The board of directors of Australian Renewable Fuels (ARFuels), the countrys largest biodiesel producer, has placed the company into voluntary administration. Under Australian law, voluntary administration is a form of insolvency arrangement, which creates an opportunity for flexible approaches to bring about a better outcome for stakeholders than may otherwise occur in liquidation. The company…
Murray Wilson/FAIRFAX NZ Victory was one of the bars that had an arrangement with Hospo Bros, which is in liquidation. A Palmerston North-based bar management company with connections to pubs in various cities is unable to repay the $1.2 million it owes. The liquidators in charge of Hospo Bros have as good as completed their…
Financial panics have an unnerving tendency to coincide with the annual World Economic Forum in Davos. Bloomberg by Jeremy Warner The trouble with the World Economic Forum is that it has a propensity to become something of an echo chamber. Rather than promoting a plurality of views, ideas and sentiments, the mood tends to get focused into…
A biodiesel plant listed on the Australian Securities Exchange says the federal government is partly to blame for it collapsing into voluntary administration. Australian Renewable Fuels Limited, based in Barnawartha in north-east Victoria, appointed voluntary administrators on Thursday. Melissa Humann, David McEvoy and Nicholas Martin from PPB advisory are now managing the companys assets. A…
THE magnitude of yesterday’s revelations of a Coast company director holidaying in Las Vegas days after his company entered liquidation was quickly apparent. After the Daily revealed prominent Mooloolaba restaurateur Todd Young’s company, Todd Young Investments Pty Ltd, which through a trust operated Bella Venezia at Mooloolaba, had gone into liquidation and days later he’d…
Governor Rick Snyder of Michigan presents himself as a bipartisan, pragmatic accountant. His self-proclaimed nickname is One Tough Nerd. He has no trouble upsetting Democrats and Republicans on the same day. Related: Flint water crisis: emails reveal governor Snyder informed of problems a year ago He talks about Michigan residents as his customers and tries…
New Delhi: Officials from the ministries of finance and corporate affairs on Wednesday briefed a parliamentary panel on the Insolvency and Bankruptcy Code, 2015, which seeks to provide an easy exit option for insolvent and sick firms. The briefing was given to the 30-member Joint Committee on the Insolvency and Bankruptcy Code, 2015. The panel…
Chapman Tripp Australia has an Insolvency Law Reform Bill in Parliament and plans for more change further down the track in the form of recommendations from the Australian Productivity Commission, which the Australian Government has signalled it will adopt. These developments will be of interest to New Zealand insolvency practitioners, company directors and creditors. We…
UPDATE 12.30pm: A NUMBER of the Daily’s readers have taken to our Facebook page to vent their frustration after yet more workers have suffered with a prominent local restaurateur’s company going into liquidation. The Daily broke the news this morning of the demise of Todd Young Investments Pty Ltd, directed by Todd Young, who operated…
Stonewood Homes managing director and found Brent Mettrick says the closure of franchises in Marlborough and Hamilton is not indicative of a wider endemic. Stonewood Homes Marlborough has gone into liquidation, with debts of more than $1 million. The franchise of nationwide construction company Stonewood Homes went into liquidation last year, appointing Biz Rescue chartered…