Australia’s corporate watchdog has alleged internet search company Uglii’s multibillion-dollar earnings projections are a sham and the existing managers should be removed to protect shareholders and creditors. Counsel for the Australian Securities and Investments Commission, Michael Pearce, QC, told a Federal Court hearing on Friday the Victorian firm was a house of cards built on wildly inflated and…
Former Spazio Casa director Paulo Cozzolino wrongly accused a former staff member of stealing products and selling them online. An application has been made to put bathroomware company Spazio Casa into liquidation. According to a public notice, an application for liquidation was filed on July 6. The company could not be reached for comment and…
Swiber Holdings Ltd. filed a petition to wind up and liquidate the company after facing demands from creditors amid a slump in offshore oil and gas businesses. The Singapore stock exchange said its investigating potential lapses in disclosure. The company said it made the application on July 27 to a Singapore high court, with a…
Former Spazio Casa director Paulo Cozzolino wrongly accused a former staff member of stealing products and selling them online. An application has been made to put bathroomware company Spazio Casa into liquidation. According to a public notice, an application for liquidation was filed on July 6. The company could not be reached for comment and…
Former Spazio Casa director Paulo Cozzolino wrongly accused a former staff member of stealing products and selling them online. Bathroomware company Spazio Casa has been placed into liquidation. According to a public notice, an application for liquidation was filed on July 6. The company could not be reached for comment and the law firm representing…
The cost of restructuring at Virgin Australia kept the airline underwater in the final quarter of 2016. The underlying loss before tax of $21.9 million for the three months was an improvement of $15 million on the corresponding period the year before. The result includes the impact of previously announced charges, mainly restructuring. For the…
SINGAPORE – Mainboard-listed offshore services firm Swiber Holdings has made an application to wind up the company and place it into provisional liquidation, it announced on Thursday (July 28). The High Court of Singapore has appointed Cameron Lindsay Duncan and Muk Siew Peng as the joint and several provisional liquidators of the company. The winding-up…
Dick Smith Holdings creditors have voted to place the failed business into liquidation in a last ditch effort to recoup some of their lost money. The second meeting of creditors, held in Sydney yesterday, saw Joseph Hayes and Jason Preston of McGrathNicol, appointed as liquidators of DSHE and its Australian subsidiaries. The New Zealand operations,…
The final remaining unrated professional indemnity insurer has been ordered to stop writing any new business after suffering a financial collapse. The Gibraltar Financial Services Commission said today it has intervened in the operations of Enterprise Insurance Company PLC after being informed that the business was insolvent and unable to secure additional funding. Advertisement Enterprise was…
News that Australias third-largest pizza chain Eagle Boys has been placed in administration suggests a bleak future may lie ahead for the company. Administrators have indicated they are in the process of identifying restructuring measures”. But research by ARITAs Mark Wellard (formerly from QUT) on the effectiveness of voluntary administration indicates that a sustainable rescue…