Insolvency Guardian Media Centre
Grant Taylor | The West Australian
Embattled building firm Cooper and Oxley has formally gone into administration, appointing insolvency firm Hall Chadwick to take over the day to day running of its operations.
Hall Chadwick said in a statement that it was now assessing the financial position of the company, including the projects it had underway.
But the statement also said Cooper and Oxley’s director remained determined to find a way to continue trading.
The Director has expressed his interest in proposing a Deed of Company Arrangement with a view to the companies continuing to trade, the statement said.
At this time th…
Read the full article at: https://thewest.com.au/business/construction/cooper-and-oxley-determined-to-continue-trading-administrator-says-ng-b88738840z
EMBATTLED building firm Cooper and Oxley has gone into administration, appointing insolvency firm Hall Chadwick to take over the day to day running of its operations.
Hall Chadwick said in a statement that it was now assessing the financial position of the company, including the projects it had underway.
But the statement also said Cooper and Oxley’s director remained determined to find a way to continue trading.
The Director has expressed his interest in proposing a Deed of Company Arrangement with a view to the companies continuing to trade, the statement said.
At this time the administrators are assessing the financial position of the companies including the projects that it has underway.
An initial notice to creditors is currently being …
Read the full article at: https://www.perthnow.com.au/business/construction/wa-building-company-appoints-administrator-ng-b88738895z
Insolvency resolution professionals will now be required to assess the fair value and liquidation value of the entity undergoing insolvency proceedings, with the latest set of amendments to the regulations.
The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms pertaining to insolvency resolution process for corporate persons.
Under the revised framework, the resolution plan approved by the committee of creditors should be submitted to the adjudicating authority at least 15 days before the expiry of the maximum period permitted for the completion of the corporate insolvency resolution process.
An official release on Wednesday said the norms have been amended wherein the resolution professional should a…
Read the full article at: http://www.dailypioneer.com/business/ibbi-amends-regulations-for-insolvency-resolution-process.html
New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday issued amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, effective today.
The amendments, highlighted in a notice issued by the Ministry of Corporate Affairs noted that a resolution professional shall appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor. After the receipt of resolution plans, the resolution professional shall provide the fair value and the liquidation value to each member of the committee of creditors in electronic form, on receiving a confidentiality undertaking. The resolution prof…
Read the full article at: https://www.siasat.com/news/centre-amends-norms-corporate-insolvency-resolution-process-1314427/
A well-known Lake Macquarie venue has closed its doors, after ongoing financial trouble.
Patrons learned of the decision to shut Belmont Sporties Club after a letter from administrator Geoff Davis was stuck in the venues front window.
Mr Davis, from Sydney-based firm BCR Advisory, took over the club with John Morgan last month when the facility went into voluntary administration.
The letter, dated February 5, said the club had permanently closed.
Since our appointment, we have been trading Belmont Sporties with the intention of restructuring its finances and returning it to the control of its directors and members, Mr Davis wrote.
However, we have now made the difficult decision to close the club, effective immediately because of ongoing tra…
Read the full article at: http://www.theherald.com.au/story/5216335/ongoing-losses-force-sporties-club-closure/
EXCLUSIVE
CASH-strapped Australians burdened by inflated utility bills and soaring credit card debts are flocking to financial help services in record numbers.
The National Debt Helpline has been inundated with households in financial distress with latest figures showing in 2017 they received 170,000 calls – the highest ever on record.
This is a 12 per cent spike on the previous year – about 3270 calls are made to the helpline every week.
Financial Counselling Australia’s executive director Fiona Guthrie said increased monetary pressures on households had resulted in help services being flooded with calls.
More Australians are finding themselves dealing with financial issues. Picture: Supplied
“There is a …
Read the full article at: https://www.gladstoneobserver.com.au/news/number-of-australians-phoning-up-for-free-financia/3326665/
Peter Williams | The West Australian
Creditors of Brierty have voted to liquidate the collapsed contracting company, allowing insolvency specialists to further probe alleged insolvent trading and payments to directors and executives.
Brierty was put into administration last September with debts of about $60 million after failing to recover from a financially disastrous road project.
A report to creditors last week suggested the company became insolvent some time between May and July 2017, a claim disputed by directors. The report by administrators from KPMG added that bonuses of more than $200,000 paid to top executive…
Read the full article at: https://thewest.com.au/business/contracting/brierty-creditors-vote-for-liquidation-ng-b88736938z
ZAGREB, Feb. 7 (Xinhua) — Croatian Finance Minister Zdravko Maric commented on Wednesday the latest European Commission (EC) forecast on Croatian economy is similar to the government’s projections.
In the latest macroeconomic forecast published on Wednesday, the EC expects 2.8 percent GDP growth in Croatia this year.
According to the forecast, personal consumption should remain the main driver of growth, while the highest risk continues to be the restructuring of Agrokor, the biggest private company in the country that was hit by a debt crisis.
In its provisional winter forecast, the EC estimates that the GDP growth in 2017 would amount to 3.2 percent while predicting economic growth of 2.7 percent in 2019.
“The main drivers a…
Read the full article at: http://www.xinhuanet.com/english/2018-02/08/c_136957184.htm
Turing Robotics CEO says the company isnt done. But its definitely hit another significant roadblock in its quest to bring some fun alternative handsets to the market. The Finnish phone makers story so far is one of delay after delay, and now its announced, via Facebook post, that its suspending manufacturing.
CEO Syl Chaos didnt offer up much in the way of information with regard to what this all means or why its happening, but there does appear to be plenty of insight floating around with regard to the companys health. As the Verge handily notes, Finnish media has been reporting some major money woes for the smartphone startup.
The company set up shop in Nokias old stomping ground of Salo, Finland, hiring some of the phone gia…
Read the full article at: https://techcrunch.com/2018/02/07/the-maker-of-the-turing-phone-files-for-bankruptcy-and-suspends-manufacturing/
A mould scandal that put lives at risk and made staff sick at the Nauru immigration detention centre also affected the now mothballed facility at Manus Island.
Air-conditioning caused water damage and mould to grow in the fire-resistant plasterboard walls and ceilings and the magnesium oxide board floors of modular buildings at the staff accommodation, kitchen and mess hall on Nauru, AAP reported this week following a 15-month investigation.
The compromised fire-rated boards could have put lives at risk in the event of a blaze and the same buildings were used in the Nauru Hospital upgrade and community centre where there were also mould problems.
At least a dozen former Nauru detention centre workers developed health problems from mould exp…
Read the full article at: https://www.sbs.com.au/news/manus-centre-in-mould-scandal-like-nauru
So far, the insolvency regulations required determination of only the liquidation value of the insolvent company by two registered valuers. Now, these valuers will also have to determine the fair value of the company. Fair value, along with the liquidation value, will have to be provided to the committee of creditors on a confidential basis.
The amendment defines fair value to mean the realisable value of assets of the insolvent company, if they were to be sold between a willing buyer and seller as on the date on which insolvency application has been admitted, on an arms length basis, after proper marketing.
Earlier there was a concern that wide dissemination of liquidation value to applicants caused bids of lower value since bids te…
Read the full article at: https://www.bloombergquint.com/law-and-policy/2018/02/07/insolvency-law-fair-value-made-mandatory-to-get-fairer-bids
News Update. 7 February 2018.
Neil Gostelow and Mark Orton from KPMG have been appointed joint administrators to Oyster Marine Holdings Limited, the holding company for the Oyster Yacht group of luxury yacht builders.
Having failed to secure sufficient funding to be able to continue trading, Oyster Yachts is currently carefully considering a number of options. No other companies within the group will form part of this administration.
Oyster Marine Holdings will retain the intellectual property to all the technical drawings and moulds used in the production of the yacht in the Oyster range.
“Late last week, the company directors confirmed that they had been unable to secure the financial support they needed to continue to tr…
Read the full article at: http://www.superyachtnews.com/business/oyster-yachts-