West Australian subcontractors have been saddled with further debts totalling hundreds of thousands of dollars after major civil landscaping company BCL Group went into liquidation.
The Wangara-based company’s collapse comes as the latest blow to the construction sector, after Cooper and Oxley and Choice Living both went into administration in the past month.
BCL Group worked on major dollar projects including the West Coast Eagles’ new Lathlain headquarters, the Supreme Court Gardens upgrade and the $440 million Elizabeth Quay development, as well as other government and private projects.
The development came after it was announced last week BC…
Read the full article at: http://www.abc.net.au/news/2018-02-26/wa-subcontractors-left-in-debt-as-bcl-group-enters-liquidation/9484052
Crippled with a debt of US$877 million (S$1.16 billion), offshore services provider Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation.
The troubled company, which has been delisted from the Singapore Exchange (SGX), filed an application last week to be placed under judicial management.
At a closed-door hearing on Friday, it applied for an interim judicial manager to be appointed, pending the hearing of its judicial management application.
Lawyers for its creditors argued for an adjournment.
The hearing has been adjourned to March 12, with the hearing date for the judicial management application to be fixed by the court.
Otto Marine’s move comes…
Read the full article at: http://www.tnp.sg/news/business/otto-marine-seeking-insolvency-protection-high-court
KordaMentha New Zealand partners Brendon Gibson and
Neale Jackson were appointed Voluntary Administrators by the
Board of CBL Corporation Ltd (and certain of its
subsidiaries) on 23 February 2018.
Administrator Brendon
Gibson said: We are working closely with CBLs
management and its directors to execute strategies that
preserve the CBL groups various operating
units.
Voluntary administration allows the group to
continue trading through a formal process at the
parent-company level, to determine the best way forward for
all stakeholders. CBL is a credit and financial risk
specialist insurer listed on t…
Read the full article at: http://www.scoop.co.nz/stories/BU1802/S00662/cbl-corporation-enters-voluntary-administration.htm
Precedent Communications was operating at a substantial loss in the years leading up to the website developer being blamed for the biggest data breach in Australian history.
The company fell into liquidation in December last year, 13 months after it was revealed that the personal records of 550,000 donors to the Red Cross Blood Service were exposed online. Precedent had been engaged to redesign and maintain the Red Cross’ core website in 2015.
The breach exposed names, gender, physical and email addresses, phone numbers, dates of birth, and countries of birth when an anonymous individual came across a 1.74GB file containing 1.28 million records while scanning IP address ranges for publicly exposed web server…
Read the full article at: https://www.crn.com.au/news/how-precedent-communications-the-company-behind-the-red-cross-data-breach-went-bust-485689
Columnists
Sunday, February 25, 2018 22:00
By TEUTA KACANIKU |
Sector reform is a familiar concept for anyone working in the energy sector, particularly in developing countries.
Typically, it involves measures such as building an institutional framework that allows for an independent regulator, improving the operational efficiency of utilities, creating an environment for private sector participation, and introducing tariffs that reflect costs.
All these measures are designed with one goal in mind: to put the sector on a sustainable path and improve the quality of service for end-users.
While …
Read the full article at: https://www.businessdailyafrica.com/analysis/columnists/Debt-restructuring-can-put-our-utilities-on-profitable-path/4259356-4319184-nscqqxz/index.html
A simultaneous attack on another prayer hall killed 88 members of Ahmadiyya community, a religious minority group subject to discrimination and persecution.
When the Red Cross’ 14,000 Australian volunteers start their annual fund-raising appeal this March, about one in seven will be Ahmadis, nearly all refugees like Mr Ahmed, who want to thank Australia. As well, a large number of other volunteers come from a diverse range of religions and communities, says Red Cross.
Naveed Ahmed, 25 and , on right, and Musawer Ahmed Bajwa, 24, are two refugees who are organisng another 1800 people to raise funds for Red Cross in March.
Photo: James Brickwood
For the past four years, Musawer Bajwa, 24, an astrophysics and philosophy student at Sydney U…
Read the full article at: https://www.smh.com.au/business/the-economy/refugees-help-red-cross-i-m-calling-to-say-thank-you-australia-20180221-p4z13w.html
Its Australian business, whose chief executive is high-profile bookmaker Mr Waterhouse, has been placed under a “strategic review” and is now up for sale. Industry sources confirmed multiple bookmakers had done due diligence on William Hill Australia in recent weeks, and said a deal could be sealed imminently.
Unlike many of Australia’s other prominent online bookmakers, who had agreed to the credit-betting ban that was contained in a suite of new responsible-gambling laws, Mr Waterhouse’s William Hill Australia has been fiercely resistant.
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Fairfax Media last month revealed the company’s biggest credit-betting customer to be celebrity real-estate identity John McGrath, who has been incurring average gambling losses of $10 milli…
Read the full article at: https://www.smh.com.au/business/companies/william-hill-slashes-value-of-tom-waterhouse-led-australian-business-20180225-p4z1md.html
One Nation will not ask the Senate to consider the eligibility of senator Fraser Anning, after a public spat between Pauline Hanson and her former colleague.
Key points:
- Pauline Hanson says she will no longer proceed with her bid to have Fraser Anning referred to the High Court
- “He’s gone Independent, and I’m glad he’s not part of my party anyway,” Senator Hanson says
- Senator Hanson’s claim related to bankruptcy proceedings levelled against Senator Anning
Senator Anning split from One Nation on the day he was sworn into Parliament, citing a “vitriolic attack” by his former party leader and her staff in his first party room meeting.
Se…
Read the full article at: http://www.abc.net.au/news/2018-02-26/pauline-hanson-scraps-bid-to-kick-rebel-anning-out-of-parliament/9483214
Im not a spendthrift by nature, but I am spontaneous and not naturally inclined to strict budgets and plans. With such a low income, it didnt take much indulgence for me to spend beyond my means.
Within six months I had more than $2000 in debt and was paying hefty interest charges every month. It was stressful and I could see something needed to change.
So I cut up the cards and reined in my expenses. First I cleared the store cards, which had the lowest balances but the highest rates of interest. Then I set to work on the Visa debt.
Eating baked beans instead of meat can help you save money.
Photo: Domino Postiglione
I walked to work instead of catching the bus, I took my lunch with me, I shopped my wardrobe, I avoided rounds at the pub and …
Read the full article at: https://www.smh.com.au/money/borrowing/how-to-bust-out-of-credit-card-debt-20180223-p4z1j9.html
Essar Steel, once the flagship company of Ravi Ruia and Shashi Ruias Essar Group, has become a test case for Indias new bankruptcy code. In a span of less than a year, the insolvency proceedings against the company have witnessed a court case, a change in law, and, two keen bidders ArcelorMittal and Numetal Ltd.
Essar Steel was one of the dozen companies that the Reserve bank of India had initiated bankruptcy proceedings against, last year, which were then challenged by the distressed company.
The Ruias, however, lost their plea against halting the insolvency proceedings in August, but the promoter family of the Essar Group started to chalk up plans to bid for the company.
At the time, they were allowed to do so. Owners of bankrupt c…
Read the full article at: http://www.fortuneindia.com/macro/who-will-buy-essar-steel/101619
State Bank of India (SBI) is set for a major restructuring of its business in the UK from April, Indias largest state-owned bank has said.
SBI’s UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England.
The move will mean that all retail branches of SBI in the UK will fall under a new UK-incorporated banking entity instead of their previous status as overseas branches of the Indian entity.
“While there will be no visible change, the brand changes to State Bank of India UK Limited. The 12 retail branches that we have seven in London and the rest outside London will become branches of SBI UK Lt…
Read the full article at: http://www.moneycontrol.com/news/business/state-bank-of-india-set-for-uk-restructuring-2515763.html
SINGAPORE – Crippled with a debt of US$877 million (S$1.16 billion), offshore services provider Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation.
The troubled company, which has been delisted from the Singapore Exchange, filed an application on Tuesday (Feb 20) to be placed under judicial management.
In a closed-door hearing on Friday, it applied for an interim judicial manager to be appointed pending the hearing of its judicial management application. Lawyers for its creditors argued for an adjournment.
The hearing has been adjourned to March 12, with the hearing date for the judicial management application to be fixed by the court.
Otto Marine’s move…
Read the full article at: http://www.straitstimes.com/business/companies-markets/otto-marine-seeking-judicial-management