Embattled property developer dodges $17m bankruptcy with $180000 deal – The Sydney Morning Herald

An embattled developer and fraudster avoided plummeting into bankruptcy after claiming he only had $200 in his bank account and couldn’t repay the $17 million he owed to former friends and associates. Despite his cries of crippling financial stress, Lemuel Page, 48, is still spotted driving around the NSW Hunter region in a luxury Mercedes…

ASIC, ATO use ‘disruption’ tactics to stop phoenixes rising from corporate ashes – The Australian Financial Review

Rogue advisers who seek out struggling companies and help ‘phoenix’ them out of tax and other financial obligations are being targeted in a multi-agency crackdown on the $3 billion lost every year from company rebirthing. The Australian Taxation Office and ASIC are leading the effort to put rogue ‘pre-insolvency advisers’ out of business by disrupting…

Abhaile helps just 157 fight for homes in court appeals – The Times

The states new mortgage arrears resolution service has helped fewer than 160 borrowers at risk of losing their homes to challenge their lenders through the appeal courts. The Abhaile service, launched last October, helps borrowers challenge mortgage providers when they veto proposals for a personal insolvency arrangement. According to a briefing for Charlie Flanagan after…

Abhaile helps just 157 fight for homes in court appeals – The Times

The states new mortgage arrears resolution service has helped fewer than 160 borrowers at risk of losing their homes to challenge their lenders through the appeal courts. The Abhaile service, launched last October, helps borrowers challenge mortgage providers when they veto proposals for a personal insolvency arrangement. According to a briefing for Charlie Flanagan after…

Fake wedding ring brings down fraudster Lemuel Page – Newcastle Herald

Newcastle businessman Lemuel Page. FOR years Newcastle man Lemuel Page spun a web of deceit involving failed investments that left him owing friends and former associates $17 million.  But in the end it was a cheap cubic zirconia ring that landed the property developer turned fraudster in jail.   The 48-year-old Mercedes-driving businessman’s past includes a shareholder arrangement with ex-bikie…

Bankers pessimistic on recovery of loans after insolvency process – Moneycontrol.com

Beena Parmar Moneycontrol News Debt in the balance sheets of most public sector banks may not get drastically reduced as bankers expect less than 50 percent recovery of the loans under insolvency. A month after the insolvency and bankruptcy process kick-started, three companies — Jyoti Structures, Monnet Ispat and Energy and Alok Industries — have been…