Jirsch Sutherland has launched the Asia Desk, which comprises a multinational team of high-calibre insolvency, restructure and recovery specialists who have a strong knowledge of both local and Asian business cultures, practices and markets and fluency in some of the most widely spoken Asian languages, including Mandarin, Cantonese, Hindi and Punjabi.
This will enable us to provide Australian-Asian business owners and directors with pertinent advice, plus the convenience and ease of conversing in their own language, Jirsch Sutherland partner Melissa Lau said.
Ms Lau will …
Read the full article at: https://www.accountantsdaily.com.au/business/15201-insolvency-firm-launches-new-asia-desk
The inquiry heard that the ANZ and Commonwealth banks had shut down some accounts after Crown patrons used them to make a string of suspicious cash transactions totalling hundreds of thousands of dollars.
The accounts were held through two shell companies Crown set up called Southbank Investments and Riverbank Investments, the inquiry heard.
Gamblers transfer funds to Crown’s accounts and are then issued with credit or chips so they can play at the casino’s tables.
The Victorian government has brought forward its review of Crown casino’s licence.Credit:Scott McNaughton
Customers could use the accounts to deposit money for gambling with “privacy”, given the nondescript company names hid the fact that the money was going to a cas…
Read the full article at: https://www.smh.com.au/national/crown-tightens-money-transfer-rules-as-licence-review-looms-20201228-p56qh5.html
Administrators documents name it as a related entity to Icon Co (NSW) Pty Ltd, the company that built Sydneys cracked Opal Tower.
At a recent creditors meeting it was revealed that the former of the companies is being chased over alleged defects in apartments it built at Rosebery, Waterloo, Hurstville, Bondi, Lane Cove, Greenwich and Five Dock.
The most substantial of those is a $20 million claim from the owners of the Otto apartments at Rosebery.
The building made headlines last year when it was revealed that owners had been told it was unsafe to have more than three people standing on their balconies. Icon is pursuing legal action against the sub-contractor that installed the balustrades.
The total sum claimed by the seven owners’ c…
Read the full article at: https://www.smh.com.au/national/nsw/builder-s-collapse-leaves-apartment-owners-fearing-alleged-30m-defects-bill-20201228-p56qip.html
12:16 28/12/2020
MOSCOW, December 28 (RAPSI) The Supreme Court of Russia has refused to overturn a ruling declaring board chairman of New Stream oil and gas company and former co-owner of troubled Antipinsky refinery Dmitry Mazurov charged with 4 billion-ruble embezzlement (about $55 million at the current exchange rate) insolvent, according to court records.
In mid-June, the Ninth Commercial Court of Appeals declared Mazurov bankrupt. The ruling was delivered upon an application filed by Persit Services Inc. Its 2.08-billion-ruble claim was included in Mazurovs creditor demands list.
In late April, the Moscow Commercial Court received an application from Sberbank against the debtor. The loan organization seeks to add a debt of Mazurov …
Read the full article at: http://rapsinews.com/judicial_news/20201228/306629547.html
The latest effort to revive the struggling South Korean car maker has failed, and it is now seeking new investors.
Struggling South Korean car maker Ssangyong says it is business as usual and will continue to sell and service cars in Australia despite filing for bankruptcy just days prior to Christmas 2020.
Ssangyong has been in financial pain for years and Indian conglomerate Mahindra and Mahindra had been trying to sell its majority shareholding in the company over the past six months.
Mahindra bought a 70 per cent stake in Ssangyong in 2011 for $US463.6 million also saving it from bankruptcy at that time and had increased its shareholding to 75 per cent by 2019.
However, over a decade of Mahindra ownership, Ssangyong sales n…
Read the full article at: https://www.caradvice.com.au/912172/ssangyong-australia-says-business-as-usual-despite-bankruptcy-filing-in-south-korea/
The governments move to extend the suspension of fresh insolvency proceedings till the end of this fiscal might appear to be bowing to the inevitable. However, two qualifications are in order. One, giving a troubled company more time to turn around makes sense if the intervening period holds out any possibility of a turnaround, and that depends on growth momentum in the economy.
Growth is not a matter of luck or seasonality, but of policy and policy-induced investment. If the government moves on a large stimulus, it would make sense to put off recognising that a company is in terminal difficulty and that its resources should swiftly be redeployed. If not, why delay? The second qualification is the bar on voluntary insolvency filing.
The…
Read the full article at: https://economictimes.indiatimes.com/blogs/et-editorials/permit-voluntary-liquidation-under-ibc/
White Marquee Event Hires parent company has been placed in voluntary administration, with debts estimated at $5.7 million, but there are hopes the Greek-Australian owned company can trade through.
The company in question, Adelaide Event Group, also trades as Budget Party Hire and Renniks Events.
Administrators SV Partners, who were appointed on December 21, said the early indications were that the company had unsecured debts in the order of $3 million, owing principally in respect of Commonwealth and State taxes and unrelated trade creditors.
A secured financier is understood to be owed about $2.7 million, administrator Stuart Otway said.
The three brands under the AEG umbrella were continuing to trade as normal during the administrati…
Read the full article at: https://greekherald.com.au/news/australia/greek-australian-business-enters-administration-after-amassing-over-5-million-debt/