Crown Resorts director and former AFL chief executive Andrew Demetriou has been grilled in court over the $145 million collapse of education group Acquire Learning.
Key points:
- Andrew Demetriou was paid $75,100 a month and $1.6m in shares for chairing an advisory board for Acquire Learning
- Acquire Learning went into administration in May 2017
- Mr Demetriou told the court that “decisions about the financials were left to the directors”
Mr Demetriou was never a director of the company but was executive chairman of an advisory board and paid $75,100 a month and $1.6 million in shares for …
Read the full article at: https://www.abc.net.au/news/2019-02-27/demetriou-grilled-about-145m-acquire-learning-collapse/10854062
Jaypee Infratech Limited Committee of Creditors (COC) rejected the demand of a forensic audit of accounts of the company, in a voting, the results for which were announced on Tuesday.
Homebuyers had been demanding an independent audit for some five years, to determine why Jaypee Infratech failed to finish the housing projects despite buyers having paid the cost of the flats on time.
On August 9, 2017, the National Company Law Tribunal had appointed Anuj Jain, a chartered accountant as the Interim Resolution Professional (IRP) under Insolvency and Bankruptcy Code, after admitting a corporate insolvency plea from IDBI Bank. The bank had said it needed to recover dues from Jaypee Infratech Limited.
However, in the first round of cor…
Read the full article at: https://www.hindustantimes.com/noida/panel-of-creditors-votes-against-forensic-audit-of-jaypee-accounts/story-ElaOFNAju9iqQpruiFbC9J.html
news, local-news,
UPDATE: Creditors have voted to place Sporties Dubbo into liquidation, the administrators say. The decision was made at a meeting of creditors held at Dubbo on Wednesday. It comes just over three months since the Erskine Street venue entered voluntary administration. Aaron Lucan and Graeme Beattie, partners of Worrells Solvency and Forensic Accountants NSW & ACT were appointed as the administrators. Sporties Dubbo, the trading name of the Dubbo Railway Bowling Club, ceased to trade on Saturday. It was established more than 60 years ago in 1954 to cater for NSW railway employees domiciled at Dubbo. EARLIER: One of Dubbos oldest bowling clubs has ceased trading and a meeting of creditors on Wednesday will decide the f…
Read the full article at: https://www.dailyliberal.com.au/story/5927456/creditors-vote-to-place-sporties-dubbo-into-liquidation/?cs=112
The first step to solving a problem is acknowledging that one exists. Thats what gambling addicts are often told in therapy, but it can be applied to any given scenario. Which is why the bookies trade body, the Association of British Bookmakers (ABB), did themselves very few favours by publicly refusing to accept there was an issue with FOBTs.
For years, the ABB appeared as though they were in denial, which meant despite the evidence of harm building and public opinion turning more heavily against their high stakes machines, the bookies were in no position to offer any meaningful concessions such as voluntarily reducing the maximum stake from 100 a spin.
Instead, the ABB opted for public relations initiatives designed to soften t…
Read the full article at: https://www.politicshome.com/news/uk/culture/opinion/campaign-fairer-gambling/102120/online-gambling-next-battleground-bookies
Babcock shares fell on Tuesday after revealing a 10 million-plus Brexit hit from restructuring its continental air-rescue business.
The under-fire defence contractor, hit by aggressive short-seller Boatman Capital last year, will take the one-off tax charge in 2019 after setting up separate subsidiaries across Europe to carry on aerial firefighting and search-and-rescue missions.
…
Read the full article at: https://www.standard.co.uk/business/babcock-dives-after-a-10m-brexit-restructuring-hit-a4076706.html
news, local-news
One of Dubbos oldest bowling clubs has ceased trading and a meeting of creditors on Wednesday will decide the future of its affairs. Dubbo Railway Bowling Club, known as Sporties Dubbo, ceased trading on Saturday, administrators have confirmed. The Erskine Street venue entered voluntary administration on November 15. Aaron Lucan and Graeme Beattie, partners of Worrells Solvency and Forensic Accountants NSW & ACT were appointed administrators. They advised that the club would continue to trade as usual through the voluntary administration while options were explored. But it ceased to trade on Saturday, Mr Lucan told the Daily Liberal. There is a meeting of creditors convened for 27 February 2019, at that meeting credit…
Read the full article at: https://www.dailyliberal.com.au/story/5927456/sporties-dubbo-ceases-trading-creditors-to-meet/?cs=112
Seems there are incentives everywhere aimed at attracting people to certain parts of the country or to specific jobs.
In some cases, those incentives can help college graduates pay off student debt, which as of March 2018 was at $1.5 trillion among 44.5 million loan borrowers nationwide, according to the Federal Reserve.
…
Read the full article at: https://www.theolympian.com/news/business/article226639414.html
Corporate India expects the Government to take adequate measures to resolve issues around Group Insolvency, runaway and pseudo bidders so as to further strengthen the Insolvency and Bankruptcy Code (IBC) process.
Ashok Haldia, former CA Institute Secretary and member Board of IIIPA, told BusinessLine that the Committee of Creditors should be mindful of deterrence effect of performance security requirement and use it effectively.
Further, adequate checks need to be applied on credibility, track record and capacity of bidders before approval of resolution plan by the CoC. In case of backout, the erring bidder should be blacklisted for future bids, Haldia said.
In the recent years, there have been instances of successful bidders not honouring…
Read the full article at: https://www.thehindubusinessline.com/economy/govt-must-address-group-insolvency-runaway-bidders-issues-industry/article26378693.ece
NEW YORK–(BUSINESS WIRE)–Scott+Scott
Attorneys at Law LLP (Scott+Scott), a national shareholder and
consumer rights litigation firm, is notifying investors that a class
action lawsuit has been filed against Yangtze River Port and Logistics
Limited (Yangtze or the Company) (NASDAQ: YRIV) and other
defendants, related to alleged violations of federal securities laws. If
you purchased Yangtze securities between February 2, 2016 through
December 5, 2018, you are encouraged to contact a Scott+Scott attorney
at (844) 818-6982 for more information. The lead plaintiff
deadline is March 4, 2019.
Yangtze operates through its wholly-owned subsidiary, Wuhan Y…
Read the full article at: https://www.businesswire.com/news/home/20190226006000/en/ScottScott-Attorneys-Law-LLP-Reminds-Investors-Securities