ASIC to recover more than $400000 from abandoned companies, prompting investigations – SmartCompany.com.au

Corporate regulator ASIC has been appointing liquidators to abandoned companies in recent months to recover more than $400,000 in unpaid employee entitlements. Companies including NISS Technologies, Jovawill Pty Ltd, Ruschi Pty Ltd, Steel Project Services and the Surat Basin Group are now being investigated by liquidators at ASICs behest, amid concern about illegal phoenixing activity.…

ASIC bans former directors of failed online search firm Uglii Group – CRN Australia

The Australian Securities and Investments Commission has banned two execs of the now-defunct Uglii Group from running any company. Former Uglii Group directors Heather Knorr and Ge Zhu were disqualified by ASIC from managing corporations for four years for their roles in the insolvency of six companies within the group. Uglii Group, whose core business…

Sports Direct issues legal threat to remove Debenhams administrators – The Guardian

The Sports Direct boss Mike Ashley has threatened legal action to remove Debenhams administrators after his stake in the department store group was wiped out and the company put into the hands of its lenders. Debenhams listed holding company entered pre-pack administration on Tuesday, rendering shareholders investments, including Sports Directs near-30% stake, worthless. The retailers…

Ailing Wind Turbine Maker Senvion Takes Step Toward Insolvency – Greentech Media News

Shares in Senvion were in free fall Wednesday after the embattled German wind turbine maker announced it was entering a process called self-administration in a last-ditch turnaround attempt. The Hamburg-based manufacturer said the move was to safeguard an ongoing transformation program after refinancing discussions with lenders have so far not come to a positive conclusion.…

UPDATE – Senvion initiates self-administered insolvency proceedings – Renewables Now

April 9 (Renewables Now) – German wind turbine maker Senvion SA (ETR:SEN) is officially entering preliminary self-administered insolvency proceedings as refinancing talks have so far provenunsuccessful. The company announced on Tuesday that Senvion GmbH has filed for self-administration proceedings to safeguard the transformation programme it launched in January. The proceedings also relate to subsidiary Senvion…

UPDATE – Senvion initiates self-administered insolvency proceedings – Renewables Now

April 9 (Renewables Now) – German wind turbine maker Senvion SA (ETR:SEN) is officially entering preliminary self-administered insolvency proceedings as refinancing talks have so far provenunsuccessful. The company announced on Tuesday that Senvion GmbH has filed for self-administration proceedings to safeguard the transformation programme it launched in January. The proceedings also relate to subsidiary Senvion…

IEC dismisses all objections against party candidates, bar one – Citizen

In a press briefing on Tuesday, the Independent Electoral Commission of SA (IEC) announced they had dismissed nearly all the objections they had received against the candidates nominated by political parties contesting this years elections. Only one objection was upheld, which came from the PAC against its own candidate,Alton Mphethi, due to a criminal conviction,…