Debt management firms have been accused of pushing a form of insolvency aimed at the poor to an all-time high. New data released by a federal agency on Tuesday revealed that the number of Part IX debt agreements has risen for the 12th year in a row. Agreements under Part IX of the Bankruptcy Act are widely…
HUNDREDS of mining jobs look likely to be created this year as two key projects move toward construction. Both the Baralaba Coal Company and QCoal are expected to commence mining operations that will offer up to 400 and 565 jobs respectively once they reach operational stage. The Baralaba Coal Company is expected to start mining…
UPDATE 5PM: BY the end of the week, administrators expect to have a firmer grasp on the assets, jobs and debts tied up in the CQ Leagues Club. Worrells Solvency and Forensic Accountants were appointed administrators of the troubled club yesterday and issued a statement before noon. One of the administrators, Paul Nogueira, spoke with…
Digital telecommunications company Avaya filed for chapter 11 bankruptcy protection in the United States overnight, but the Australian arm insists it is business as usual despite the turmoil. Reuters reported Friday that Avaya filed for chapter 11, which is similar to voluntary administration in Australia, to restructure and reduce its massive $US6.3 billion debt, following…
A courtroom at the new David Malcolm Justice Centre. Picture: Mogens Johansen/The West Australian.Picture: The West Australian A carpentry subcontractor has been placed into liquidation after it was unable to recover $71,000 it says it is owed by commercial and residential builder Builton Group. Builton builds home and land packages, turnkey strata developments, inner-city apartments…
Units being constructed at ABT Construction in 2015. Picture / Doug Sherring. A company once touted as part of the solution to Auckland’s housing crisis with its fast-turnaround pre-fabricated dwellings has been put into liquidation over unpaid bills amid reports of frictions within its management team. Liquidators Peri Finnigan and Boris van Delden believe ABT…
Many directors see liquidation as the death knell of their business, yet by changing our view point slightly, we can get a lot more from the whole process. Take a deep breath and have a long, good look at your old business this is the beauty of liquidation. You get breathing space, something you probably…
Quickflix appoints Ferrier Hodgson as voluntary administrator exit ASX-listed video streaming pioneer Quickflix has called in a voluntary administrator after a restructure and cost cutting failed to save it from increased competition. In a note to investors, founder and chief executive Stephen Langsford highlighted a shareholding by rival streaming service Stan as a key stumbling…
Rio Tinto Group and its largest shareholder Aluminum Corp of China have terminated their joint venture established to find copper deposits, as global mining companies tighten exploration budgets. Chinalco Rio Tinto Exploration Co, a joint venture between Rio and Aluminum Corp, also known as Chinalco, was launched in 2011 to seek out deposits in China and…
19 January 2017Muscat – The shareholders of Port Services Corporation (PSC) have agreed to defer the company’s liquidation until January 2018. PSC held an extraordinary general meeting (EGM) of its shareholders on Tuesday which agreed to nullify the decision resolved in the company’s second EGM held on December 7, 2016 to liquidate the company with effect from…