Poor performance in its veterinary business and a myriad of exceptional costs have drained Greencross’ (ASX: GXL) profits in FY18. The pet product retailer and veterinary specialist realised $24.2 million worth of impairments across areas including projects, investments, store assets and provisions. In the second half alone, Greencross paid $22.6 million in…
McGraths full year revenue was down 23% to $99.2 million. A $63.1 million after tax loss. The real estate market is challenging but the company says it has started its turnaround. McGrath posted a $63.1 million after tax loss, hit by difficult market conditions, lower sales, and the departure of some of the real estate…
The New Zealand-based banking groups proposed restructure will see its burgeoning Australian reverse mortgage business freed from the central banks capital requirements and poised for strong growth. Along with its financial results for the year ending on 30 June 2018, Heartland Bank issued a restructure proposal that would see it becoming a wholly owned subsidiary…
Alex Ralph The focus on pre-packs increased after Sports Direct acquired House of Fraser but avoided taking on liabilitiesCLIVE GEE/PA The government is facing pressure to bolster the rules around pre-pack administrations after figures showed that a voluntary scheme was being shunned. Only 11 per cent of eligible cases were referred to the Pre Pack…
While the size of the debts is unclear, the Commonwealth Actuary has already written down more than $1 billion dollars’ worth of taxpayer-funded loans that will never be repaid. Established by the Coalition and expanded by Labor, VET FEE HELP granted virtually unregulated access to government subsidies for every person who took out a loan…
We’ve previously covered the messy demise of Cafe Brass, the swanky restaurant in Melbourne’s inner-city that failed after only a few months, after its wealthy backers including billionaire investor Alex Waislitz, real estate classifieds wizard Antony Catalano, high street jeweller Marcus Rose and KPMG wheeler-and-dealer Jon Adgemis pulled the pin on the venture, which had…
While the size of the debts is unclear, the Commonwealth Actuary has already written down more than $1 billion dollars’ worth of taxpayer-funded loans that will never be repaid. Established by the Coalition and expanded by Labor, VET FEE HELP granted virtually unregulated access to government subsidies for every person who took out a loan…
Liquidator Steven Kugel of Insolvency Experts confirmed he was dealing with more than 1300 creditors, including one secured creditor and 15 employees, and around 500 debtors. The role of the liquidator was to act for the benefit of all creditors including employees, secured and unsecured creditors, he said. “In that regard, as liquidator, I will firstly…
The Federal Government has doubled the amount of money available for low-interest loans to help drought-stricken farmers. Drought package Aug 19 Key points Major General Stephen Day appointed National Drought Coordinator $75m to 60 councils for infrastructure Fodder storage depreciation initiative The move increases the loan allocation to $2 million and is among a raft…
Liquidator Steven Kugel of Insolvency Experts confirmed he was dealing with more than 1300 creditors, including one secured creditor and 15 employees, and around 500 debtors. The role of the liquidator was to act for the benefit of all creditors including employees, secured and unsecured creditors, he said. “In that regard, as liquidator, I will firstly…