Insolvency Guardian Media Centre
While the size of the debts is unclear, the Commonwealth Actuary has already written down more than $1 billion dollars’ worth of taxpayer-funded loans that will never be repaid.
Established by the Coalition and expanded by Labor, VET FEE HELP granted virtually unregulated access to government subsidies for every person who took out a loan to study.
This created a perverse incentive for some colleges to enrol as many students as they could, often by providing free laptops for substandard online courses, or by signing up vulnerable people without telling them they would have to eventually pay back the government tens of thousands of dollars.
Assistant Minister for VET Karen Andrews has vowed to “pursue every opportunity” to help students w…
Read the full article at: https://www.smh.com.au/education/students-caught-up-in-education-rort-may-have-course-debts-wiped-20180818-p4zya1.html
Liquidator Steven Kugel of Insolvency Experts confirmed he was dealing with more than 1300 creditors, including one secured creditor and 15 employees, and around 500 debtors.
The role of the liquidator was to act for the benefit of all creditors including employees, secured and unsecured creditors, he said.
“In that regard, as liquidator, I will firstly deal with any assets of the company as well as obtaining books and records. Following that, I will undertake an investigation into the affairs of the company to determine the reasons for its failure … At this point, it will be decided if any dividend can be paid to creditors.”
Publishers that had placed books with the company for distribution were free to collect their stock, he said, as…
Read the full article at: https://www.smh.com.au/entertainment/books/collapse-of-book-distributor-strands-hundreds-20180819-p4zydw.html
The Federal Government has doubled the amount of money available for low-interest loans to help drought-stricken farmers.
The move increases the loan allocation to $2 million and is among a raft of changes announced by Prime Minister Malcolm Turnbull in the New South Wales town of Forbes on Sunday.
Mr Turnbull said farmers were good businesspeople and would consider loans carefully.
“Farmers take on debt very prudently and of course the assessment of the loan takes into account their situation, so don’t underestimate the business sense and savviness of o…
Read the full article at: http://www.abc.net.au/news/rural/2018-08-19/turnbull-drought-assistance-follow/10137866
Liquidator Steven Kugel of Insolvency Experts confirmed he was dealing with more than 1300 creditors, including one secured creditor and 15 employees, and around 500 debtors.
The role of the liquidator was to act for the benefit of all creditors including employees, secured and unsecured creditors, he said.
“In that regard, as liquidator, I will firstly deal with any assets of the company as well as obtaining books and records. Following that, I will undertake an investigation into the affairs of the company to determine the reasons for its failure … At this point, it will be decided if any dividend can be paid to creditors.”
Publishers that had placed books with the company for distribution were free to collect their stock, he said, as…
Read the full article at: https://www.canberratimes.com.au/entertainment/books/collapse-of-book-distributor-strands-hundreds-20180819-p4zydw.html
Mumbai: The government plans to come up with a separate legislation for registered valuers who can help arrive at better valuation of bankrupt companies under the insolvency process, Corporate Affairs Secretary Injeti Srinivas said on Saturday.
Of the 40 largest NPA accounts sent to various National Company Law Tribunals (NCLTs) since last July, which together constitute around 40 percent of over Rs 11 trillion worth of bad loans, only seven had been resolved so far, where the banks took an average haircut of over 60 percent since some accounts such as Alok Industries were bid out for only 17 percent of the money owed to lenders.
Representational image. Getty
Noting that the Insolvency and Bankruptcy Code (IB…
Read the full article at: https://www.firstpost.com/business/insolvency-and-bankruptcy-govt-plans-separate-legislation-for-registered-valuers-4994541.html
RICHMOND A. Curtis Monk, who has led the Commonwealth Public Broadcasting Corp. for more than 12 years, is leaving the company which owns WHTJ and WVPT public television stations in Charlottesville as part of a corporate restructuring meant to take stewardship of a recently acquired windfall.
A. Curtis Monk…
Read the full article at: https://www.dailyprogress.com/news/business/local/ceo-of-area-pbs-stations-stepping-down-in-reorganization/article_0a5405e0-a220-11e8-a272-df0fe62a2f1f.html
The best premium seats inside the Aviva Stadium will be available to purchase on a 10-year basis for just 5,000, the Football Association of Ireland (FAI) have confirmed.
Misjudging the corporate market with their original offering when the redeveloped stadium opened in 2010 cost the FAI badly, as the plan to meet their 74 million contribution towards the building outlay with this projected revenue nosedived.
John Delaney, as the association…
Read the full article at: https://www.irishtimes.com/sport/soccer/fai-to-offer-10-year-tickets-for-5-000-in-bid-to-help-clear-stadium-debt-1.3600868
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled.
The Herald can reveal that retail giant Gerry Harvey has bailed Mr Tinkler out for a second time, loaning him more money late last year.
Mr Harvey who famously loaned Mr Tinkler $50 million, and got it back confirmed on Friday that he had loaned him more money, but said he had no idea what Nathan has done with it.
Property searches reveal Mr Harveys company, MSJG Pty Ltd, has taken mortgages over five rural properties, near Port Macquarie, owned by Serene Lodge Investments, a company run by Mr T…
Read the full article at: http://www.theherald.com.au/news/local-news/5589623/nathan-tinkler-emerges-from-bankruptcy-with-help-from-retail-giant-gerry-harvey/
Global food delivery business Foodora has sent its Australian business into voluntary administration ahead of its exit from the country.
The move comes just a fortnight after the business announced it was quitting the Australian market by August 20, claiming at the time that the business was solvent.
The business today appointed Simon Cathro and Ivan Glavas of Worrells Solvency and Forensic Accountants as Voluntary Administrators, effective immediately.
The move comes three days before the business was due to terminate its agreements with delivery riders.
Today, in a statement Worrells said: While Foodoras intention was to wind down its affairs in Australia in an orderly fashion and with the support of its p…
Read the full article at: https://www.businessinsider.com.au/foodora-australia-voluntary-administration-2018-8
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), we hereby inform that:
Mr. Anil Kohli, Insolvency Professional (Registration No. IBBI/IPA-001/IP-P00112/2017-18/10219) has been appointed as the Resolution Professional (RP) in place of Mr. Devendra Singh for conducting Corporate Insolvency Resolution Process of Moser Baer India Limited for the remaining period in terms of the Order dated August 10, 2018 of the Honble National Company Law Tribunal, New Delhi (Copy of Order attached)
Source : BSE…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/moser-baer-india-ltd-corporate-insolvency-resolution-process-cirp-replacement-of-interim-resolution-professional-irp/article24724265.ece
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled.
The Herald can reveal that retail giant Gerry Harvey has bailed Mr Tinkler out for a second time, loaning him more money late last year.
Mr Harvey who famously loaned Mr Tinkler $50 million, and got it back confirmed on Friday that he had loaned him more money, but said he had no idea what Nathan has done with it.
Property searches reveal Mr Harveys company, MSJG Pty Ltd, has taken mortgages over five rural properties, near Port Macquarie, owned by Serene Lodge Investments, a company run by Mr T…
Read the full article at: https://www.theherald.com.au/whats-on/music-and-gigs/5589623/nathan-tinkler-emerges-from-bankruptcy-with-help-from-retail-giant-gerry-harvey/
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled.
The Herald can reveal that retail giant Gerry Harvey has bailed Mr Tinkler out for a second time, loaning him more money late last year.
Mr Harvey who famously loaned Mr Tinkler $50 million, and got it back confirmed on Friday that he had loaned him more money, but said he had no idea what Nathan has done with it.
Property searches reveal Mr Harveys company, MSJG Pty Ltd, has taken mortgages over five rural properties, near Port Macquarie, owned by Serene Lodge Investments, a company run by Mr T…
Read the full article at: https://www.theherald.com.au/sport/knights/5589623/nathan-tinkler-emerges-from-bankruptcy-with-help-from-retail-giant-gerry-harvey/