Arrium’s creditors have waved through a plan to sell the troubled company’s steel and mining assets after its administrators signed a $1.6 billion deal to sell the Moly-Cop grinding media business. Moly-Cop – the world’s largest supplier of grinding media used in mining and construction – will be acquired by US private equity firm American…
06:00 04 November 2016 Duncan Brodie Frank Brumby, eastern region chairman of R3. Archant A growing number of unregulated and unlicensed advisers are targeting financially-distressed businesses, the regional regional brand on insolvency trade body R3 has warned. … Read the full article at: http://www.ipswichstar.co.uk/news/r3_eastern_warns_hard_pressed_firms_to_avoid_unregulated_and_unlicensed_advisers_1_4762041
Related Story: Arrium shareholders fight against company’s sale The administrators of Arrium, Korda Mentha, say there are less than five possible bidders for the steelmaker and iron ore miner. Korda Mentha said a handful of local and overseas firms have been shortlisted to buy Arrium with the sale hoped to be…
More than 150 unsecured creditors of former senator Bob Day’s failed building company in South Australia will not be paid the money they are owed . These 157 unsecured creditors are owed a total of $4.9 million by Homestead Homes and include tradesmen and subcontractors as well as customers who have paid deposits to build…
Failed fertiliser supplier Superfert Dongbu has entered liquidation, 18 months after it had been put into voluntary administration. Business News reported last year that farmers and other unsecured creditors could expect 7 cents in the dollar in a deed of company arrangement in which the major secured creditor, Korean company Dongbu Farm Hannong, agreed to allow…
Bob Day replacement drama ongoing BOB Day creditors were on Thursday given a grim preview of what to expect at Fridays Adelaide meeting, when their counterparts in Sydney were told the NSW arm of the business owes $19 million and has just $150 in the bank. Homestead Homes creditors will gather at the Law Society…
One Nation senator Rod Culleton is expected to face a High Court challenge to his eligibility to run for parliament. Attorney-General George Brandis said in a statement on Wednesday the Senate would be asked to refer to the court whether the West Australian senator was eligible for election because a larceny conviction stood in May…
Creditors of a collapsed company of which One Nation Senator Rod Culleton is a director, have no hope of getting their money back, the liquidator says. The information is contained in a report to creditors of Elite Grains, written by PPB Advisory liquidator Jeff Herbert, and leaked to the ABC. “There will not be…
After announcing his resignation last month, then changing his mind, Family First Senator Bob Day has handed in his notice to the President of the Senate. The now-former South Australian Senator made it official via a statement, which said the major investor that had been examining his Home Australia business over the past fortnight had decided…