Insolvency Guardian Media Centre
Car manufacturing startup Tomcar Australia has entered voluntary administration, citing high manufacturing costs and hostile investors as the reason for shutting its doors.
Launched in 2005, the company was founded by brothers David and Michael Brim, who spent seven years in development before releasing their first product in 2012. The company made 100 of its premium off road, all-terrain cars in its first run, which sold out almost immediately after first launch
Since then the company had seemingly been going from strength to strength, with Fairfax reporting in June last year business was on the up and working on a $100,000 feasibility study with the CSIRO to turn its cars electric. The CSIRO also invested $50,000 in the startup in …
Read the full article at: https://www.smartcompany.com.au/startupsmart/news-analysis/car-manufacturing-startup-tomcar-australia-voluntary-administration/
Good morning, welcome to ETMarkets Morning Podcast!
Wall Street picked up the pieces with a modest pullback after Monday mayhem. That should come as some solace for the badly bruised local stocks on Wednesday. However, technical charts indicate more pain ahead. Plus we have RBI policy announcement ahead.
That’s your trade setup for the day, ladies and gentlemen.
This is Prachi Sharma, your market jockey, bringing all the news, views and cues to prepare you for the day’s trading.
Early this morning, Nifty futures traded some 136 points higher on Singapore Stock Exchange, signalling a strong opening for Mumbai trade.
Asian share markets were trying to find their footing on Wednesday as a semblance of calm returned to…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/podcast-your-daily-digest-of-market-news/articleshow/62814770.cms
Dubbo has one of the highest rates of personal bankruptcy in Australia, with 74 people in the city declared bankrupt in 2017.
Statistics from the Australian Financial Security Authority and data research agency illion placed Dubbo eighth in Australia, and third in NSW, for suburbs with the highest concentration of bankruptcies.
Despite the high result it was a 6.3 per cent drop compared to 2016 for the city and represents a trend that could get worse, Money Magazine editor Effie Zahos said.
Unfortunately we are seeing a rising trend in people entering debt problems and bankruptcy and it is probably going to get worse, Ms Zahos said.
Talking to illion, they found in a lot of cases it was people extending themselves too far and it was people w…
Read the full article at: http://www.dailyliberal.com.au/story/5212227/dubbo-has-eighth-highest-rate-of-bankruptcy-in-australia/
Here’s a lowdown on top macro triggers that may move market on Wednesday. This report was compiled from agency feeds.
Credit Policy Today
The Reserve Bank of India (RBI) is expected to have a hawkish tone when it unveils its last credit policy of the financial year as inflation and fear in the expansion in the fiscal deficit preoccupy its mind. The other major concern is the faster than earlier anticipated rise in the US treasury yields which is expected to slow down the foreign capital flows into India which may be accentuated by a hike in rates by the US Federal Reserve. The Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, started its 2-day meeting yesterday.
Misuse Fears Not Enough…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/need2know-11-macro-triggers-that-should-matter-for-market-today/articleshow/62813877.cms
A NSW woman has told how she was harassed for years by debt collectors over her financially abusive husbands $15,000 credit card bill.
The single mother, Sarah* from regional NSW, said she still remembers the first call she got out-of-the-blue from debt collection company Baycorp, which left her in tears.
Sarah had finally broken free from her financially-controlling husband who, during their time together, had applied for several credit cards and one personal loan in both of their names.
After the couple split in 2014, her husband declared himself bankrupt, putting her in the full firing line of the banks.
But with the help of a financial assistance company Sarah had managed to get the debts waived on compassionate grounds and belie…
Read the full article at: https://www.9news.com.au/national/2018/02/07/11/12/debt-collectors-harass-nsw-woman-for-years-over-financially-abusive-husbands-debt
THE owner of embattled builder Cooper & Oxley has broken his silence, hitting back at claims subcontractors were mistreated and revealing the cause of the companys financial difficulties.
Managing director George Hampel yesterday rejected claims the builder had used subcontractors as banks and owed them up to millions of dollars each.
Cooper & Oxley is not aware of any subcontractors that are owed $3.5 million, nor do (we) use them as a bank, Mr Hampel said in a statement.
The company takes pride in meeting its 32-day, end-of-month payment terms with contractors.
(We) have always operated in a transparent and ethical manner, endeavouring to ensure all business practices are carried out with utmost care and consideration.
The organisation is …
Read the full article at: https://www.perthnow.com.au/news/wa/builder-cooper-and-oxley-lays-blame-for-financial-drama-ng-b88736983z
Leading Edge Computers member store, Coffs Computing Services, has been placed in liquidation owing $1.2 million to creditors.
The company was registered with the Australian Securities and Investments Commission (ASIC) in March 2001 as Webtrap Pty Limited.
David Michael Morgan and Morgan James Chubb from Clout & Associates were appointed liquidators on 8 January 2018.
According to the report as to affairs of the company, submitted to ASIC on 18 January, unsecured creditors of the business are owed $970,000, including $851,000 to the Leading Edge Group and $81,000 to Ingram Micro.
In a separate list fo…
Read the full article at: https://www.arnnet.com.au/article/633048/
Provides Interim Access Up to $725 million in Debtor-In-Possession Financing
Stores Open and E-Commerce and Mobile Platforms are Operating in Normal Course to Continue to Provide Exceptional Shopping Experiences for Customers
MILWAUKEE, Feb. 06, 2018 (GLOBE NEWSWIRE) — The Bon-Ton Stores, Inc. (OTCQX:BONT) (the Company), today announced that the U.S. Bankruptcy Court for the District of Delaware approved all of the Companys first day motions related to its voluntary petitions for a Chapter 11 financial restructuring. Collectively, the approvals at a hearing on February 6 will support the Bon-Ton business and enable the Company to meet its financial obligations throughout the financial restructuring process.
Bill Tracy, …
Read the full article at: https://globenewswire.com/news-release/2018/02/06/1334017/0/en/The-Bon-Ton-Stores-Inc-Receives-Court-Approval-of-First-Day-Motions-to-Support-Business-Operations.html
In a test case which impacts some 400 pending cases, the High Court has ruled that debtors have a right to directly engage in the review by the Court of a proposed Personal Insolvency Arrangement (PIA). Finding that the Personal Insolvency Acts 2012 to 2015 did not envisage that the Personal Insolvency Practitioner (PIP) was the sole voice to be heard, Ms Justice Bakeralso rejected submissions that costs orders could be made against PIPs personally, save in truly exceptional circumstances or where the PIP acted in bad faith.
Section 115A
Section 115A(1) of the Personal Insolvency Acts 2012 to 2015 provides jurisdiction to the relevant court following a review under s. 115A(9) to confirm the coming into operation of a propose…
Read the full article at: https://www.irishlegal.com/10845/high-court-personal-insolvency-practitioner-not-sole-voice-heard-court-review-pia/
The owner of embattled builder Cooper & Oxley has broken his silence, hitting back at claims subcontractors were mistreated and revealing the cause of the companys financial difficulties.
Managing director George Hampel yesterday rejected claims the builder had used subcontractors as banks and owed them up to millions of dollars each.
Cooper & Oxley is not aware of any subcontractors that are owed $3.5 million, nor do (we) use them as a bank, Mr Hampel said in a statement.
The company takes pride in meeting its 32-day, end-of-month payment terms with contractors.
(We) have always operated in a transparent and ethical manner, endeavouring to ensure all business practices are carried out with utmost care and consideration.
The organisation is …
Read the full article at: https://thewest.com.au/news/wa/cooper-and-oxley-drama-builder-hits-back-at-critics-as-sites-remain-locked-ng-b88736523z
Unredacted FCA report allegedly states banks misconduct towards small firms was systemic
RBS has said it would not prevent the release of the FCAs report into Global Restructuring Group.
Photograph: Philip Toscano/PA
Royal Bank of Scotland misled parliament over the extent of its mistreatment of struggling business customers, the shadow Treasury minister has claimed.
Labours Clive Lewis told the Commons on Tuesday he has seen an un-redacted copy of the Financial Conduct Authoritys (FCA) investigation into practices at the banks restructuring unit, which states the lenders behaviour was systemic and widespread.
The shadow Treasury minister added that the …
Read the full article at: https://www.theguardian.com/business/2018/feb/06/rbs-misled-mps-in-customer-mistreatment-scandal-labour-claims
* ArcelorMittal to sell 29 pct stake to Uttam Galva founders
* Stake sale at below market price, founding family member says
* Deal seen driven by curb on associates of bank loan defaulters
By Promit Mukherjee
MUMBAI, Feb 6 (Reuters) – ArcelorMittal is set to sell its entire stake in Indias Uttam Galva Steels to the companys founders at less than the market price of the stock, a member of Uttam Galvas founding Miglani family told Reuters on Tuesday.
The sale could free ArcelorMittal, the worlds biggest steelmaker, to bid for other Indian steel assets which are being auctioned off as part of insolvency proceedings.
Ankit Miglani, a former managing director of the company and part of the founding family, said ArcelorMittal had asked Ut…
Read the full article at: https://www.reuters.com/article/arcelormitta-uttam-galva-stake/arcelormittal-to-exit-indias-uttam-galva-to-make-way-for-new-steel-bids-idUSL4N1PW2V4