A snapshot of Exide’s global operations. Exide Technologies, a former Fortune 1000 battery manufacturer based in Georgia and now squeezed by a growing debt load and the COVID-19 supply crunch, has filed for bankruptcy as it seeks to sell off remaining assets. Exide is using Chapter 11 protection to stave off action by its creditors…
DetailsQUEENSLAND’S mining services capital of Mackay and its resources resurgence have taken a hit with a longstanding local company going into voluntary administration. Ricbuilt Heavy Industries, a leading engineering company with a strong reputation in the mining services sector, owes creditors more than $2 million. Administrator Frank O’Neill from insolvency firm SV Partners said Ricbuilt’s…
DetailsPreventative composition is available to companies that do not meet the bankruptcy test under the Bankruptcy Law, but which wish to obtain the court’s assistance in settling debts and trade out of their indebtedness. If the courts accept an application for preventative composition, the company’s debt obligations will be suspended and the court will appoint…
DetailsIn a claim describing Salim Mehajer as one of Australia’s most disliked people, a high-profile defence lawyer says a Sydney gossip column made out she sleeps with clients and unfairly exposed her to ridicule for her manner of dress and weight. The May 2019 article featuring a picture of Mr Mehajer and lawyer Zali Burrows…
DetailsDrought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner control of day-to-day management of Namoi’s trading and marketing and warehousing activities. In what is expected to be the last in a six-month run of sweeping restructuring and staff shedding actions at the NSW-Queensland ginning…
DetailsQUEENSLAND’S mining services capital of Mackay and its resources resurgence have taken a hit with a longstanding local company going into voluntary administration. Ricbuilt Heavy Industries, a leading engineering company with a strong reputation in the mining services sector, owes creditors more than $2 million. Administrator Frank O’Neill from insolvency firm SV Partners said Ricbuilt’s…
DetailsDrought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner control of day-to-day management of Namoi’s trading and marketing and warehousing activities. In what is expected to be the last in a six-month run of sweeping restructuring and staff shedding actions at the NSW-Queensland ginning…
Details1. What are special government bonds? Unlike regular government debt, special bonds raise cash for a certain policy or to help solve a particular problem. They are not part of Chinas official budget and thus not included in deficit calculations. At more than 3.6% of gross domestic product, the 2020 deficit target is already higher…
DetailsTHE former director of a major wedding planning company that shocked the Whitsundays when it went into sudden liquidation late last year has spoken publicly for the first time since the business collapsed. In October last year, award-winning wedding planning company, The Wedding Planners Whitsundays, was confirmed to be insolvent and unexpectedly entered into liquidation.…
DetailsAustralias largest producer of certified organic milk, Organic Dairy Farmers of Australia (ODFA), has entered voluntary administration. It is estimated it has more than $11.5 million in debts. The co-op is 100 per cent owned by 40 family farmers, supplying milk from three main dairy regions of Victoria, central and north-west Tasmania. It provides milk…
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