Related Story: Arrium shares suspended while banks decide its future South Australian-based steelmaker and iron ore miner Arrium has been placed in voluntary administration by its directors. Key points: Administrators from Grant Thornton will assume control of Arrium’s day-to-day operations immediately, while working with lenders, staff, suppliers and government to review…
Arrium workers face uncertain future Thousands of jobs are at risk after troubled steel and mining group Arrium was placed in voluntary administration after failing to win the support of its lenders for a funding deal. The debt laden company has appointed Grant Thornton as administrators, with executive control to be transferred immediately. Arrium’s lenders…
Troubled steel and mining group Arrium has been placed in voluntary administration, following discussions with its lenders. The company, which suspended trading in its shares on the ASX on Wednesday, says it has appointed Grant Thornton as administrators, with executive control to be transferred immediately. Arrium shares were put in a trading halt on Monday,…
The Bankruptcy Bill proposes a time-bound framework for sick entities to decide whether they should be liquidated or revived Image: Radious Image / Corbis I n september 2009, when Ishita Swarup launched her online flash sales portal 99labels, the market was exciting. She was pioneering a new business model in the nascent ecommerce sectorgiving heavy…
A healthcare group turning over millions of dollars from the sales of vitamins and other consumer products has collapsed into voluntary administration. Direct Wellbeing Pty Ltd appointed external managers on April 4. Todd Gammel and Barry Taylor from HLB Mann Judd are acting as joint voluntary administrators and a creditors meeting is due to be held…
A new campaign has been launched to outlaw late payments in a bid to save hundreds of Peterborough companies. Called #PayFair, the initiative aims to make Peterborough a no-tolerance city for the late payment of bills among companies. It asks firms to commit to paying on time. Figures show that 620 Peterborough companies closed last…
A Queensland travel company that has collapsed into liquidation is being dragged to court by the Australian Communications and Media Authority. Getaway Escapes is being taken to the Federal Court for allegedly breaching its obligations under the Do Not Call Register Act and Telemarketing and Research Industry Standard. This is the first time ACMA has initiated…
JOHN KIRK-ANDERSON/FAIRFAX NZ Stonewood Blenheim Region director Brent Mettrick is putting the company into liquidation after its franchise arrangement was cancelled by new Stonewood owners, Inno Capital. The Stonewood Homes franchise that was created to salvage the builds and reputation of the brand in Marlborough is going to be placed into liquidation, its director says. Stonewood…
Kylie Hollard. The Dick Smith collapse has led to an investigation by National Australia Bank and HSBC to explore action against the six former directors of the company and its auditor, Deloitte, but who really is to blame? Should creditors be aware of the warning signs? Staples Rodway Associate, Kylie Hollard, tells us the warning…
April 5, 2016 2:01 p.m. ET WILMINGTON, Del.There is no sign of a quick end to the long-running fight over how to divide the remnants of Nortel Networks Corp., a legal battle that has kept the defunct telecommunication companys investors and former employees waiting for years to be paid. Nortels U.S. unit, bondholders, Canadian creditors…