Related Story: One disaster to the next, a slice of Queensland paradise becomes a nightmare Related Story: Beleaguered Port Hinchinbrook sold after lengthy struggle The future of the troubled Port Hinchinbrook Resort in north Queensland has been thrown back into uncertainty with Oakland Investment Group flagging it will lodge…
Every page of the jaw-dropping MPs report on Carillion has detail to make the blood boil. No one comes out looking good: The Pensions Regulator was feeble; the Financial Reporting Council toothless; crown representatives to Carillion served no noticeable purpose. And thats before you get to the Big Four accountancy firms, or the Carillion directors…
by Gill Plimmer British MPs have demanded the UK’s big four accountancy firms be referred to competition authorities for potential break-up following the collapse of government contractor Carillion, calling them a “cosy club incapable of providing the degree of independent challenge needed”. The recommendation by members of two powerful parliamentary committees was contained in a…
There were 7,910 new personal insolvencies in the March quarter 2018, up a slight 0.1 per cent on the same quarter in 2017, the Australian Financial Security Authority said. By type of personal insolvency, bankruptcies fell by 1.8 per cent, debt agreements rose by 3.9 per cent, while personal insolvency agreements fell by 59.3 per…
A federal judge said bankrupt FirstEnergy Solutions should not have to pay $58 million a year to a pact overseeing coal-fired electric generation plants a pact that includes Dayton Power & Light (DP&L). DP&L, with other Ohio power companies, make up the Ohio Valley Electric Corporation (OVEC), which operates the older, coal-fired power plants on…
A litigation funder based in the UK is pondering listing on the London Stock Exchange. Manolete Partners founder and CEO Steven Cooklin has confirmed to The Law Society Gazette that the company is looking very seriously at a float on the bourse. Though official financial details have not been released, other reports say the listing…
An Indian tribunal ordered billionaire Anil Ambanis Reliance Communications Ltd. be placed under insolvency proceedings, jeopardizing the phone companys proposed $3.7 billion asset sale to Reliance Jio Infocomm Ltd. The Mumbai bench of the National Company Law Tribunal on Tuesday accepted a petition from the Indian unit of network-equipment maker Ericsson AB, which is seeking…
ArcelorMittal has transferred Rs 7,000 crore to an escrow account controlled by State Bank of India to become eligible to bid for Essar Steel Ltd., currently undergoing insolvency proceedings. The funds will be used to extinguish any outstanding dues in Uttam Galva Steels Ltd. and KSS Petron Ltd., two people aware of the matter said…
Drivers in their thousands have been left without insurance cover after insurance firm Alpha announced it had gone bust. The drivers insured with their UK brands, Cover My Cab and Protector, received a text message stating: “Your taxi insurance policy with Alpha Insurance is cancelled with immediate effect.” The text meant thousands of taxi drivers…
A RECORD number of West Australians have been forced into bankruptcy or had to strike debt deals with creditors in a sign of the continuing tough situation facing the State. New figures from the Australian Financial Security Authority revealed a spike in bankruptcies across WA in the three months to the end of March. During…