for the industry. >more
Small tin miner calls it quits
Small tin miner calls it quits... Tasmania's north-east has been dealt another economic blow with the liquidation of a tin mine project The small miner Gladstone Tin has failed to secure investment in the proposed tin mine near Gladstone and will abandon the project at the end of the month. >more
Affiliate networks and advertisers caught up in collapse of marketing services company
Affiliate networks and advertisers caught up in collapse of marketing services company ... Small web publishers, advertising companies, Telstra and Neverfail Springwater are among the companies caught up in the collapse of Sydney-based affiliate marketing services business Affiliate Marketing Solutions. >more
Inquiry wants ASIC stripped of insolvency role
Inquiry wants ASIC stripped of insolvency role... Australia's corporate regulator should be stripped of its power to preside over company collapses for its failure to tackle rogue liquidators, a Senate inquiry says. >more
Inquiry finds insolvency regulation inadequate
Inquiry finds insolvency regulation inadequate... A Senate committee has found the corporate regulator is not adequately monitoring the insolvency industry. The inquiry has called for some powers to be taken off the overburdened Australian Securities and Investment Commission (ASIC) and given to a new body. >more
DPA enters liquidation under $5m debt
DPA enters liquidation under $5m debt... Melbourne company Document Printing Australia has entered liquidation saddled with debts totalling over $5m. >more
