Debt-laden steelmaker Arrium should be sold off to the highest bidder, its creditors have been told. Administrator KordaMentha has released a report arguing “it is more practical to sell the businesses” held by the South Australian group than to wind it up. This would increase the chances of Arrium continuing as a business and provide…
Labor has called on the government to rule out accepting Bob Days vote on its industrial relations bills, after reports the Family First senator may not resign until after the Senate votes on them. Last week Day announced his intention to resign because his building company was going into liquidation. He said it would be…
The administrators of embattled steelmaker Arrium say the company may have traded while insolvent. In a report to creditors, KordaMentha stated it had identified a “number of transactions” entered into by Arrium prior to its collapse that warrant further scrutiny. “There is evidence which warrants further investigation as it suggests that the Arrium group…
Dick Smith, bless it, went into receivership on January 4 and the following day tripped into voluntary administration. Across the ditch, it appeared to enter receivership and administration on the same day. Pumpkin Patch, hitting the skids after a long slide, also went into receivership and administration on the same day. This appears to be…
JOHANNESBURG – The controversial Gupta family may lose its recently-acquired Optimum Coal Mine. A multinational company is threatening the mine with liquidation, claiming it is owed money for goods and services. Barely a week ago, reports emerged that R1.3-billion of Optimum Coals rehabilitation funds, were transferred from a Standard Bank account to the…
An official probe into the collapse of BHS has grown so complex that it is consuming one-tenth of the investigative capacity of an agency charged with disciplining rogue directors, a minister has claimed. Investigators at the Insolvency Service began looking into BHS shortly after the company filed for protection from creditors in April. The agency…
NEW YORK–(BUSINESS WIRE)–As part of its continuing leadership transition plan, Otterbourg P.C. has named Daniel Fiorillo head of the firms restructuring practice group as of January 1, 2017. Jonathan Helfat, who successfully led the group for more than 25 years, will be stepping down from that position but will continue to practice actively with the…
LWP Capital Inc. Provides Update on Liquidation Proceedings LWP Capital Inc. October 26, 2016 10:36 ET TORONTO, ONTARIO–(Marketwired – Oct. 26, 2016) – LWP Capital Inc. (formerly “Legumex Walker Inc.“) (“LWP” or the “Company“), by KSV Advisory Inc. in its capacity…
Bankrupt businessman Geoffrey Edelsten faces years of litigation in Australia and the United States, with creditors in both countries lining up to get a piece of his Victorian assets. Edelsten is being chased by more than 40 creditors , including the Australian Taxation Office, for millions of dollars. He also owes National Australia Bank, Bendigo…
Less than a year ago, Argentina was on the brink of a balance of payments crisis after 12 years of populist rule. But dollars have flooded into the economy since the business-friendly government of Mauricio Macri took over last December, with central bank reserves last week surging above $40bn. Although the record set by Argentinas…