MUMBAI: Indian government action to increase spending on irrigation and crop insurance is not enough to end a cycle of indebtedness that has led to thousands of farmer suicides, and a complete overhaul of credit and subsidies to farmers is needed, activists said. Drought in many parts of the country has hit rice, cotton and…
GEORGE HEARD/FAIRFAX NZ While creditors of Stonewood Homes anxiously wait to hear whether they will be paid, the case is being cited as a reminder of directors’ responsibilities. In the wake of the Stonewood Homes collapse directors are being reminded that they face tough financial penalties if they fail to meet their legal responsibilities. Gerard Dale, a corporate…
A transport company that has been operating for more than 25 years has been placed into voluntary administration. Longfords Southern Deliveries, which is based on the south coast of New South Wales south coast, appointed external managers on February 18. Sean Wengel and Robert Whitton from William Buck have been appointed as voluntary administrators. Longfords…
At the beginning of this year Dick Smith went into voluntary administration. Today its receivers have announced that all 363 stores across Australia and New Zealand will be closed over the next eight weeks. 2890 staff members will be affected by the closures. According to the receiver James Stewart, offers received simply werent high enough.…
Overall, does claims trading help or hinder the chapter 11 process? Should additional disclosures be required? Claims trading became a big business in the early 1980s. At that time, it mainly involved buying trade creditors claims in order to make a profit under the plan of reorganization. Since then, claims trading has grown exponentially and now involves…
Administrators have moved to sell assets owned by companies belonging to federal MP Clive Palmer, including a Bombardier Global Express aircraft belonging to Palmer Aviation, which owes $26 million. Creditors of Mr Palmer’s aviation company met yesterday in Sydney and decided to put it into liquidation. Liquidators FTI Consulting said the process would start…
McGrath Nicol executive chairman Peter Anderson has been appointed as investigating accountant to the embattled lenders of steel and iron ore group Arrium, sources said on Wednesday. Anderson has specialised in corporate recovery for over 20 years at the restructuring and insolvency firm, assuming operational responsibility for several of Australia’s more prominent listed entities and structured finance projects…
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–STORE Capital Corporation (NYSE: STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced operating results for the fourth quarter and full year ended December 31, 2015. Highlights For the quarter ended December 31, 2015: Total revenues of $79.6 million Net income per share…
Bankruptcy is a cat that every bank and financial institution wants to bell at the earliest to offset losses. Thousands of crores of rupees are written off by banks under the guise of bad loans, when the institutions are unable to recover the outstanding dues from companies and individuals. Recently, even Reserve Bank of India…