Insolvency Guardian Media Centre
Home builder Choice Living Homes WA has gone into administration, calling in insolvency and business recovery specialists Cameron Shaw and Richard Albarran.
Choice Living appointed external administrators Hall Chadwick yesterday, days after WAs building watchdog declared it had suspended Choice Livings registration.
Last Thursday, Building Commissioner Ken Bowron declared the authority had suspended the registration of Choice Living, registered as Choiceliving (WA) Pty Ltd, and was taking action against it in the State Administrative Tribunal.
That added to a December wind-up action by a Choice Living creditor, Premier Ceilings, to be heard in the Supreme Court tomorrow.
Bricklayer Martin Neale, who said he was owed $6456.45 by Choice Living…
Read the full article at: https://thewest.com.au/business/commercial-property/choice-living-insolvency-specialists-called-in-for-beleaguered-wa-builder-ng-b88726451z
The newly-appointed administrators of NQR have moved to reassure the staff and customers of the Kangaroo Flat store is operating as usual as they begin a search in earnest for buyers.
The grocery clearance company offers dramatic savings on weekly shopping bills and has 24 stores across metropolitan Melbourne and country Victoria.
Last week it entered administration and appointed Bruno Secatore and Luke Targett from corporate and personal insolvency firm Cor Cordis.
Mr Targett said NQR stores were continuing to trade.
We are just getting on top of all the issues that youd expect us to encounter. Our primary hope and objective is to get the business sold as a going concern so that stores and jobs are preserved, he said.
The first sales advert …
Read the full article at: http://www.bendigoadvertiser.com.au/story/5197105/business-and-usual-at-nqr-after-company-enters-administration/
Bankruptcies, debt agreements and personal insolvency agreements all rose in the final quarter of 2017, according to new data.
The Australian Financial Security Authority (AFSA) has reported that there were 7,578 new personal insolvencies in the December quarter up 7.4 per cent on the previous year.
Breaking down the numbers, those 7,578 insolvencies included:
- 4,029 bankruptcies (up 1.3 per cent)
- 3,500 debt agreements (up 15.3 per cent)
- 49 personal insolvency agreements (up 14.0 per cent)
The December quarter was also the 10th consecutive quarter in which debt agreements increased in year-on-year terms.
Reasons for insolvencies
The most common cause of non-business…
Read the full article at: http://www.ratecity.com.au/personal-loans/news/australians-falling-victim-debt
A director of a company that took advantage of men suffering sexual dysfunction has been declared bankrupt after failing to pay the consumer watchdog’s legal costs.
Jacov Vaisman is the former director of the Advanced Medical Institute (AMI) and NRM, the company that bought AMI and continued to operate the business.
The Australian Competition and Consumer Commission took AMI and Mr Vaisman to court in 2015 for taking advantage of vulnerable men suffering sexual dysfunction.
Federal Court Justice Anthony North found AMI engaged in unconscionable conduct in its sales pitch, which included telling men their penises would shrink if they didn’t agree to treatments offered by the company.
The Federal Court on Tuesday granted an ACCC application …
Read the full article at: http://www.news.com.au/finance/business/breaking-news/sex-clinic-founder-declared-bankrupt/news-story/e2128013e4d0d67b38263b1b8652ba25
ET Intelligence Group: The business restructuring undertaken by KPIT Technologies offers value unlocking opportunity for investors. The Pune-based mid-tier software and engineering services company plans to merge its existing operations with BirlaSoft, an unlisted software company promoted by the CK Birla Group. The merged entity will then be split into two separate publicly listed entities. The first company, which will be named BirlaSoft, will focus on IT services and the second, KPIT Technologies, will deliver engineering services.
Latest financials of BirlaSoft are not available. According to the data from Captialine, it reported a revenue of Rs 478 crore in FY16 and net profit of Rs 68.8 crore. KPIT reported a revenue of Rs…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/kpit-merger-demerger-likely-to-unlock-value-for-investors/articleshow/62718346.cms
More than 2,100 students in the Francis Howell School District together owe almost $19,000 in their school lunch accounts.
In the Rockwood School District, students owe about $8,800, but that number climbed as high as $13,000 during the holidays, said Carmen Fischer, director of child nutrition services for the district.
Sensitive to the possibility that not all families may be able to afford daily lunches for their children, both districts are among many that have recently started asking families and community members to help pay off student meal debt.
Rockwood contacts th…
Read the full article at: http://www.stltoday.com/news/local/education/schools-ask-the-public-for-help-in-paying-off-student/article_0df5e95f-ce74-55f1-b31a-e7dbb60b507e.html
In this series, NerdWallet interviews people who have triumphed over debt using a combination of commitment, budgeting and smart financial choices. Responses have been edited for length and clarity.
Six years ago, Cara and Jesse Nuno could not imagine a debt-free life.
The Minnesota couple met at an unemployment office in 2010 and married a year later. But as they started a new chapter together, both carried burdens of debt from their past lives.
Cara, 53, was a single mother of two with a disability that prevents her from working full time. She fell behind on credit card and car loan payments and tried unsuccessfully to negotiate lower payments with her creditors.
Jesse, 65, was laid off during the financial crisis and fe…
Read the full article at: https://www.nerdwallet.com/blog/finance/how-i-ditched-debt-cara-and-jesse-nuno/
THE company overseeing The Outdoor Furniture Specialists chain has gone into administration amid increasingly tough times for the retail sector.
The Brisbane-based company is the head franchisor for 46 stores across Australia and claims to be the largest specialist outdoor furniture retailer in the country.
Franchise store operators contacted yesterday said they were continuing to trade as normal despite the administration.
Sydney-based insolvency practitioners Anthony Elkerton and Justin Holzman were appointed joint and several voluntary administrators of the company last week.
Founded in 1990 by brothers Craig and Nigel Davison, the company’s stores sold outdoor benches, lounges, tables and chairs.
Mr Holz…
Read the full article at: https://www.gladstoneobserver.com.au/news/the-outdoor-furniture-specialists-head-franchisor-/3322720/
The investigation into potential misconduct in the running of Carillion will be expanded to look at up to 169 directors across the failed construction company, MPs have been told.
At the initial hearing of a Commons business and work and pensions joint select committee into the failure this month of Carillion, MPs heard that an Insolvency Service investigation into the conduct of management covered 16 of Carillions companies in liquidation and 169 directors across the group.
Sarah Albon, chief executive of the Insolvency Service, said that her agencys investigations running in parallel with the liquidation of Carillion bei…
Read the full article at: https://www.thetimes.co.uk/article/insolvency-service-scrutinises-carillion-boards-actions-27xm3sqrd
LONDON (Reuters) – Royal Bank of Scotlands (RBS.L) restructuring business did not turn around the vast majority of small businesses it worked with, Chief Executive Ross McEwan said on Tuesday in response to lawmakers questions.
McEwan and RBS Chairman Howard Davies were being grilled by members of the Treasury Select Committee, which has challenged state-backed RBS on its treatment of troubled small businesses during and after the financial crisis.
RBSs Global Restructuring Group (GRG) handled around 12,000 struggling firms between 2007 and 2012, some of which accuse the bank of pushing them into bankruptcy to pick up their assets on the cheap.
Nicky Morgan, who chairs the Treasury committee, asked McEwan about a statement he made in 20…
Read the full article at: https://www.reuters.com/article/us-rbs-grg/rbs-restructuring-arm-did-not-turn-around-vast-majority-of-businesses-ceo-idUSKBN1FJ23T
At the start of the fall semester, attorney Kimball Parker began a new class with nine Brigham Young University law students and a lofty goal: Find an area of law that is difficult for people to navigate and provide a solution.
Parker and the students who were enrolled in the LawX course gathered data from the state courts and quickly decided they would tackle the issue of debt-collection lawsuits.
The class learned that debt collectors in the past five years had filed more than 330,000 lawsuits against Utahns. More than 98 percent of those sued dont hire an attorney. And in some years, over 80 percent of those sued did not respond, causing them to automatically lose their cases.
We basically stumbled upon the biggest problem…
Read the full article at: https://www.sltrib.com/news/2018/01/30/byu-law-students-create-online-tool-to-help-utahns-fight-debt-collectors-in-court-without-a-lawyer/
The Australian government’s proposed director identification number is just one weapon in the war against company phoenixing.
By Michelle Lindsay
In December 2013, Australian designer jeans label Ksubi was placed into receivership after 13 years in business, putting around 60 employees out of work. While on the surface this was simply a story of a local brand failing to survive in a competitive market, the truth was murkier. Three years earlier, the Ksubi brand had been sold to clothing manufacturer Bleach Group after going into administration. Then, in August 2013, it was sold again this time to a company called Mentmore.
Investigation by liquidators, assisted by the Assetle…
Read the full article at: https://www.intheblack.com/articles/2018/02/01/new-laws-phoenix-activity