UPDATE 1.50pm: The state governments education and training department spokeswoman Katie Elliott said Journey Management Group had entered into liquidation and ceased training. The department will be in contact with all Victorian Government-funded students explaining their options for further training, she said. This is a difficult time for students and we will help them complete their…
DetailsPhoenixing by companies that deliberately go broke has a direct cost of up to $5bn a year on business, employees and government, including a whopping $3bn owed to other businesses, a PwC report says. Phoenixing is the deliberate and systematic liquidation of a company to avoid liabilities such as tax and employee entitlements then restarting…
DetailsTata Steel is gearing up to acquire Bhushan Power & Steel, going through insolvency proceedings, if it gets the requisite approvals. Much like the Bhushan Steel deal, Tata Steel is keeping its financing arrangements ready and is sounding out people within the organisation for Bhushan Power & Steel. …
DetailsVehicle training company collapses, leaving workers and students in lurch Journey Management Group’s Bendigo Skills Training Centre on Monday morning. Picture: NONI HYETT Journey Management Group’s Bendigo Skills Training Centre on Monday morning. Picture: NONI HYETT Journey Management Group’s Bendigo Skills Training Centre on Monday morning. Picture: NONI HYETT Journey Management Group’s Bendigo Skills Training…
DetailsWhen she she looks back on her childhood, Noriko Tanaka isnt surprised she grew up to be a problem gambler. Her grandfather spent every spare moment playing pachinko a pinball-like game with payouts while her father bet regularly on bicycle races. At home, they taught Tanaka how to stake money on card games before she…
DetailsA company bidding for a stressed asset in the same sector in which it is operating will now have to get the Competition Commission of India’s (CCI’s) approval ahead of finalisation of bids during insolvency process, sources said. This is a part of the latest round of amendments proposed by the government in the Insolvency…
DetailsOf course, writing too many loans that people cant afford will ultimately destroy shareholder value, if it all goes bad. But a little bit of mis-selling here and there? A little pushing of the boundaries of responsible lending to feed Australians obsession with homeownership? Sure. The heat is coming out of the property market. Only…
DetailsPhoenixing is costing the economy as much as $5 billion a year through unpaid wages, invoices and tax bills, a new report claims, as the Turnbull government intensifies its crackdown on dodgy company directors. The government’s Phoenix taskforce conducted about 340 reviews and audits in 2017-18, raising more than $270 million in tax liabilities and collecting…
DetailsREVEALED: Estranged husband of the New York socialite who fell down 27-story garbage chute to her death went bankrupt after ‘running multi-million dollar Ponzi scheme’ the same year they filed for divorce The husband of the New York City socialite who was found dead in her luxury building’s trash compactor was accused of running a…
DetailsOf course, writing too many loans that people cant afford will ultimately destroy shareholder value, if it all goes bad. But a little bit of mis-selling here and there? A little pushing of the boundaries of responsible lending to feed Australians obsession with homeownership? Sure. The heat is coming out of the property market. Only…
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