IAIN MCGREGOR/FAIRFAX NZ Stonewood Homes was placed into receivership owing unsecured creditors $15m. Now the IRD wants to liquidate it. Two Stonewood Homes companies owed Inland Revenue (IRD) more than $1 million at the time of their collapse, court documents reveal. The two firms owed more than $330,000 in outstanding PAYE tax a major debt that could result in senior figures being held criminally…
File pic RELATED: Australian Workers’ Union to fight for Whyalla Steelworks READ THE STATEMENT: Scroll down Embattled steel and mining group Arrium has been placed into voluntary administration, following discussions with its lenders. The appointment comes just days after Arrium’s banking syndicate rejected a recapitalisation proposal from US group GSO and follows prolonged talks between the…
AUSTIN, Texas–(BUSINESS WIRE)–Etude Capital, LLC, together with its affiliates and the other participants in its solicitation (collectively, Etude or we), collectively the largest stockholder of RENN Fund, Inc. (RENN or the Company) (AMEX:RCG), with ownership of approximately 11.4% of the Companys outstanding shares, issued the following statement regarding the news announcement that RENNs board approved…
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…