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A court hearing that ended in Salim Mehajer being declared bankrupt should have been adjourned because the controversial Sydney businessman was in jail at the time, his lawyer says.
The former Auburn deputy mayor was declared bankrupt by a Federal Circuit Court judge in March, before he was granted bail in early April over claims he staged a car crash and defrauded an insurance company.
The 31-year-old’s lawyer, David Hume, has asked the Federal Court to annul the decision and Justice Michael Lee has adjourned the case to later on Thursday.
Mehajer, who was not present in court, recently announced on social media platform Instagram that he had lodged the application to “set aside this joke”, claiming “only God can bankrupt me”.
Coincidentally a day after Erick Lindgren almost won his first major poker tournament in years, divorce court documents revealed Pete Rose, Major League Baseballs all-time hits leader, is still an avid gambler, 29 years after being banned from baseball for life for betting on games he managed.
Pete Roses wife Carol claims her husband continues to gamble away his money. (Image: tbo.com)
Birds of a Feather
Lindgren and Rose both fell from grace due to a seemingly uncontrollable gambling habit. The former filed for bankruptcy twice between 2012 and 2015 after running up more than $10 million in gambling debt. The latters sports betting habit has kept him out of the Hall of Fame despite having more hits than any player in history (4,256), and h…
A court hearing that ended in Salim Mehajer being declared bankrupt should have been adjourned because the controversial Sydney businessman was in jail at the time, his lawyer says.
The former Auburn deputy mayor was declared bankrupt by a Federal Circuit Court judge in March, before he was granted bail in early April over claims he staged a car crash and defrauded an insurance company.
The 31-year-old’s lawyer, David Hume, has asked the Federal Court to annul the decision and Justice Michael Lee has adjourned the case to later on Thursday.
Mehajer, who was not present in court, recently announced on social media platform Instagram that he had lodged the application to “set aside this joke”, claiming “only God can bankrupt me”.
According to the papers, the total trading debt on account of sale of fabric (Trading Transactions) to various traders of Alok (numbering approximately 5,293) (Trading Debtors) as at June 2017 amounted to about Rs 11,622 Crores.
Steps taken by the resolution professional (RP) for Alok Industries to recover trade outstandings to the tune of Rs 11,622 crore from 5,293 debtors of the textile company remained unsuccessful as 2,467 of them could not be traced, documents perused by FE show.
Debtors were not locatable at the addresses that were provided by Alok, the documents, understood to have been made available to the committee of creditors (CoC) ahead of a meeting scheduled for April 13 under the Insolvency and Bankruptcy Co…
A court hearing that ended in Salim Mehajer being declared bankrupt should have been adjourned because the controversial Sydney businessman was in jail at the time, his lawyer says.
The former Auburn deputy mayor was declared bankrupt by a Federal Circuit Court judge in March, before he was granted bail in early April over claims he staged a car crash and defrauded an insurance company.
The 31-year-old’s lawyer, David Hume, has asked the Federal Court to annul the decision and Justice Michael Lee has adjourned the case to later on Thursday.
Mehajer, who was not present in court, recently announced on social media platform Instagram that he had lodged the application to “set aside this joke”, claiming “only God can bankrupt me”.
Onevue Holdings Ltd () has undertaken major restructuring initiatives in recent months, resulting in some share price underperformance.
However, the March quarter update provided on Tuesday points to a much cleaner business focused on its core competencies across the financial services sector.
The company has three divisions – fund services, platform services and trustee service.
Analysts highlight new opportunities
The restructure has resonated with analysts.
Bell Potters Lafitani Sotiriou said: The restructuring activity sets up OneVue to pursue the significant opportunity before it in its core areas of fund services, super administration, platform services and superannuation trustee s…
The chief executive of Sydney telco South Western Wireless Communications Company has pinned the downfall of his company on his co-director’s decision to withdraw funding from the business.
SWWCC director and former chief executive Geoffrey Peach told administrator Farnsworth Shepard that a cessation of funding from other director and chairman Peter Bartter was key to the company’s financial difficulties.
One day the chairman decided to stop providing funding without notice, Peach told the administrators.
Farnsworth Shepard reported that SWWCC “heavily relied” on funding from Bartter and his trust, Peter Bartter Track Ptd Ltd, which is also a secured creditor of the company.
DUBAI (Reuters) – Saudi Arabia is setting up a committee to handle the restructuring of debt owed by Saudi Oger, the construction company owned by the family of Lebanese Prime Minister Saad al-Hariri, said two sources familiar with the matter.
Authorities are keen to resolve the financial fallout from the companys collapse after it was crippled by state spending cuts, mismanagement and corruption, leaving thousands of workers and banks out of pocket.
The business is now no longer operational and Saudi banks owed around 13 billion riyals ($3.5 billion) in debt have come under pressure from the regulator in recent quarters to provision for their exposure.
In recent weeks, the central bank has informed lenders that a committee will be forme…
Finance ministers attending the recent Spring Meetings of the International Monetary Fund and World Bank clearly heard the alarm that Indermit Gill and Kenan Karakülah sounded on African debt: The only topic for discussion at the Development Committee lunch was debt in low-income countries. The conversations in hallways and meetings reminded me of those 20 years ago, when the same countries were facing a debt crisis, which subsequently led to the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI).
The debt-relief programs of the early 2000s have generally been considered a (qualified) success. How then are we back to sounding alarm bells about African debt? At least four reason…
Utah is ranked 47th in WalletHub’s 2018’s Most Gambling-Addicted States. Nevada is ranked No. 1. (File Photo: SBG)
(KUTV) — Gambling can become a real medical disorder and cause catastrophic financial loss, which influenced WalletHub to compare the 50 states to determine where excessive gambling is most prevalent.
Utah is ranked 47th in the financial website’s 2018’s Most Gambling-Addicted States report. Nevada was ranked No. 1.
The report results derive from compiled data of 19 key metrics ranging from presence of illegal gambling operations to lottery sales per capita to share of adults with gambling disorders.
U.S. consumers experience more than $100 billion per year in total gambling losses, according to WalletHub.
As Wesfarmers moves closer to splitting out Coles, the long-term prospects of Bunnings are coming under renewed scrutiny.
Bunnings Australia and New Zealand will account for about 55 per cent of Wesfarmers’ earnings and 65 per cent of its value after Coles is spun off as a separately listed company in 2019 assuming Wesfarmers does not make a major acquisition in the near term.
After years of double-digit earnings growth and high single-digit sales growth at Bunnings, analysts and investors are querying how long the dominant player in Australia’s $50 billion home improvement market can continue to take market share and deliver above-average returns.
“As it gets larger it will become harder to grow,” said Argo Investments chi…
The former head of a bank in Tajikistan that collapsed under the weight of bad loans has been arrested on suspicion of various illicit financial machinations.
Asia-Plus news website cited unnamed sources on April 25 as saying that Jamshed Ziyoyev, ex-chairman of Tojprombank, is being kept at a holding cell in the capital, Dushanbe.
Prosecutors are reportedly pursuing investigations into whether Ziyoyev illegally granted loans and misspent Tojprombank funds.
Tojprombank is one of several lenders in Tajikistan that have been crushed by a policy of profligate lending, often to close business associates of the bank itself or to politically well-connected individuals.
The National Bank declared Tojprombank insolvent i…
According to the papers, the total trading debt on account of sale of fabric (Trading Transactions) to various traders of Alok (numbering approximately 5,293) (Trading Debtors) as at June 2017 amounted to about Rs 11,622 Crores.