Arrium’s administrator says he has been overwhelmed by offers of support for the Whyalla steelworks. Photo: Brendan Esposito Some of Australia’s construction heavyweights including John Holland, Lendlease and billionaire Harry Triguboff’s Meriton Apartments have all pledged to buy more structural steel from Arrium to help the collapsed steelmaker. The administrator of Arrium, Mark Mentha, said on…
Clive Palmer has found himself in more hot water. Photo: Supplied The festival of outrage and indignation engulfing Clive Palmer and the collapse of Queensland Nickel constitutes hypocrisy of the first order. Not to belittle the plight of Clive’s workers’ and creditors, nor to make light of his reckless extravagance, but claims of a disgraceful…
Published 15/04/2016 | 02:30 Donald Trump has done it three times and there’s every chance he’ll be a nominee for US President yet. But on this side of the pond, bankruptcy still has a stigma attached, a shame that is hard to shift. Share Go To Despite the launch of the Insolvency Service and legislation…
(Photo: Jeffery Scism)MARY ANNE HITT OF ECOWATCH FOR BUZZFLASH AT TRUTHOUT Article reprinted with permission from EcoWatch This week, a giant that had been teetering for many months finally fell, as Peabody Coal officially declared bankruptcy. For market watchers around the globe, this was a decisive movement in the long decline of an industry that…
Introduction Conflicting high court decisions Company court’s interference Sale without court intervention Introduction In Pegasus Assets Reconstruction P Ltd v M/s Haryana Concast Limited(1) a division bench of the Supreme Court held that a company court (through the official liquidator) cannot wield any control in respect of a sale of secured assets by a secured…
After a couple of years when Australia’s personal insolvency numbers fell sharply, a growing number of people have entered into debt agreements over the past year. According to the latest Australian Financial Security Authority figures, the number of personal insolvencies rose two per cent in the March quarter, compared with the same quarter last year.…
(Photo: Jeffery Scism)MARY ANNE HITT OF ECOWATCH FOR BUZZFLASH AT TRUTHOUT Article reprinted with permission from EcoWatch This week, a giant that had been teetering for many months finally fell, as Peabody Coal officially declared bankruptcy. For market watchers around the globe, this was a decisive movement in the long decline of an industry that…
German prosecutors filed a raft of charges against four members of the wealthy Schlecker family on Thursday, accusing them of pulling valuable assets out of their namesake drugstore chain and hiding them from shareholders before the company went bust in 2012. The prosecutors, based in Stuttgart, have leveled 36 counts of embezzlement, purjury and…
Jim Stafford Published 14/04/2016 | 02:30 The term “vulture fund” is a metaphor used to compare investment funds to the behaviour of vultures “preying” on debtors in financial distress by purchasing the debt at a discount to make a large gain. Share Go To The “vulture fund” industry in Ireland began in 2011, with the…
News Written by Sam Murphy on April 14, 2016 Last year a new festival Disconnect graced Western Australia and while at the time the event was launded a success, musicians who played and crew who worked at the event have now spoken out saying that they havent been paid. The event hosted a lineup including…