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UP TO eight interested parties are negotiating with the liquidator of Ballina caravan manufacturer Kimberley Kampers over the sale of the business.
Liquidator SV Partners announced it was accepting expressions of interest up until the close of business on Friday “following which they expect to be working more closely with the parties who submitted the top two or three offers”.
It’s understood at least one formal offer to acquire the company has been lodged by a US-led investor group which believes the Kimberley products have a promising future in the massive North American RV market.
SV Partners is also preparing for an auction through Grays Online in “coming weeks”, and says most items will be offered without a r…
A $2.4 MILLION debt has thrust the future of one of Bundaberg’s oldest hotels into uncertainty.
Formerly trading as the Grand Hotel Bundaberg, Tomik Pty Ltd was ordered to be wound up by the Federal Court earlier this month after the Australian Taxation Office made an application for it to be put into liquidation in April.
The company owes more than $1.2 million to the ATO.
Appointed as liquidator by the court on August 3, Bradley Vincent Hellen, of Pilot Partners, said Tomik’s insolvency woes stemmed from its sizeable tax debt.
“This company has been around for a long time and I don’t think they’ll necessarily be closing,” Mr Hellen told the NewsMail.
“My understanding is the hostel is still operatin…
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…
Contrary to the old saying; when it comes to financial education less will never be more.
As a society, our expectations of what constitutes an acceptable standard of living for our children has risen exponentially. In fact, in the last 10 years child-rearing costs have gone up by 45 per cent, while our household incomes have only risen by about 23 per cent. Also, in a recent study, we can now expect to pay out $297,600 per child, from birth to the age of 17, in Australia.
When we plan to start a family, we look through rose-coloured glasses dreaming of a beautiful home, exotic holidays every year and lot of time off from working, however, were often not thinking five to 10 years down the track and how well be supporting this new lifestyl…
Another 15 investors have sued former White Plains real estate developer Michael DAlessio, claiming he misrepresented his finances on bankruptcy forms, including gambling debts, in diverting $2.8 million from projects they were financing.
DAlessio used his companies to carry out a massive fraud on numerous investors, the bankruptcy court complaint, filed on Aug. 13, stated. He allegedly used false information to solicit investments and then used the money to enrich himself or pay other investors in order to perpetuate a fraud.
Numerous lawsuits have been filed in the past year against DAlessio, alleging fraud and misappropriation of funds in several failed real estate projects. In April, …
Steinhoff International Holdings N.V. : UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING
The issuer is solely responsible for the content of this announcement. UPDATE ON PROGRESS OF FINANCIAL RESTRUCTURING
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)
INTRODUCTION
In accordance with the Company’s reporting obligations under paragraph (e) of clause 20 of the lock-up agreement between the Company, Steinhoff Europe AG (“SEAG”), Steinhoff Finance Holding GmbH (“SFH”) and Stripes US Holding Incorporated (“SUSHI”) and certain creditors dated 11 July 2018 (the “LUA”), please see below the first monthly update on progress in connection with the corporate and capital restructur…
Miami, Florida, Aug. 17, 2018 (GLOBE NEWSWIRE) — ) Getting out of debt problem is easy if you have a clue about what you should do and what consumer rights are there to protect you. And that is what Resolvly LLC wants consumers to do – study the options to clear the debt problem immediately.
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What Happens When You Take Desperate Measures
Consumers are often wondering about the best option he or she could take. However, the lack of knowledge may lead to a ballooning problem on debt management, says Resolvly LLC.
The proposals were set out in a consultation document designed to seek views on how to tackle “those who own or manage” companies who cause the companies to engage in “tax avoidance, evasion or repeated non payment of taxes” and then use the insolvency process so that the company avoids paying the tax. In some cases the business may continue to be operated through another company. This is referred to as ‘phoenixism’.
The consultation period closed in June, but the government is expected to publish a consultation response and draft legislation in the autumn.
HM Revenue & Customs (HMRC) already has power to make directors liable for company tax liabilities in certain situations. In addition insolvency law allows assets which hav…
Sino plant producing refrigerators in Uzbekistans Samarkand city was declared bankrupt upon the court decision, the Uzbek media reported citing the Uzbek plant.
The plant with the capacity of 250,000 refrigerators per year opened in 1973. During the times of the Soviet Union, the plant produced “Pamir”, “Samarkand”, “SINO” refrigerators.
On December 20, 1991 the plant was transformed into Sino joint-stock company. The plant was reconstructed several times during 45 years.
In 2012, a contract was signed with Chinas Guangzhou Kinte Electric Industrial Co., Ltd to develop two new models of refrigerators.
FRANKFURT, Germany Greece officially completes its bailout program on Monday, after eight years of cutbacks enforced in return for massive loans and following an economic collapse on the scale of the Great Depression.
The exit is a welcome milestone. But it offers little assurance that the 19-country euro currency union has left behind its problems with debt. The huge debt pile in Greece and an even bigger one in Italy will remain a lurking financial threat to Europe that could take a generation to defuse.
Europes debt problems have repeatedly raised fears over the past decade of a break-up in the euro, a worst-case scenario that would cause severe economic damage in the region and shake wor…
Campbell Soup has tapped investment bank Goldman Sachs to look at the possibility of selling off some of its businesses to help pay down debt left in the wake of its $6.1 billion acquisition of pretzel maker Snyder’s Lance earlier this year, people familiar with the review tell CNBC.
The company’s shares tumbled as much as 3.8 percent in Friday’s premarket trading shortly after CNBC’s story was published at 9 a.m. ET. It regained some of the losses in early trading.
