Property scion Daniel Grollo has avoided the humiliation of his collapsed Grocon construction empire being liquidated after the tax office and creditors of 88 failed companies voted to accept an arrangement that will see small creditors and employees paid out. Creditors met on Thursday to vote on Mr Grollos proposal for an amended Deed of…
He has promised to pay creditors out in full by winning Grocons dispute with Infrastructure NSW over the botched Cental Barangaroo project. Creditors will also receive net proceeds from any asset realisation sales, including the Eureka sub-penthouse occupied by Mr Grollo, which could be worth $25 million but is encumbered by mortgages. The revised DOCA…
The walls of the Melbourne headquarters of Equity Trustees (EQT) are adorned with the portraits of former prime ministers, premiers and governors-general who have served on the board of the stately 133 year old institution. The roll call of dignitaries includes 19th century premier Sir Charles Sladen, prime ministers Stanley Bruce and Robert Menzies and…
By Phil Deyes from Leonard Curtis Leeds If I had received a 1 over the last 12 months for every person that has said to me that insolvency practitioners must be rushed off their feet, I would have had a tidy sum saved up by now! In fact, the number of insolvencies in England and…
Real estate developers on Tuesday demanded protection from insolvency proceedings for at least a year as the sector had been severely hit financially due to the pandemic. They also wrote to the Centre and the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) seeking more time to repay loans. Section 7 of Indian Bankruptcy Code (IBC)…
Equity Trustees now manages $30 billion of superannuation money up from $12 billion last year. The walls of the Melbourne headquarters of Equity Trustees (ASX: EQT) are adorned with the portraits of former prime ministers, premiers and governor generals who have served on the board of the stately 133-year-old institution. The roll call of dignitaries…
Virgin Australia is driving analytics into every corner of its revived business, creating a playbook for every business unit that can be used to drive growth and profitability as the airline sector recovers. Head of the analytics centre of excellence (COE) Paul Tran told the SAS Global Forum that the airline has elevated analytics to…
A Queensland single mother has shared her heartbreak of being left out of pocket and without a home after a building company’s collapse. Felicity Cameron told 9News former Queensland building company PlanBuild took her $10,000 deposit amid its soaring debt right before it went into liquidation. It’s left Ms Cameron standing on stones in her…
Arncliffe Youth Centre is now officially opened for all to enjoy. There were fears for the future of the youth centre after its builder was placed under voluntary administration in 2019. Bayside Mayor Joe Awada opened the Centre recently and said seeing the project through was all about community engagement. “The Arncliffe Youth Centre is…
TNNDelhi/Mumbai: Banks can look forward to improved recovery prospects from promoters of defaulting companies who have provided personal guarantees for corporate loans. The Supreme Court on Friday upheld the government notification of November 2019, which allowed banks to enforce the personal guarantee of the promoter if lenders are not able to fully recover their dues…