Australia’s third-placed TV network Ten has entered voluntary administration after three of its biggest commercial backers shied away from providing ongoing support to the business. The news was first revealed by Fairfax Media and formally confirmed today. Fairfax Media reports Korda Mentha will be appointed as administrator. The administrators are Mark Korda, Jennifer Nettleton and Jarrod Villani. Ten…
Channel Ten has been forced to go into voluntary administration after its billionaire shareholders told it on the weekend they would no longer guarantee a key loan. The TV broadcaster has appointed KordaMentha as voluntary administrators of the company and its subsidiaries, it announced in a statement to the ASX on Wednesday morning. Play Video Don’t Play Uber CEO takes…
Following news yesterday that Australian TV network Channel Ten had suspended trading of its shares following news that a number of key shareholders would not guarantee the companys future, it has now been confirmed that the company will be placed into voluntary administration. This is extremely disappointing for all of us, said Ten CEO Paul Anderson in a meeting…
By Dominic Powell and Emma Koehn. Ten Network Holdings has been placed in a trading halt until Thursday. The company told the the market on Tuesday that two of the shareholders guaranteeing the TV networks loan facility have refused to extend support for it beyond December. The Australian reports financial advisors for Lachlan Murdoch and…
A PITTSWORTH egg producer has gone into voluntary administration and the advisory firm appointed is concerned for the welfare of its hens. Insolvency service Cor Cordis announced yesterday it has been appointed voluntary administrators of Darling Downs Fresh Eggs. The family-owned business has provided farm-fresh eggs for more than 16 years. Cor Cordis partners Darryl Kirk…
A former bankrupt masterminded a large and sophisticated tax-evasion scheme involving a complex web of companies in order to defraud the Australian Taxation Office (ATO), a court has been told. The Federal Court heard last week that Philip Whiteman also installed people including a homeless man as company directors without their knowledge in order…
Potential rescuers are already starting to emerge as administrators start to review the books of the collapsed Australian franchise of Topshop and Topman. The Australian franchise of the UK fast fashion brands collapsed into voluntary administration on Wednesday. Administrators from Ferrier Hodgson were appointed to Austradia Pty Ltd, which operates nine stand-alone Topshop and Topman stores…
3 min read Nagpur: Create economic uncertainty by indulging in financial mismanagement and corruption seems to be the most-liked but equally dubious modus operandi of companies to go bankrupt in order to dodge the action of their creditors. The Jayaswals of Neco, Nairs of Orange City Hospital, Nairsons of coal companies and many such more…
2 min read Nagpur: Seems their is no end to defaulters in Nagpur, one after another many companies in and around Nagpur are getting into trouble with their respective bankers initiating insolvency proceedings against them. Now its turn of Bhatia Global Trading Limited, which has landed in trouble after IDBI Bank initiated insolvency proceedings against…
Heres what it means for shoppers. May 24, 2017 11:43pm By Kate Moffatt One of the UKs most beloved fashion brands has gone into voluntary administration in Australia. Topshop, which first landed on our shores in 2011, announced the news today, citing mounting debts as the reason for the shock collapse. While its surprising news…