Related Story: ACCC takes training company to court over alleged misleading conduct Defunct company Get Qualified Australia has been ordered to pay $8 million after it was found to have contravened Australian Consumer Law through misleading and unconscionable conduct. The Federal Court issued the penalty one of the highest ever awarded…
By Andy Mukherjee If the very first resolution of corporate debt distress by India’s national company law tribunal is any indication, lenders should probably just write off their bad loans. With a recovery rate of 6 percent, why even jostle to get on creditor committees or pay fat legal bills? That’s the uncharitable conclusion to…
The fall out continues after the shock announcement by Western Downs based construction company Ostwald Brothers that they have been placed into Voluntary Administration. After the announcement was made yesterday, all staff were stood down for 48 hours while the administrators, Price Waterhouse Coopers who have been called in to take over the running of…
ONE of Dalby’s largest employers Ostwald Bros., announced this morning they are placing themselves into voluntary administration. In a statement this morning, Managing Director, Brendand Ostwald said a “downturn in mining and infrastructure” lead to the decision. “It is with deep regret we announce, we are placing Ostwald Bros Group and Ostwald Construction Materials into…
Ostwald earthmoving plant preparing a feedlot site near Chinchilla PROMINENT Darling Downs civil engineering and construction firm Ostwald Brothers has been placed in voluntary administration. Ostwald Bros is well known across the agriculture sector for its work in feedlot construction and expansion, and earthworks associated with irrigation development. The company also has close business connections…
In the first round, the RBI had used a benchmark criteria based on which the 12 firms had been identified. As per the criteria, all large corporate accounts with fund and non-fund based exposure of Rs 5,000 crore and above each, and where more than 60 percent of the loans had turned bad as on…
NEW DELHI: The Reserve Bank of India (RBI) is readying to release a second list of loan defaulters that may contain some 30-40 companies, including the likes of Videocon, Castex Technologies, Visa Steel and JSPL, ETNow reported. Most of the companies on the list are said to be from the infrastructure and power sectors. ETNow…
Smart Homes, based on the Queensway Link Industrial Estate in Stafford Park, Telford, entered voluntary liquidation owing £40,000 because it said the costs of chasing an unpaid bill were too high. The administrators said Smart Homes was never paid for one of its jobs, and couldnt afford court action to reclaim it. It is believed…
The fall out continues after the shock announcement by Western Downs based construction company Ostwald Brothers that they have been placed into Voluntary Administration. After the announcement was made yesterday, all staff were stood down for 48 hours while the administrators, Price Waterhouse Coopers who have been called in to take over the running of…
THERE will be deep concerns in many communities after news yesterday that Darling Downs civil construction company Ostwald Bros has had to call in administrators PriceWaterhouseCoopers. The decision to go into voluntary administration has put nearly 500 jobs at risk. Over the past 27 years the family-owned and operated company has been a major employer…