Rise of the non-banks will generate competition – The Australian Financial Review

Bankruptcy

Non-banks have competitive advantages and disadvantages vis-a-vis licensed deposit-takers. Tanya Lake One of the most attractive investment opportunities in the years ahead could be non-bank lending in its various guises, including technology-enabled peer-to-peer (P2P) lenders. As regulators sensibly shrink excess leverage and risk-taking in the banking sector, they will inevitably open the door to heightened competition from…

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Clive Palmer’s Queensland Nickel should be liquidated, administrators tell creditors – ABC Online

Liquidation

Clive Palmer instructed Queensland Nickel to pay him nearly $15 million and the troubled company spent millions more on vintage cars, a report by administrators has found. Key points: Creditors to vote on whether to liquidate Queensland Nickel, after administrators recommend it Company owes about $74 million to sacked workers Report says vintage cars…

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Insolvency firms ready for Peabody Energy Australia – The Australian Financial Review

Bankruptcy

Insolvency and restructuring firms are circling Peabody Energy’s Australian arm, with the unit expected to appoint advisers and push ahead with a restructure as early as this week.  The United States-listed Peabody Energy flagged that it was on the verge of Chapter 11 bankruptcy last month and sources told Street Talk the situation was poised to…

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KLEENMAID IN COURT: How a web of loans brought it down – The Sunshine Coast Daily

Bankruptcy

A DELOITTE insolvency expert has told a court how the loans between Kleenmaid-run companies brought the company down. Richard Hughes, a Deloitte financial advisory partner, told the Brisbane District Court on Monday a web of loans ensured that when one Kleenmaid-run company was declared insolvent, the many others collapsed with it. Former Kleenmaid directors Andrew…

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