A report by administrators FTI Consulting into the solvency of Clive Palmers Queensland Nickel refinery near Townsville has recommended the company be liquidated, ahead of a creditors meeting next Friday. The creditors will meet on April 22 to decide whether to place the company into liquidation with debts in excess of $100 million, including more…
File pic RELATED: Australian Workers’ Union to fight for Whyalla Steelworks READ THE STATEMENT: Scroll down Embattled steel and mining group Arrium has been placed into voluntary administration, following discussions with its lenders. The appointment comes just days after Arrium’s banking syndicate rejected a recapitalisation proposal from US group GSO and follows prolonged talks between the…
Clive Palmer instructed Queensland Nickel to pay him nearly $15 million and the troubled company spent millions more on vintage cars, a report by administrators has found. Key points: Creditors to vote on whether to liquidate Queensland Nickel, after administrators recommend it Company owes about $74 million to sacked workers Report says vintage cars…
Yahoo7 and Agencies on April 12, 2016, 10:20 am Clive Palmer’s company Queensland Nickel has been recommended to go into liquidation after creditors reported debts in excess of $100 million. FTI Consulting says it has advised creditors to vote to wind it up at a meeting later this month, adding its corporate duties may have…
Related Story: Palmer had final say on millions spent at refinery, emails reveal The administrators of Clive Palmer’s Queensland Nickel have recommended liquidating the company in a report to creditors. The company, which previously ran the MP’s Yabulu nickel refinery, owes in excess of $100 million to creditors. FTI Consulting’s final…
KUALA LUMPUR (April 11 ): Cliq Energy Bhd’s management team led by managing director and chief executive officer Ahmad Ziyad Elias has filed a judicial review application, which aims to prevent the company from being liquidated. In a statement to Bursa Malaysia, oil and gas entity Cliq said the management team via Best Oracle Sdn…
Gift card holders have been left out in the cold by the Dick Smith collapse. Photo: Josh Robenstone Australia’s largest investment bank has backed a proposal to secure funds from the sale of gift cards in a trust so customers are not left empty-handed if the business collapses. The suggestion was made after customers were left with thousands of dollars…
KEYS HANDED OVER: Arrium’s Whyalla steelworks are now in the hands of a voluntary administrator. Photo: David Mariuz The owner of the Whyalla steelworks, Arrium, has been put into voluntary administration by the embattled group’s board, throwing into doubt the future of thousands of jobs at the steel plant in the northern South Australian regional city. The…
LOCAL telecommunications firm, Firstel Cellular, has approached the High Court seeking an order for provisional liquidation after being inundated by debts amounting to $12 million. BY CHARLES LAITON Firstel company secretary Tamuka Madzore, in an application filed in February, urged the court to consider their application arguing the firm was in dire need of assistance.…
This paper analyses the corporate insolvency resolution procedures of India, the United Kingdom and Singapore within a common framework of well-specified principles. India, at present, lacks a single, comprehensive law that addresses all aspects of insolvency of a firm. It has multiple laws, regulations and adjudication fora, each of which have created opportunities for debtor…