The full impact of the financial collapse of a key arm of Department of Defence construction supplier St Hilliers remains unclear after the local firm called-in financial administrators for the second time in a decade after hitting the wall. Whatever the outcome, its not great. Construction firms across the nation are buckling under the pressure…
A new cooperation arrangement for mutual recognition of and assistance to cross-border corporate insolvency and debt restructuring proceedings has been established between Mainland China and Hong Kong (the Cooperation Arrangement). The Cooperation Arrangement is provided in a Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) proceedings between the Courts of the…
From afar, China Evergrande Group had all the makings of a killer distressed-debt trade: $19 billion in defaulted offshore bonds; $242 billion in assets; and a government that appeared determined to prop up the countrys faltering property market. So US and European hedge funds piled into the debt, envisioning big payouts to juice their returns. What they got instead…
The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of fugitive diamantaire Mehul Choksi-promoted firm Gitanjali Gems. The tribunal has also appointed Santanu T Ray as the liquidator.The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018. It has admitted liabilities of over Rs 12,558 crore.…
In short: The company which operates the Peko mine in Tennant Creek has been placed into voluntary administration. Elmore has told the Australian Stock Exchange it is “insolvent or likely to become insolvent at some future time”. What’s next? Employees have been told they still have jobs and will continue to be paid a wage, as administrators assess…
Prepared by Carmela Attolini, Annalisa Ferrando and Judit Rariga Published as part of the ECB Economic Bulletin, Issue 1/2024. This box analyses corporate vulnerabilities as derived from firm-level replies to the Survey on the Access to Finance of Enterprises (SAFE). A firm is considered vulnerable if it simultaneously reports lower turnover, lower profits, higher interest expenses…
An embattled South Fremantle brewery will keep its doors open via its acquisition by Simm Group of Companies. Atari Enterprises which is behind Running with Thieves entered voluntary administration in August last year, when it cited difficult trading conditions. The West Australian later revealed the Australian Tax Office was suing the brewerys boss Scott Douglas…
6854 Reads A Set small text size A Set the default text size A Set large text size ACT Brumbies chairman Matt Nobbs has shut down suggestions the Super Rugby franchise is following the path of the Melbourne Rebels by heading into voluntary administration and dismissed any suggestion of a potential merger. On Monday night,…
Major building company St Hilliers has called in voluntary administrators, as strain continues in the Australian construction industry. A telephone statement from the group said Allan Walker of WLP Restructuring had been appointed to oversee investigations into the future of St Hilliers and six other entities. “The administrator is now in control of each of…