Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
A major Australian property group has gone into voluntary administration, in another blow to the construction industry.Bensons Property Group announced
The construction of 1,300 new homes worth a staggering 1.5billion now hangs in the balance after a major Aussie home builder entered administration.
Bensons Property Group announced on Friday it had appointed Craig Shepard and Sebastian Ham of Korda Mentha as voluntary administrators of the business.
BPG is currently employed to build 1,337 apartments in Victoria, Queensland and Tasmania, worth an eye-watering $1.5billion.
The Aussie home builder was behind Chevron One, the iconic $485million residential tower on Queensland’s
Jelena McWilliams, chair of the Federal Deposit Insurance Corporation (FDIC), during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Aug. 3, 2021.
Al Drago | Bloomberg | Getty Images
There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.
Customers of fintech firms that used Synapse to link up with banks had $265 million in balances. But the banks themselves only had $180 million associated with those accounts, trustee Jelena McWilliams said in a report filed late Thursday.
The missing funds explain what is at the heart of the worst meltdown in…
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 claims, CNA added.
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.
