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.
A dispute over Indian sandalwood producer Santanol Group has pitted 21 Western Australian investors, led by forestry veterans Bob Bunning and Tony Jack, against private equity giant KKR and its local representatives, including Jock Clough and incoming Wesfarmers executive Ed Bostock.
At stake is control of an established sandalwood producer with 2,100 hectares of plantations, mostly near Kununurra in northern WA.
This dispute has many unusual aspects, not least of which is that insolvency firm McGrathNicol is hoping to sell an equity interest in Santanol Group, although it cant say how much.
That reflects a dispute between the private investors who established Santanol in 2004, and KKR, which became a majority shareholder in 2013.
A hedge fund investor who loaned $2 million to Relativity Media just before it went bankrupt now claims he was swindled out of the money.
Carey Metz, chief investment officer of Atorus Investment Management, filed suit on Thursday in L.A. Superior Court, accusing Relativity founder Ryan Kavanaugh of fraud. Metz alleges that Kavanaugh went to unscrupulous lengths to scrounge money to salvage his company. Among other things, he says Kavanaugh reneged on a personal guarantee of the $2 million loan, which he says was consummated with a handshake.
Kavanaugh was struggling to avert bankruptcy in 2015. Metz had already put in $10 million, and Kavanaugh came to him seek…
A Melbourne builder is being hunted by angry tradesmen who claim they are owed millions of dollars for work on an apartment complex in which underworld figure Mick Gatto has a financial interest.
Key points:
A number of contractors walked off job in West Melbourne last month over non-payment of bills
Imagebuild Group placed into liquidation by the Supreme Court this week
Unclear how much money is owed by Imagebuild Group but ABC told it could be more than $6 million
Work on the Bond Quarter apartment building, on Spencer Street in…
Former Australian supermodel Kristy Hinze may be married to one of the wealthiest men on the planet, but all those billions are no good to her brother Guy Hinze and his wife Lauren who have been forced to place their once successful baby goods emporium business into voluntary administration.
A notice on the Bubs Baby Shops website on Thursday told customers: “As of Thursday August 17, 2017 Bubs Baby Shops is under voluntary administration and the affairs, business and property of the company is being managed by the administrators Worrells.”
Kristy Hinze and brother Guy Hinze in 2011. Photo: Lee Besford
The business’s website has also been suspended while those customers who already had gift vouchers, credit notes or wer…
The Office of the Australian Information Commissioner (OAIC) has kicked off its audit of the Department of Human Services’ controversial Centrelink automated debt recovery scheme.
The OAIC revealed in a legal and constitutional affairs senate committee hearing on Friday morning that it had recently sent a letter to DHS outlining its assessment program, the first step in the process.
The first assessment would begin “shortly”, deputy commissioner Angelene Falk said.
Falk said the OAIC had decided to wait until DHS had implemented the recommendations from a damning Commonwealth Ombudsman’s report, and then conduct an assessment of the implementation.
The ombudsman said DHS needed to undertake a compre…
Medical centres and pathology operator Primary Health Care has made a full-year loss of $517 million, after writing-down the value of its medical centres business.
The company says it was hit with a non-cash impairment charge of $587 million in relation to its Medical Centres unit and underperforming sites, including the old Symbion sites.
It said it had also invested $39.2 million in restructuring and strategic initiatives and recorded $18.1 million of non-recurring items.
Primary said its underlying profit, which excludes the impacts of impairments and non-recurring items, was down 4.9 per cent to $92.1 million with a strong performance in its imaging and pathology units partially offsetting the decline in earnings in its Medical Centres …
While Japans flagship panel maker completed its biggest two-day rally this year on Thursday, bearish bets have climbed toward a record.
Japan Display Inc. soared 15 percent this week, boosted by reports of strong quarterly sales of iPhones, which use the companys liquid-crystal displays. But short interest rose to 24 percent of free float as of Tuesday, approaching a record high set in May, as analysts said the companys restructuring plans announced last week were far from impressive.
Issues around Japan Display will be long running, Damian Thong, an analyst at Macquarie Group Ltd., said in Tokyo on Thursday. Its long-term restructure outlook is challenged by the reality of significant overseas competition.
The government has introduced a new form under the insolvency law to enable a person who has to receive a payment from an insolvent company to seek the claim. This will enable persons such as homebuyers to make claims for undelivered flats on a company undergoing resolution under the Insolvency and Bankruptcy Code (IBC). Jaypee Infratech, which is currently under the Corporate Insolvency Resolution Process, has uploaded the new Form-F on its website.
Till now, only financial and operational creditors were permitted to seek claims under the IBC. But Insolvency and Bankruptcy Board of …
* Amendments to certain credit facilities to insulate
seadrill partners from seadrill limited’s restructuring
* has completed amendments to three secured credit
facilities that relate to rigs purchased by Seadrill Partners
from the Company that will insulate Seadrill Partners from
events of default related to the Company’s likely use of chapter
11 proceedings to implement its restructuring plan
* The amendments to the three facilities remove Seadrill
Partners and its consolidated entities as a borrower or
guarantor and separate the facilities such that each resulting
Seadrill Limited facility is secured only by Seadrill Limited’s
assets without recourse to Seadrill Partn…
The student loan debt crisis has become one of the big moral and political quandaries of our age. 44 million Americans owe over $1.4 trillion in total debt, which is almost double that of total U.S. credit card debt. Even worse, those in debt are young, productive Americans who have to deal with this burden instead of purchasing homes or other investments which would further help the American economy. Even young accountants can find themselves struggling under the pile of such debt.
Individuals looking to ease their debt burden can find countless articles on the Internet describing ways to relieve their debt payment, but there is no substitution for professional expertise and advice. This is where CPAs can step in. By offe…
OAKLAND A man allegedly linked to several California bank robberies was hit with three new federal charges this week, court records show.
Clayton Quiz Smith, 44, faces 25 years in federal prison for a charge of<br />robbing a US Bank in San Ramon on Feb. 6, 2017. (Folsom Police Department) (Folsom Police Department)
Clayton Quiz Smith, 44, was charged with robbing robbing two US banks in San Ramon, an El Dorado Savings Bank in Folsom, and a BBVA Compass bank in Concord. Court records say Smith confessed to robbing banks, saying he needed the money to pay a gambling debt. All robberies occurred in 2017, according to court records.
