Questions surrounding real-estate identity John McGrath’s online gambling debts should be quickly resolved, a significant investor has said, so the company can hold focus on “turning the business around”. Fairfax Media revealed on the weekend that Mr McGrath has a $16 million gambling debt to a betting company run by bookmaker Tom Waterhouse, prompting shares…
DetailsMr McGrath, 54, has denied having any gambling debt. Mr Smollen said Mr McGrath enjoyed horse racing, but he had no knowledge of whether Mr McGrath was gambling. “I’m aware that race horses have been a hobby and a passion of John’s for some time, and I’ve never viewed that as an unhealthy thing, but…
DetailsControversially forgetful businessman Bill Lewski has paid nothing to walk away from $190 million in civil claims brought against him, his fellow directors and advisers to retirement village outfit Prime Trust. The founder of Prime Trust, Bill Lewski, gifted $60 million reaped from a controversial deal with Babcock and Brown to his sons. Fairfax Media…
DetailsOne of Western Australia’s largest commercial builders has suspended trading as it reviews its “financial viability”. Jolimont-based Cooper & Oxley sent a letter via email to its subcontractors yesterday instructing them to stop work, saying it was not in a position to pay any accounts at present. The company later put out a statement…
DetailsThe former director of the collapsed Rare Coin Company will spend at least the next 25 months behind bars after being sentenced to stealing more than $1.8 million from investors over a two-year period. Robert Colin Jackman, 63, was jailed for four years and two months in Albany District Court yesterday after pleading guilty to…
DetailsThe much delayed insolvency resolution proceedings for Bhushan Steel has finally made it to the second stage. Bids for the debt-ridden company were submitted day before yesterday-after being pushed back multiple times-and the highest bidder is expected to be announced tomorrow. In the running are JSW Steel, Tata Steel and a group of employees of…
DetailsThe former director of a Victorian business has pleaded guilty to illegally withdrawing funds from her business while in liquidation, despite the business having debts of over $700,000. Lorraine Bullock is a former director of Twenty12, a liquor store that operated in Healesville, Victoria. The company was put into liquidation in October 2015, with multiple creditors…
DetailsHoulihan Lokey has announced that Edward Middleton has joined the firm as a Managing Director and Co-Head of Financial Restructuring, Asia alongside Brandon Gale. He is based in Hong Kong. Middleton enjoys an excellent reputation in the international restructuring community, having been a partner at KPMG, where for 10 years he was Head of its…
DetailsPrivate equity giant Blackstone, drugmakers Strides Shasun and Nectar Lifesciences are ahead in the race to acquire debt-laden Orchid Pharma, The Economic Times reported citing two persons aware of the development. Dr.Reddys Laboratories and Aurobindo Pharma are no longer in contention for Orchid Pharma, the report said. Orchid Pharma is undergoing a corporate insolvency resolution…
DetailsOrange has one of the highest rates of personal bankruptcy in Australia, with 75 people in the city declared bankrupt in 2017. Statistics from the Australian Financial Security Authority and data research agency illion placed Orange seventh in Australia, and second in NSW, for suburbs with the highest concentration of bankruptcies. It was a 38…
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