The Construction, Forestry, Mining and Energy Union says construction company Grocon has not paid several groups of sub-contractors in Queensland for six to eight months, as concerns about the company’s future continue to simmer.
Some contractors working on the group’s Queensland projects such as the Parklands Project, which forms the athletes’ village for next April’s Commonwealth Games on the Gold Coast, have only been paid up to September, says the CFMEU, which has been in an on-going war with Grocon, which has been one of the few construction companies to stand up to the militant union.
Grocon denied the claims, saying it has finalised all its October payments for Parklands, and will commence payments for November invoi…
Read the full article at: http://www.afr.com/real-estate/grocon-did-not-pay-queensland-subbies-for-six-to-eight-months-cfmeu-20171220-h07thp
HK: Ashurst snaps up restructuring partner from White & Case
Read the full article at: http://www.legalbusinessonline.com/appointments/hk-ashurst-snaps-restructuring-partner-white-case/75212
As previously disclosed, on October 4, 2017, the Company filed a definitive proxy statement for a special meeting of its stockholders, which was held on October 26, 2017 (the “Special Meeting”). At the Special Meeting, the Company’s stockholders approved an asset purchase agreement for the sale of substantially all of the Company’s assets (the “Asset Sale”) and proposed the liquidation and dissolution of the Company (the “Liquidation”). The Asset Sale closed on November 1, 2017 and the Company intends to file its certificate of dissolution with the Secretary of State of the State of Delaware on December 28, 2017 and close its stock transfer books at the close of business on such date.
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Read the full article at: https://www.prnewswire.com/news-releases/sorrento-tech-inc-announces-voluntary-delisting-from-nasdaq-and-closing-of-its-stock-transfer-books-300573544.html
Diamond and precious metals dealer Alejandro “Alex” Mendieta has been ordered by the Supreme Court of Victoria to pay more than $190,000 to the owner of five precious stones that appear to have vanished.
The court order handed down on December 15 is the latest setback for Mr Mendieta, who was charged with receiving stolen goods in October amid claims by Victoria Police he had fenced jewellery stolen in a string of armed robberies over the past year.
The Colombian playboy was also served with a tax bill of almost $5 million in October for allegedly claiming GST credits that he was not entitled to rec…
Read the full article at: http://www.theage.com.au/victoria/playboy-diamond-dealer-ordered-to-pay-190000-over-missing-gems-20171219-h07ak4.html
Australia’s household debt is among the world’s highest, and according to the Australian Securities and Investments Commission (ASIC) we owe more than $30 billion on our credit cards alone.
Today, the Australian Bankers Association (ABA) outlined its strengthened code of conduct, and there’s a big focus on credit cards, including proposed changes to unsolicited credit card increase offers.
But the question is, will these changes have any impact on ballooning household debt?
What is the ABA suggesting?
It’s no secret that banks with a series of scandals in recent years are on the nose with consumers, and that helped prompt the upcoming royal commission into…
Read the full article at: http://www.abc.net.au/news/2017-12-20/will-the-new-credit-card-rules-have-any-impact-on-our-debt/9275178
Safety of bank deposits has vaulted into the centre-stage of public discourse for the first time since the minirun on savings at ICICI Bank in 2008. Selective reading or more fittingly, misreading of the Financial Resolution and Deposit Insurance (FRDI) Bill has led the general public to interpret the proposed legislation as draconian – one that would make fixed deposits the currency for future bank bail-ins.
Critical social media comments on the supposed use of depositors’ funds in the bailing-in of banks and the withdrawal of deposit insurance needed words of assurance from none other than the Prime Minister and the finance minister, who reiterated New Delhi’s commitment to “fully protect” public money. To be sure, the FR…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/frdi-bill-why-india-needs-a-new-legal-framework-to-prevent-failures/articleshow/62141722.cms
Queenslands health department has allowed a disgraced British psychiatrist to slip through the cracks.
Dr Richard Seamark has been practising at Sunshine Coast Hospital for 18 months despite being banned in the UK for jeopardising patient safety.
Seamark was accused of failing to adequately safeguard patients wellbeing, presenting a significant risk to patients and the public.
The discredited psychiatrist applied for a $400,000 senior position as Clinical Director of Mental Health at Cairns Hospital and was only denied when he disclosed his companys insolvency to recruiters.
Health Minister Steven Miles said when the recruitment process started the insolvency proceedings hadnt come to fruition.
When they did, he disclose…
Read the full article at: https://www.4bc.com.au/major-flaw-in-queensland-health-system-compromises-patient-welfare/
A year after being declared bankrupt, Independent TD Mick Wallace is scheduled to walk away from debts of more than 30m.
Mr Wallace was adjudicated a bankrupt at the High Court on December 19, last year on foot of a 2m judgment debt. He was therefore scheduled to leave bankruptcy yesterday.
Mr Wallace had been allowed to remain on in the Dáil over the past 12 months after the law was changed in 2014. Previously, TDs would automatically lose their seats if declared bankrupt.
During last Decembers 10-minute hearing Ms Justice Caroline Costello granted the bankruptcy petition by the Promontoria (Aran) Ltd fund.
The fund had obtained a 2m judgment in the Commercial Court the previous January after they took over a debt owed to Ulster Bank….
Read the full article at: http://www.irishexaminer.com/ireland/wallace-leaves-behind-debts-of-30m-as-he-exits-bankruptcy-464709.html
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Sorrento Tech, Inc. (Nasdaq: ROKA) today announced that it has notified the NASDAQ Stock Market (“NASDAQ”) of its intent to delist its common stock (the “Stock”) from the NASDAQ Global Market. The Company filed with the Securities and Exchange Commission (the “SEC”) and NASDAQ a Form 25 relating to the delisting of the Stock on December 19, 2017. The Company expects that the official delisting of the Stock will become effective ten days thereafter, on December 29, 2017.
As previously disclosed, on October 4, 2017, the Company filed a definitive proxy statement for a special meeting of its stockholders, wh…
Read the full article at: https://www.streetinsider.com/Corporate News/Roka Bioscience (ROKA) Announces Voluntary Delisting from Nasdaq/13617087.html
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ROME, Dec. 19 (Xinhua) — Bank of Italy Governor Ignazio Visco on Tuesday told a parliamentary commission of inquiry into the failure of several Italian banks that nobody in the government of ex-premier Matteo Renzi tried to exert undue pressure on him during the banking crisis.
Visco testified that Renzi asked him about Banca Etruria, one of four troubled lenders that were declared insolvent in 2015, restructured and sold off. “I told him I only talk to the finance minister about struggling banks,” Visco told the commission.
Opposition parties including the populist Five Star Movement and the rightwing Brothers of Italy party claim Renzi and then Reforms Minister Maria Elena Boschi exerted undue pr…
Read the full article at: http://news.xinhuanet.com/english/2017-12/20/c_136838349.htm