Approximately 100 advisers will be forced to seek new network authorisation as Harwood Wealth Management puts its network services arm into voluntary administration. As of Monday 23 November, Wolverhampton-based Network Direct Limited has been forced into administration, causing potential disruption for advisers, staff and clients. Harwood Wealth acquired the network of financial advisers in 2016,…
Daniel Ross Patchett (32) received a 10-year ban for managing a company when bankrupt, while his wife, Yasmin Patchett (30) has been disqualified for 6 years. Husband and wife, from Kingthorpe, Lincolnshire, are banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or…
PUBLISHED: 19:31 22 November 2020 Angus Williams The Manor House pub in Wortham which has recently shut down. (C) Archant 2020 The former director of a popular pub and takeaway forced the business into liquidation after he took a 100,000 loan from the business and did not repay it, according to liquidators. Email this article…
Luxury fashion brand alice McCALL has now gone into voluntary administration, sadly following a long line of retailers that have had to shut up shop due to COVID-19. Fashion designer behind the brand Alice McCall herself gave a statement to 9News discussing her need to edit down the business and rework into a more sustainable…
Grocon has called in administrators over the groups construction companies, citing its loss from Infrastructure NSWs handling of the Sydney Central Barangaroo project. In a Friday announcement, Grocon chief executive Daniel Grollo said administrators had been contacted over the groups legacy construction companies founded by his grandfather more than 70 years ago. Grollo would not…
On 10 November 2020 we held a webinar as part of the IHL series looking at the Corporate Insolvency and Governance Act which came into force in the summer. During the session our panellists outlined the new rules and gave some practical tips for contracts, and other useful steps to think about. You can watch…
One of Australias largest construction companies, Grocon, has gone into administration, leaving thousands of subcontractors at risk of unpaid contracts. Grocon is known for developments such as Melbournes casino, Eureka Tower and the Rialto Towers. Grocons chief executive, Daniel Grollo, blamed its administration on Infrastructure NSW for its handling of the Central Barangaroo project. It…
My desire is to pay the creditors in full. I believe we will ultimately win the case against INSW and when we do so, the creditors will be the first in line to be compensated. Once a powerhouse in the construction industry, Grocon has been struggling for some time with a number of legal stoushes…
The Supreme Court on Thursday held that “any creditor of a company in liquidation” can become a party to the winding up petition against the defaulting firm and seek transfer of the plea from a high court to a National Company Law Tribunal (NCLT), set up under the new law on insolvency and bankruptcy. A…
A pharmacy embroiled in an ongoing PBS fraud case has unsuccessfully tried to pay its liquidators using funds confiscated by the Australian Federal Police Pharmacy Depot Hurstville has had a motion to allow debts incurred by its liquidators to be met out of funds restrained by the Australian Federal Police (AFP) rejected. The pharmacy and…