Nicole Tyson, counsel for Kingston’s trustee in bankruptcy, told the Federal Court last week that Kingston had further bank accounts and, potentially, assets in Hong Kong that required investigations to learn more about his financial position.

The court heard the $151 million provided to the Sargon-associated company by the Chinese financier appeared to have been deposited into one of Kingston’s personal bank accounts in Hong Kong.

“In essence … there have been very significant amounts of money paid into bank accounts in Hong Kong that were the subject of the judgment of Justice [Jim] Delany of the Supreme Court of Victoria,” Tyson said.

“The trustee has been unable to essentially reconcile and trace all the payments in and…

The major has announced policy to help those with student debt access funding for home loans.

The Commonwealth Bank of Australia (CBA) has introduced changes to how HECS-HELP debt is assessed, allowing better access to funding.

Coming into effect tomorrow (9 April), CBA will no longer consider HECS debt if it is due to be repaid within 12 months.

Further, borrowers with a HECS debt due to be repaid within the next five years will be assessed using only a 1 per cent serviceability buffer.

These changes come off the back APRA’s proposed changes to the handling of HELP and HECS debt and ASIC announcing guidance for lenders at the start of March.

Dr Michael Baumann, CBA’s executive general manager home buying…

A fully bulk-billed GP and allied health clinic in Canberra’s south has closed its doors, making what it called a “deeply difficult and disappointing decision” to enter voluntary administration.

The Interchange Health Co-operative (IHCO) in Tuggeranong, which had almost 5,000 patients on its books, went into administration after a board meeting yesterday.

In a statement IHCO said after six years of providing services to “some of Canberra’s most vulnerable community members” it had struggled to raise enough income to cover costs and attract enough doctors under its fully bulk billed business model.

IHCO patient Maryam Khazaeli Dobson said when she heard the Co-operative had entered voluntary administration she was “devastated, to say the…

GrowthOps Australia enters voluntary administration

GrowthOps Australia, the marketing and technology group formed through an eight-way merger in late 2017, has entered voluntary administration. 

The company, which acquired several agencies including AJF Partnerships, 3wks, and Voodoo Creative, has appointed Katherine Sozou and Damien Pasfield of McGrathNicol as liquidators. 

The company’s directors have decided to voluntarily wind up GrowthOps Services Pty Ltd, initiating a process to close the business and settle its debts. The Australian arm’s website is currently down, and 18 employees in the Brisbane office were let go without notice.

In its most recent filings, GrowthOps reported a 7.8% drop in revenue to $72.6 million for the…

Fox Creek Wines in McLaren Vale has gone into voluntary administration.

KPMG Australia’s Tim Mableson and David Kidman have been appointed as voluntary administrators.

They have assumed day-to-day control of the operations and will continue trading on a business-as-usual basis while a restructuring plan is developed for creditors’ consideration.

Tim Mableson, Turnaround & Restructuring Partner, KPMG Australia says, “Fox Creek Wines has been a mainstay of the McLaren Vale wine region for the past thirty years.

“As administrators, we will be working with stakeholders to formulate a restructuring plan that achieves the most optimal outcome for creditors.

“We ask consumers to show their support for Fox Creek by purchasing its…

GrowthOps Australia enters voluntary administration

GrowthOps Australia, the marketing and technology group formed through an eight-way merger in late 2017, has entered voluntary administration. 

The company, which acquired several agencies including AJF Partnerships, 3wks, and Voodoo Creative, has appointed Katherine Sozou and Damien Pasfield of McGrathNicol as liquidators. 

The company’s directors have decided to voluntarily wind up GrowthOps Services Pty Ltd, initiating a process to close the business and settle its debts. The Australian arm’s website is currently down, and 18 employees in the Brisbane office were let go without notice.

In its most recent filings, GrowthOps reported a 7.8% drop in revenue to $72.6 million for the…

Andrew P Orr (Decorators), founded 40 years ago and based in Coatbridge in Lanarkshire, had a turnover of nearly £3 million and employed 32 staff. 

The business, which the joint provisional liquidators noted provided a wide range of painting and decorating and related services including expertise in environmentally friendly coatings and finishes, experienced “significant cashflow pressures” amid rising costs and overheads.

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The joint provisional liquidators, who will be determining if any assets can be marketed for sale, said: “Orr Decorators had built a portfolio of major projects across the construction, housing, distribution, healthcare, education, manufacturing and local authority sectors.

…

BENGALURU — In a move that could intensify one of India’s most closely watched corporate battles, Byju’s has filed an FIR accusing senior partners at Ernst & Young and members of a resolution team of conspiring against the company. The complaint, made public via a social media post by founder Byju Raveendran, names resolution professionals Pankaj Srivastava and Dinkar Venkatasubramanian of EY, as well as Rahul Agarwal and Lokesh Gupta, among others, including GLAS Trust Company LLC—the administrative and collateral agent representing a consortium of global lenders.

The FIR is rooted in events that followed a $1.2 billion term loan granted in…

Dispute over unpaid rent by HBC

At the heart of the court proceedings is a dispute over unpaid rent to RioCan-Hudson’s Bay JV, a joint venture between HBC and RioCan Real Estate Investment Trust. The retailer operates 12 stores in properties leased from the JV, but company lawyers argue that its current cash flow does not allow for full rent payments, says the Star. Meanwhile, RioCan-Hudson’s Bay JV is pushing for immediate payment, with sources indicating that HBC has continued paying other landlords despite its financial struggles.

The proposed liquidation would see HBC shutter its operations entirely, including 80 Bay stores, three Saks Fifth Avenue locations, and 13 Saks Off 5th outlets. The process,…