When the sun set on Michael King, the Gold Coast coast monarch – The Australian Financial Review

Bankruptcy

  It’s hard to imagine a more meteoric rise than that of Michael King. At the height of the property boom in mid-2007, the former small-time Gold Coast lawyer had broken into the BRW Rich 200 with his ASX-listed MFS investment empire. He had interests across financial services, property, travel, leisure and childcare, which owned household brands…

Greek finance minister: creditors must keep promise on debt relief – Public Finance International

Debt Help

Euclid Tsakalotos stressed that the country had done its part, passing yet another series of austerity measures at the behest of its European lenders and the International Monetary Fund a condition required in return for the next tranche of loans. Despite Greece conceding to and fulfilling these terms, which it had originally rejected, talks to…

Bank-friendly insolvency regime challenged by new laws – The Sydney Morning Herald

Bankruptcy

Australia’s corporate insolvency laws are among the most favourable to banks in the world, but this mantle could be threatened by looming changes to wrestle power away from lenders. The federal government is expected to soon publish legislation it hopes will “reduce the stigma associated with business failure”, and one aspect of this will be an overhaul…

Careers Australia collapses leaving students in limbo | The Star – Newcastle Star

Liquidation

One of Australia’s largest private training colleges has collapsed, leaving 15,000 students in limbo and plunging 1000 staff into unemployment. The embattled Careers Australia was placed into voluntary administration late on Thursday – six weeks after it was stripped of federal funding due to dismal completion rates and aggressive recruitment practices. Classes have been suspended at the…