Insolvency Guardian Media Centre
A SOUTHEAST Queensland building company has been placed in liquidation after an application to the Supreme Court by WorkCover and hardware giant Bunnings.
Vincents Chartered Accountants director Nick Combis was appointed liquidator of ATSBuild, based in Toowoomba, on June 20.
Mr Combis is yet to lodge any official reports with the Australian Securities and Investments Commission.
WorkCover began wind-up proceedings against ATSBuild on April 2 and was joined by Bunnings in its efforts six days later.
Queensland Building and Construction Commission records show Adrian Thomas Smith as the director of the company.
Records also show the company performed $909,062 worth of work in 2016/17, $603,984 in 2017/18 and just $127,700 in 2018/19.
QBCC docum…
Read the full article at: https://www.weeklytimesnow.com.au/news/regional/toowoomba-builder-placed-in-liquidation/news-story/81898bf4501aaa9c1da272c9d55b9c17
Brightoil Petroleum Holdings Ltd could receive a restructuring proposal from Chinese banks in the third quarter while it sells assets to pay off debt and shifts to becoming a shipping e-commerce platform, a company official said on Friday.
Brightoil suspended trading in its shares in October 2017 and has since been snagged in lawsuits brought on by creditors. The company debts were $1.9 billion, according to a statement to the Hong Kong stock exchange in January, of which $250 million is being claimed by creditors.
Overinvestment and credit controls in China landed the company in deep debt, said Stephen Qi, the chief executive officer (CEO) of Brightoil Singapore.
Several Chinese banks are carrying ou…
Read the full article at: https://www.hellenicshippingnews.com/brightoil-awaits-restructuring-plan-as-business-shifts-to-shipping-e-commerce/
A TOOWOOMBA building company has been placed in liquidation after an application to the Supreme Court by WorkCover and hardware giant Bunnings.
Vincents Chartered Accountants director Nick Combis was appointed liquidator of the business on June 20.
Mr Combis is yet to lodge any official reports with the Australian Securities and Investments Commission.
WorkCover began wind-up proceedings against ATSBuild on April 2 and was joined by Bunnings in its efforts six days later.
Queensland Building and Construction Commission records show Adrian Thomas Smith as the director of the company.
Records also show the company performed $909,062 worth of work in 2016/17, $603,984 in 2017/18 and just $127,700 in 2018/19.
QBCC docume…
Read the full article at: https://www.thechronicle.com.au/news/toowoomba-building-company-placed-liquidation/3763008/
Some are trying to keep cars and properties out of the hands of the bankruptcy officials and their creditors, with others suspected of illegally transferring assets to relations before opting for bankruptcy.
The Insolvency Service of Ireland has disclosed it is investigating 210 cases.
Hidden assets worth 3.8m were recovered in one instance, according to the 2018 annual report of the Insolvency Service of Ireland.
Bankrupts were trying to keep bank accounts, buy-to-let properties, cars and rental income secret.
A number of those seeking to sort out their debt situation had attempted to give their assets to a relative prior to bankruptcy, something which is illegal.
Earlier this month, a US jury awarded 18m to bankrupt developer Sean Dunn…
Read the full article at: https://www.independent.ie/business/personal-finance/more-than-200-bankrupts-probed-over-suspicions-they-are-hiding-their-assets-38250589.html
MEDINA, Ohio–(BUSINESS WIRE)–RPM International Inc. (NYSE: RPM) today announced that Michael H. Sullivan has joined the company as vice president operations and chief restructuring officer effective June 24. He will report directly to RPMs chairman and CEO Frank Sullivan, with whom he has no familial relation.
In this capacity, Michael Sullivan will oversee RPMs 2020 MAP to Growth operating improvement initiative. He will identify and execute opportunities to improve manufacturing efficiencies, reduce operating costs, streamline procurement, and enhance health and safety measures across all RPM business segments. In addition, he will play a key role in RPMs annual planning process and oversee its global sourcing teams.
…
Read the full article at: https://www.businesswire.com/news/home/20190624005506/en/RPM-Hires-Senior-Leader-Spearhead-Organizational-Restructuring
More than 30 Monsoon and Accessorize stores could shut under the retailers restructuring proposals even though the company has stressed its plans involve no immediate closures.
Monsoons proposed company voluntary arrangement, unveiled last week, envisages rent cuts of up to 65 per cent at 135 of its 258 stores. However, 36 of those will move to zero rent after a period of six months and could be closed at short notice by either the company or its landlords, according to a creditor document seen by the Financial Times.
The proposals will enable Monsoon to have flexibility, and a period of time, to determine whether the premises can be financially viable in the circumstance, the document stated. The stores affected include high-pro…
Read the full article at: https://www.ft.com/content/60dfe7d0-9694-11e9-8cfb-30c211dcd229
A FARMING empire patriarch has responded to claims he and the company he was a director of traded while insolvent for 11 months.
Giatano (Guy) Barbera has vigorously disputed the allegations in papers lodged in the District Court this month in which he has asked for a judge only trial.
Mr Barbera and his company Barbera Holdings are being sued for more than half a million dollars by the liquidator of Barbera Transport for trading insolvent over an 11 month period.
Mr Barbera was the director of Barbera Transport, one of more than a dozen companies under his directorship, when it went into liquidation in February 2017 with debts of more than $800,000.
For almost 50 years the Barbera family have been farming in the Bundaberg …
Read the full article at: https://www.southburnetttimes.com.au/news/farming-patriarch-defends-trading-insolvent-claim/3762329/
Concerns over rising numbers of children addicted to gambling has prompted the NHS to announce it will start treating young people.
NHS England said the “scourge” of problem gambling was being fuelled by online gaming sites and targeted adverts.
As a result, the National Problem Gambling Clinic in London would open its doors later this year to young people aged 13 to 25.
Gambling addiction services for adults would also be expanded, with 14 clinics opening in the north of England.
The scale of the problem led Simon Stevens, NHS England chief executive, to renew calls to consider a levy on the gambling industry to fund treatment and research into addiction.
Young People and Gambling Su…
Read the full article at: https://www.medscape.com/viewarticle/914788
* Plans to sell rest of its tankers to repay debt
* To complete Zhoushan oil storage project before selling a stake
* Banking on e-commerce website for shipping industry
By Florence Tan
SINGAPORE, June 24 (Reuters) – Brightoil Petroleum Holdings Ltd could receive a restructuring proposal from Chinese banks in the third quarter while it sells assets to pay off debt and shifts to becoming a shipping e-commerce platform, a company official said on Friday.
Brightoil suspended trading in its shares in October 2017 and has since been snagged in lawsuits brought on by creditors. The company debts were $1.9 billion, according to a statement to the Hong Kong stock exchange in January, of which $250 million is being claimed by creditors.
Overinves…
Read the full article at: https://www.reuters.com/article/asia-oil-shipping-brightoil/brightoil-awaits-restructuring-plan-as-business-shifts-to-shipping-e-commerce-idUSL4N23S2C6
Image Source: Metal Bulletin
SKTB Aluminium a French downstream aluminium producer went into administration earlier this month after the local commercial court declared the company insolvent. The closure of SKTBs factory in Gorcy in north-eastern France followed a failed last-minute attempt to secure a takeover by the British metals company Liberty House Group and resulted in the remaining 42 employees losing their jobs.
SKTB Aluminium closed down work for good after several attempts to restructure its business to solve its cash-flow problems, and a failure t…
Read the full article at: https://steelguru.com/metal/french-sktb-aluminium-declared-insolvent/542824
The High Court has delivered a landmark decision in prioritising employee entitlements in insolvency, irrespective of whether the company was trading in its own right or as a trustee.
Last week, the High Court dismissed an appeal in Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth of Australia and Others [2019] HCA 20.
Amerind Pty Ltd became insolvent in 2014, with $21 million in debts repaid to Bendigo and Adelaide Bank, leaving a receivership surplus of about $1.6 million.
The Commonwealth of Australia had sought to claim the surplus to compensate $3.8 million in accrued wages and entitlements to former employees of Amerind under the Fair Entitlements Guarantee Scheme.
Carter Holt, a creditor of Amerind, competed …
Read the full article at: https://www.mybusiness.com.au/management/5926-insolvency-test-case-rules-in-employees-favour
environment
Insolvency documents for fossil-mining company Plaman Resources show there aremillions in the bank and few current liabilities.
The offshore company, which had plans to mine a fossil-laden maar in Middlemarch for diatomite, quietly went into receivership late last week.
When information from a leaked Goldman Sachs report hit the press, local support for the project dissipated and public outrage grew.
The reason for receivership given in a newly-released insolvency document is delays in an application to the Overseas Investment Office (OIO) to acquire land adjacent to land alread…
Read the full article at: https://www.newsroom.co.nz/2019/06/24/647747/fossil-mining-company-broke-with-millions-in-the-bank