Above: Ben Eaton

Starleaton administrators are recommending creditors accept a Deed of Company Arrangement put forward by company director Ben Eaton.

Eaton has been confirmed as the ‘related party’ identified as offering a Deed of Company Arrangement (DOCA) the day before creditors were likely to vote that the business should enter liquidation.

Starleaton administrators issued a new document last week – Voluntary Administrators’ Supplementary Report to Creditors and based on their findings and the DOCA received from Eaton that his proposal represents a better chance of a return to creditors than placing the business into liquidation.

“Our opinion, is to execute the DOCA as it provides more…

A GJ Gardner Homes brochure promises customers “peace of mind” and gives guarantees about the quality of work.

But for customers of its Hobart franchisee, their experiences have been years-long nightmares.

There have been defects appearing as soon as the build starts, approved plans not being followed,…

Momento Photo Books, the Sydney-based photo book publishing company, is to close after 20 years in business.

The company confirmed it had gone into liquidation in a Facebook post last night.

“Despite every effort to keep the business alive, economic conditions of the last few years sealed our fate,” the company wrote in the Facebook post confirming the closure. 

Founded in 2004, Momento was the first personalised photo book company in Australia and New Zealand, with the company highly regarded for its photo books and publishing expertise. It had two arms – Momento and Momento Pro, and employed 21 staff across Australia and New Zealand.

The outlook for creditors hoping to recover their dues from the liquidated Classic Financial Services One seems grim. According to the preliminary findings of the section 402 report, the company faces a significant shortfall, with its liabilities far outweighing its assets.

Cobus Geldenhuis, director of Classic, was debarred in 2009 for dishonesty but continued his business through Classic.

On 22 August 2022, Nico Retief filed a complaint with the FSCA, accusing Geldenhuis of soliciting investments from the public. An investigation found that Geldenhuis operated a Ponzi scheme, misusing clients’ funds for personal gain.

The FSCA’s report, released on 22 May 2023, found that between January 2019 and May 2023, Classic received more…

BHIWANDI: The Bhiwandi rural police arrested a youth on Sunday for allegedly murdering an elderly woman, stealing jewellery and setting her farmhouse on fire in Nashik district.
As per the police, the man slit the woman’s throat, stole the ornaments kept in the house and set it on fire to destroy evidence.
According to the police, the accused had lost money in an online game.He committed the crime to repay the loan.
Police said that Abhimanyu Gupta entered the house of Selvamari Augustine Nader when she was alone in the house.
The locals later informed the police who registered a murder case against an unidentified person. Finally, on Sunday, they arrested the accused from a lodge in Thane.
Police have learned that Abhimanyu used to work…

A POPULAR Glasgow restaurant has issued a major update on its future after “liquidation” fears.

It was previously unknown whether Sapporo Teppanyaki would remain open after a notice in The Gazette appeared to show that the venue had collapsed.

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The Ingram Street spot offers Japanese food “with a western twist” and is a popular haunt for locals and visitors alike.

Simon Thomas Barriball and Gareth Bishop of McAlister & Co Insolvency Practitioners Limited were appointed as liquidators of a business named Sapporo Teppan Ltd, while Sapporo Teppanyaki was the trading name.

But bosses have confirmed the liquidation of Sapporo Teppan Ltd does not affect the…

In recent years, inflation and higher interest rates purposely designed to tame it have left millions of Americans struggling to make ends meet. And while inflation has dropped substantially from a decades-high in June 2022, it’s still around a point above the Federal Reserve’s target 2% goal. However, a consistently cooling inflation could soon result in a cut to the federal funds rate — and a subsequent reduction in the rates lenders charge borrowers. But while that will be welcome news for the future, it will do…

According to the Axios interview, Zients highlighted key areas Biden will focus on over the next five months, including continued implementation of the infrastructure bill, protecting reproductive and civil rights, competing with China, and bolstering efforts to lower costs — including via student-loan forgiveness.

“You should expect more on student debt relief,”…

Developing countries are facing the worst debt crisis in history with almost half their budgets being spent on paying back their creditors, a study has found.

The report, by the campaign group Debt Relief International for Norwegian Church Aid, says more than 100 countries are struggling to service their debts, resulting in them cutting back on investment in health, education, social protection and climate change measures.

Debt service is absorbing 41.5% of budget revenues, 41.6% of spending, and 8.4% of GDP on average across 144 developing countries, according to the study.

It said that without urgent action problems would persist into the 2030s, and that pressures were greater than during both the Latin American debt crisis of 1982 and…

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Dive Brief:

• BurgerFi management has substantial doubt over its ability to continue operating due to the company’s liquidity position and forecast of weak operating results and cash flows, the chain said in a document filed last week with the U.S. Securities and Exchange Commission.
• The restaurant chain may consider bankruptcy protection if it does not receive “adequate relief” from senior lenders, or an injection…

As many as 30 councils are at risk of bankruptcy and the UK’s local government funding system is “completely broken”, according to a new survey of the sector.

Four councils – Slough, Croydon, Thurrock and most recently Woking – have declared themselves bankrupt in recent years, but according to a survey of 47 local authorities in the North, the Midlands and on the south coast, more may follow.