The introduction of the Insolvency and Bankruptcy Code, 2015 (the Code) in the Lok Sabha by Finance Minister Arun Jaitley on December 21, 2015 was greeted by unanimous applause and a sigh of relief from all stakeholders. The Code first surfaced over a year ago when the Finance Minister announced that the government hoped to…
Prime Minister Malcolm Turnbull has urged Clive Palmer to “put his money up” to help workers sacked from the Queensland Nickel refinery, saying it is the least the magnate could do. Key points: Taxpayer-funded scheme would be a last resort Outstanding entitlements are about $73 million Clive Palmer “morally obliged” to pay workers’ entitlements,…
JOSEPH JOHNSON CJ Solutions Ltd (trading as Shilton & Brown Demolition) director and company shareholder Jim Shilton is devastated after his company was placed into liquidation. A Christchurch demolition company with big ticket contracts across New Zealand has gone bust owing more than $4.5 million. CJ Solutions Ltd, trading as Shilton & Brown Demolition, was placed into…
Now that its administrators have recommended liquidation, what happens next for Queensland Nickel, its workers and other creditors? ABC News Online answers the basic questions about what happens as a firm moves from administration into liquidation. What is the difference between administration, receivership and liquidation? If you imagine a troubled business being like…
Taxpayers may have to fund more than $70 million in payouts for Queensland Nickel (QNI) workers if the company goes into liquidation. Key points: Taxpayer-funded scheme would be a last resort Outstanding entitlements are about $73 million Clive Palmer “morally obliged” to pay workers’ entitlements, Michaelia Cash says Administrators FTI Consulting recommended winding up…
Yahoo7 and Agencies on April 12, 2016, 8:20 am Video Clive Palmer goes head-to-head with Kochie Clive Palmer’s company Queensland Nickel has been recommended to go into liquidation after creditors reported debts in excess of $100 million. FTI Consulting says it has advised creditors to vote to wind it up at a meeting later this…
Video will begin in 5 seconds. More video Recommended Replay video Why Arrium collapsed Steel maker and miner Arrium has staggered into voluntary administration, and the sagging steel market is just one cause. PT1M0S 620 349 The union representing 2000 workers at collapsed steelmaker Arrium has joined forces with aggrieved lenders to dump the troubled…
Why Arrium collapsed The union representing 2000 workers at collapsed steelmaker Arrium has joined forces with aggrieved lenders to dump the troubled group’s administrator Grant Thornton and install rival corporate undertaker KordaMentha to oversee a painful restructuring. Federal Court Justice Jennifer Davies issued orders appointing KordaMentha’s Mark Mentha, Bryan Webster, Martin Madden and Cassandra Matthews as administrators following Grant Thornton’s resignation a… Read the…
A report by administrators FTI Consulting into the solvency of Clive Palmers Queensland Nickel refinery near Townsville has recommended the company be liquidated, ahead of a creditors meeting next Friday. The creditors will meet on April 22 to decide whether to place the company into liquidation with debts in excess of $100 million, including more…
File pic RELATED: Australian Workers’ Union to fight for Whyalla Steelworks READ THE STATEMENT: Scroll down Embattled steel and mining group Arrium has been placed into voluntary administration, following discussions with its lenders. The appointment comes just days after Arrium’s banking syndicate rejected a recapitalisation proposal from US group GSO and follows prolonged talks between the…