ASIC has banned John Carlton Martin, a director and former responsible manager of Union Standard International Group Pty Ltd (Union Standard) (in liquidation), from providing financial services for 10 years. ASIC has also disqualified Mr Martin from managing corporations for five years. ASIC found Mr Martins lack of understanding or regard for compliance was so…
On May 14, 2021, the Department of Justice of the government of the Hong Kong Special Administrative Region announced that the Secretary for Justice of Hong Kong and the Vice-president of the Supreme Peoples Court (the SPC) had signed the Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the…
Dewan Housing Finance Ltds erstwhile promoter Kapil Wadhawan has moved the Supreme Court, challenging the stay order passed by the National Company Law Appellate Tribunal (NCLAT) on his offer to lenders, according to two people aware of the matter. The NCLAT last week stayed the ruling of the National Company Law Tribunal (NCLT), which had…
SYDNEY, AUSTRALIA MAY 31: (EDITORS NOTE: A special effects camera filter was used for this image.) A model prepares backstage ahead of the Alice McCall show during Afterpay Australian Fashion Week 2021 Resort 22 Collections at Carriageworks on May 31, 2021 in Sydney, Australia. (Photo by Hanna Lassen/WireImage) Alice McCall is an Australian designer that…
By Matthew LodgeTrainee Reporter 15:30, 31 MAY 2021 The new owners of La Gondola say they have little choice but to tear the derelict Derby restaurant and hotel down after taking over the site. Sam Elgie, of Elgie Properties, says the building is in such a poor state of repair that nothing can be salvaged,…
Radical plan to BUY BACK Qantas for $9 billion so passengers aren’t ripped off – with national carrier now dominating Australia’s skies Transport Workers Union wants federal government to nationalise Qantas The flying kangaroo airline has a 74 per cent domestic travel market share This means there is little competition allowing Qantas to up its…
The National Company Law Tribunal (NCLT) has ordered the liquidation process of Devas Multimedia by allowing a petition filed by Antrix Corporation, a commercial arm of the Indian Space Research Organisation. The Bengaluru Bench of the NCLT has said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials…
Instead, the Building and Construction Industry (Security of Payment) Bill 2021 is likely to increase legal uncertainty in the construction sector, spur an increase in contractor claims and add to the administrative burdens associated with major projects. Why are reforms proposed? The Western Australian (WA) government plans to introduce new security of payment regime in…
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…
The number of insolvencies for the year ending June is expected to drop by 40 per cent both here and in Australia. Photo / Getty Images When the Covid-19 lockdown occurred in March of last year, insolvency practitioners braced themselves for a wave of receiverships and liquidations. It didn’t happen. In fact, the number of…