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A major Australian property group has gone into voluntary administration, in another blow to the construction industry.Bensons Property Group announced
SINGAPORE, Dec 28 — Former oil magnate Lim Oon Kuin, commonly known as OK Lim, and his two children, Lim Huey Ching and Evan Lim Chee Meng, have been declared bankrupt, according to the Singapore government gazette published yesterday.
Channel News Asia (CNA) reported that the declaration follows their consent in September to a court judgment requiring them to pay US$3.5 billion (RM15.5 billion), a sum equivalent to the unsecured debts of Hin Leong Trading as of April 2020. Hin Leong, once one of Asia’s largest oil traders, is now in compulsory liquidation.
The bankruptcy order, effective from December 19, was formalised after the family acknowledged they lacked sufficient assets to settle…
Major Australian developer Bensons Property Group has entered voluntary administration, but says it will not impact any of the company’s current projects.
The company has cited tough conditions in the construction sector has seen them go bust, including higher interest rates and increasing construction costs.
Craig Shepard and Sebastian Ham of Korda Mentha have been appointed as voluntary administrators, with Keith Crawford and Matthew Caddy of McGrath Nicol to oversee the ongoing operation of the company as receivers and managers.
A statement from the company said under a proposal to be put to BPG’s creditors, it was intended the company would continue to trade during and beyond the administration and receivership period.
Hin Leong’s founder Lim Oon Kuin and his two children were declared bankrupt last week, the electronic government gazette published on Friday (Dec 27) showed.
Better known in the oil trading industry as OK Lim, the 82-year-old, his 57-year-old daughter Lim Huey Ching and 54-year-old son Lim Chee Meng will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The bankruptcy stemmed from the former Singapore oil tycoon and his two children having agreed in September to pay US$3.5 billion (S$4.75 billion) to the court-appointed liquidators of the company and top creditor HSBC after a 50-day civil trial.
In the judgment reached by both parties, the family will have to pay US$3.5 billion…
Bill Maher has addressed the gambling debt theories surrounding Jay Leno by calling out the former late night host directly.
Maher, 68 — who recently unleashed a foul-mouthed rant — grilled Leno, 74, about fans’ conjecture that his recent series of accidents are a result of a mafia-adjacent gambling addiction.
Leno suffered a banged up face, including a severe black eye, in November, which he said he sustained after taking a steep fall in Pennsylvania.
Bill said to Jay on his Club Random podcast, ‘[There’s] a conspiracy theory, since you’ve had three accidents, that you actually have gambling debts and are being beaten up by the mob.’
In response, the Jay Leno’s Garage star laughed off the idea and joked, ‘I love the idea that the mob…
A major Australian property group has gone into voluntary administration, in another blow to the construction industry.
Bensons Property Group announced on Friday that its team made the “difficult decision” to appoint Craig Shepard and Sebastian Ham of Korda Mentha as voluntary administrators of the business.
Bill Maher presented Jay Leno, 74, with an alleged “conspiracy theory” during the latest episode of his Club Random podcast, after the former Tonight Show host suffered several accidents in recent years.
“It’s a conspiracy theory since you’ve had three accidents that you actually have gambling debts and are being beaten up by the mob,” Maher told Leno, who laughed off the suggestion.
“I love the idea that the mob would drive to Greenberg, Pennsylvania, wait outside the Hampton Inn on a kind of sleety, rainy day to throw me down a hill,” Leno joked, referring to the most recent accident—which left him with a bruised face and sporting an eyepatch after he says he rolled down a steep hill and hit his eye on a rock.
According to now-deleted content on Bensons’ website, one of its core values is integrity, stating it will “deliver on our promises, on the homes that we create, which are dependable and reliable, and built on time”.
Bensons, founded in 1994 by self-made developer Elias Jreissati, focused on building large and luxurious apartments blocks in Victoria, Queensland and Tasmania.
Property developer Elias Jreissati pictured in 2021. Credit: Viki Lascaris
This included Chevron One, touted as the first high-rise residential tower on Chevron Island in Surfers Paradise, with 41 levels and 236 apartments.
In Armadale, in Melbourne’s inner south, Bensons’ Society Armadale homes were described as a “private sanctuary” which would “stand…
New Delhi: Stressed companies ending up with liquidation orders under the insolvency law, including large ones, have had assets worth less than 5% of the amount they owe to their lenders, showed the bankruptcy regulator‘s data.This brings to the fore the question of due diligence by banks while lending, on top of value erosion caused by late filing, admission of insolvency cases and eventual liquidation, analysts said.
The data showed that as of September, 2,630 liquidation candidates together owed ₹9.51 lakh crore to creditors but they had assets worth only ₹45,000 crore on the ground. These companies included 211 large ones, each of which had dues of at least ₹1,000 crore.
The data covers the bankrupt companies that were ordered…
