Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Controversially forgetful businessman Bill Lewski has paid nothing to walk away from $190 million in civil claims brought against him, his fellow directors and advisers to retirement village outfit Prime Trust.
The founder of Prime Trust, Bill Lewski, gifted $60 million reaped from a controversial deal with Babcock and Brown to his sons.
Fairfax Media can reveal the completion of one of Australia’s most torrid and long-running insolvency legal action that involved high profile Prime directors Michael Wooldridge, a former Howard Minister, and Peter Clarke, the former Vice President of the Liberal Party in Victoria and former Places Victoria head.
The settlement for all claims before the Supreme Court of Victoria is believed to …
One of Western Australia’s largest commercial builders has suspended trading as it reviews its “financial viability”.
Jolimont-based Cooper & Oxley sent a letter via email to its subcontractors yesterday instructing them to stop work, saying it was not in a position to pay any accounts at present.
The company later put out a statement confirming that all works on its seven active building sites around Perth had been suspended as of Sunday February 4.
The former director of the collapsed Rare Coin Company will spend at least the next 25 months behind bars after being sentenced to stealing more than $1.8 million from investors over a two-year period.
Robert Colin Jackman, 63, was jailed for four years and two months in Albany District Court yesterday after pleading guilty to 36 counts of stealing, which occurred before his business was placed into voluntary liquidation in 2013.
The company stored and sold rare coins and banknotes on behalf of investors many of them retirees and was stor-ing customer purchases when liquidators were appointed in July, 2013.
Police allege investors were told by Mr Jackman and his staff their stock had not been sold, but after further investigation followin…
The much delayed insolvency resolution proceedings for Bhushan Steel has finally made it to the second stage. Bids for the debt-ridden company were submitted day before yesterday-after being pushed back multiple times-and the highest bidder is expected to be announced tomorrow. In the running are JSW Steel, Tata Steel and a group of employees of Bhushan Steel along with a private equity firm, according to The Economic Times.
While the much-hyped bidding process for the maker of auto grade steel had generated a lot of interest at home and abroad, several interested parties-including ArcelorMittal, Steel Authority of India and UK-based Liberty House-ultimately did not submit resolution plans to Deloitte’s Vijaykumar V. Iyer, the appointed…
The former director of a Victorian business has pleaded guilty to illegally withdrawing funds from her business while in liquidation, despite the business having debts of over $700,000.
Lorraine Bullock is a former director of Twenty12, a liquor store that operated in Healesville, Victoria.
The company was put into liquidation in October 2015, with multiple creditors owed a total of more than $700,000.
Despite the liquidation, an investigation by ASIC found that Ms Bullock made an unauthorised transaction by withdrawing $20,655.18 from the collapsed company and transferring it to a related company, of which her son was a director.
Attending Melbourne Magistrates Court last month, Ms Bullock pleaded guilty to one charge of fraudulently removi…
Houlihan Lokey has announced that Edward Middleton has joined the firm as a Managing Director and Co-Head of Financial Restructuring, Asia alongside Brandon Gale. He is based in Hong Kong.
Middleton enjoys an excellent reputation in the international restructuring community, having been a partner at KPMG, where for 10 years he was Head of its Restructuring Services practice in China and the Asia-Pacific region. In this role, Mr. Middleton oversaw formal insolvency and regulatory appointments, out-of-court financial restructuring, crisis management appointments, and operational turnarounds for stressed and distressed assets. Mr. Middleton has spent more than 20 years in Asia, and his experience spans nearly every major industry sector, inc…
Private equity giant Blackstone, drugmakers Strides Shasun and Nectar Lifesciences are ahead in the race to acquire debt-laden Orchid Pharma, The Economic Times reported citing two persons aware of the development.
Dr.Reddys Laboratories and Aurobindo Pharma are no longer in contention for Orchid Pharma, the report said.
Orchid Pharma is undergoing a corporate insolvency resolution process initiated by National Company Law Tribunal. The companys debt is around Rs 3,500 crore.
The bankrupt drugmaker has received expressions of interest from four financial bidders and six pharmaceutical companies, according to the report.
Strides Shasun and Gland Celsus could be frontrunners to acquire Orchid as both are flush with cash and look…
Orange has one of the highest rates of personal bankruptcy in Australia, with 75 people in the city declared bankrupt in 2017.
Statistics from the Australian Financial Security Authority and data research agency illion placed Orange seventh in Australia, and second in NSW, for suburbs with the highest concentration of bankruptcies.
It was a 38 per cent increase 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 with a low socioec…
ST. LOUIS Some school districts in the St. Louis area are asking the community to help pay off student meal debt for families who can’t afford daily lunches for their children.
More than 2,100 students in the Francis Howell School District collectively owe nearly $19,000 in their school lunch accounts. The district has asked community members to pitch in to a dedicated lunch debt fund, the St. Louis Post-Dispatch reported.
Schools try to avoid “lunch shaming” students whose families haven’t replenished their lunch accounts, and to prevent lunch debt from using up district money. Lunch shaming has gained nationwide attention amid stor…
A West Australian builder with a long history of delivering major commercial projects has reportedly written to subcontractors warning them to down tools as the company reviews its “financial viability”.
Cooper & Oxley is more than 60 years old and has delivered more than $2 billion in projects over the past decade, including the 1309 Hay Street Hotel Development, Baldivis Senior College and Byford Secondary College, Butler train station, Cockburn Gateway, the Scarborough Beach Pool, the Belmont Forum redevelopments and Perth’s Aldi stores.
The 500 Hay St development has a listed completion date of March 2018. Photo: Cooper & Oxley
Current projects include the hotel and cinema development at 500 Hay Street and the ne…
Shares in listed real estate company McGrath Limited have fallen sharply on Monday.
Fairfax Media revealed on the weekend that the company’s multi-millionaire founder and soon-to-be executive chairman John McGrath has a $16 million debt to gambling company William Hill Australia.
Real estate identity John McGrath Photo: Daniel Munoz
On Monday morning shares in McGrath fell as much as 8.5 per cent to 43 cents before rebounding to 45 cents at midday (a drop of 4.26 per cent).
Mr McGrath has a 26 per cent shareholding in the eponymous real estate company as well as a significant stake in REA Group which is worth about $10 million.
Mr McGrath reportedly sent a message to his staff on the weekend responding to the Fairfax Media …
HONG KONG–(Business Wire)–Houlihan Lokey (NYSE:HLI), the global investment bank, today announced
that Edward Middleton has joined the firm as a Managing Director and
Co-Head of Financial Restructuring, Asia alongside Brandon Gale. He is
based in Hong Kong.
Mr. Middleton enjoys an excellent reputation in the international
restructuring community, having been a partner at KPMG, where for 10
years he was Head of its Restructuring Services practice in China and
the Asia-Pacific region. In this role, Mr. Middleton oversaw formal
insolvency and regulatory appointments, out-of-court financial
restructuring, crisis management appointments, and operational…
