Gift card holders have been left out in the cold by the Dick Smith collapse. Photo: Josh Robenstone Australia’s largest investment bank has backed a proposal to secure funds from the sale of gift cards in a trust so customers are not left empty-handed if the business collapses. The suggestion was made after customers were left with thousands of dollars…
KEYS HANDED OVER: Arrium’s Whyalla steelworks are now in the hands of a voluntary administrator. Photo: David Mariuz The owner of the Whyalla steelworks, Arrium, has been put into voluntary administration by the embattled group’s board, throwing into doubt the future of thousands of jobs at the steel plant in the northern South Australian regional city. The…
LOCAL telecommunications firm, Firstel Cellular, has approached the High Court seeking an order for provisional liquidation after being inundated by debts amounting to $12 million. BY CHARLES LAITON Firstel company secretary Tamuka Madzore, in an application filed in February, urged the court to consider their application arguing the firm was in dire need of assistance.…
This paper analyses the corporate insolvency resolution procedures of India, the United Kingdom and Singapore within a common framework of well-specified principles. India, at present, lacks a single, comprehensive law that addresses all aspects of insolvency of a firm. It has multiple laws, regulations and adjudication fora, each of which have created opportunities for debtor…
(ANSA) – Verona, April 7 – The opera company that stages concerts and shows at Verona’s ancient Roman arena is going to be put into liquidation by the Verona Arena Foundation, ANSA sources said on Thursday. The move follows Wednesday’s rejection by workers of a cost-cutting agreement signed by the foundation and trade unions. Workers…
REVELATIONS of the extent of tax avoidance being practised by some of Australia’s wealthiest individuals puts lie to claims by our Federal Treasurer the nation does not have a revenue problem. The so-called Panama Papers are likely to be just a section of a maze of avoidance including earlier revelations of iconic brands willing and…
If there is to be any chance of saving the Whyalla steelworks from the wreckage that is Arrium, it probably still lies with its bankers and the big four Australian banks in particular. Should the administration of Arrium, now overseen by Grant Thornton, follow a conventional course, its best asset the Moly-Cop grinding materials business…
A company that ran The Staincliffe Hotel has gone into liquidation. Darwin Hotels Ltd was made the subject of a winding up order at an insolvency court in Leeds on March 8. Brian Morton The Staincliffe, at The Cliff, Seaton Carew, is now trading under another company name which owner Brian Morton is also part…
Hundreds of families across Australia are facing uncertainty after a company that stores umbilical cord blood went into liquidation. Brisbane-based Stemlife had more than 2,000 samples stored in its facility when it appointed liquidators BRI Ferrier early last month. Cord blood contains stem cells that can be used in the treatment of some…
Thousands of Hawaii residents will be losing their health insurance after a local company called Family Health Hawaii (FHH) was ordered into liquidation Thursday. The order, signed by First Circuit Court Judge Karen Nakasone, authorizes insurance commissioner Gordon Ito to take possession and control of FHHs assets as the liquidator and assume the powers of…