Creditors of collapsed Western Sydney developer Toplace, which amassed debts of over $2 billion before founder and now fugitive Jean Nassif fled to Lebanon, voted on Tuesday to hold off liquidation of the group in favour of a scheme that may see them get a better payout.
Known as a holding deed of a company arrangement (DOCA), the proposal was formulated and recommended by administrators Suelen McCallum and Antony Resnick from dVT Group who were appointed on July 7 last year.
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Rates of problem gambling may be more than eight times higher than previously thought, according to new data released by the betting industry regulator.
The Gambling Commission has previously said the proportion of people suffering from a gambling problem may be as low as 0.3% of adults in Great Britain.
The figure, which was based on a telephone survey, has been latched on to by betting industry lobbyists as evidence that levels of harm associated with bookmakers and online casinos are relatively limited.
But on Thursday, the commission published “higher quality” figures, based on an updated methodology, that suggest that as many as 2.5% of the adult British population may be suffering from problem gambling.
That would equate to about…
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London
CNN
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The UK government has moved to take control of the country’s second biggest city, Birmingham, after the local council effectively declared itself bankrupt earlier this month.
In a letter to the council Tuesday, the government proposed appointing commissioners to take charge of the daily running of the local authority and to oversee a financial recovery plan that could include job cuts, tax rises and the sale of assets owned by the council.
The government has also proposed an inquiry to understand how Birmingham landed in its current financial mess.
“I do not take these…
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Above: Sule Arnautovic from Salea Advisory
Access Print Solutions, Graphic Print Group (GPG) and Graphic Web in Sydney and Adelaide are now for sale after entering voluntary administration with 50 employees affected.
Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three businesses by the directors of the business.
Arnautovic is a chartered accountant, registered liquidator and partner of Salea Advisory.
“The directors of the companies have initially advised that the reasons for the administration of the companies can be attributable to poor economic and trading conditions, significant cost expenditure with respect to various premises leases and outstanding statutory…
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The views expressed represent the investment team’s assessment of the market environment as of May 2024, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.
This market commentary has been prepared for general informational purposes by Macquarie Asset Management (MAM), the asset management business of Macquarie Group (Macquarie), and is not a product of the Macquarie Research Department. This market commentary reflects the views of the investment team and statements in it may differ from the views of others in MAM or of other Macquarie divisions or groups, including Macquarie Research….
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UK town halls are slashing spending on everything from parks to adult social care and the arts in the face of an unprecedented funding crisis. Long-running financial pressures caused by central government cuts, rising demand for services and risky investment bets have been compounded by double-digit inflation, pushing many councils deep into debt. The crisis has already claimed high-profile victims including Birmingham, Europe’s largest local authority, and there are warnings that more municipalities could go bankrupt in the run-up to national elections later this year.
Birmingham, Nottingham and Woking effectively declared bankruptcy by issuing so-called section 114 notices last year and are now making deep cuts to local services….
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Introduction
In October 2022, the Singapore International Commercial Court (SICC)’s procedural rules were amended to provide it with the jurisdiction to hear cross-border corporate insolvency, restructuring and dissolution proceedings. Highly respected restructuring and insolvency judges were also appointed to SICC’s panel of international Judges, to cement Singapore’s position as the Southeast Asian jurisdiction for cross-border restructuring.
On 18 January 2024, a panel of three judges (comprising Justice Christoper Sontchi, IJ, Justice Anselmo Reyes, IJ and Justice Kannan Ramesh) issued the SICC’s first restructuring-related decision in Re PT Garuda Indonesia (Persero) Tbk and another matter [2024] SGHC(I) 1 (Re…
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In this week’s TGIF, we examine the recent case of Re Eliana Construction and Developing Group Pty Ltd [2023] VSC 639 which considers guarantor subrogation rights in insolvency scenarios.
Key takeaways
- This case provides a pertinent reminder that deeds and guarantor agreements may alter the rights of parties in a liquidation scenario.
- Creditors, particularly those acting as guarantors, must recognise that their rights to subrogate, or make a claim in liquidation, may be significantly limited by the terms of such agreements.
- Liquidators should carefully scrutinise the terms of deeds and guarantor agreements before accepting or rejecting proofs of debt.
Background
Eliana Construction and Developing Group Pty Ltd (Eliana) and Rock…
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Melbourne (Wholesale) Roller Shutters went into liquidation in March with 41 unsecured credits left out of pocket by $908,000, according to an initial report from liquidators seen by news.com.au.
Nicholas Giasoumi and Shane Deane from Dye & Co have been appointed to oversee the
liquidation of the failed firm.
Melbourne (Wholesale) Roller Shutters offered the installation of roller shutters, as well as selling to tradies and the option to purchase rollers for DIY fitting.
Mr Giasoumi told news.com.au that there were between 15 and 20 customers who would be left out of…
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KEY POINTS
- There must be changes to the way student loans are increased, Teal MPs say.
- It comes as the government mulls changes following a report into Australia’s higher education system.
- The government is considering recommendations to make the system fairer, the education minister says.
Federal Teal MPs want changes to the way higher education loans are hiked, saying the existing system is unfair.
More than 2.9 million Australians have a HELP debt, such as , with the average debt about $26,500, according to the most recent Australian Taxation Office data.
These debts increase each year based on indexation, calculated when the March quarter inflation figures are released. Debate on the issue was hot last year when inflation for the period…
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Birmingham city council has voted to approve spending control measures, as well as endorsing a “financial recovery plan” that is already under way.
The council debated the plan to tackle an estimated £760m equal pay liability before giving the go-ahead for the section 114 notice it issued earlier this month. The notice in effect declared the authority bankrupt and it is now expected to receive a revised emergency budget at another meeting late next month.
The vote came six days after the communities secretary, Michael Gove, announced commissioners are to be sent to run the council as part of a series of drastic emergency measures.
Gove said commissioners would be parachuted into the stricken authority to preside over decision-making,…
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