Oceania

Results for Oceania

Cross-Border: Can a Bankrupt's Pension be used to Pay Creditors? The Search for Clarity in New Zealand and the UK

How does the objective of achieving payment for creditors in insolvency interact with the objectives of pension legislation, which seeks to ensure that individuals are adequately provided for in retirement? The courts in New Zealand and in the UK have ea ...

Resource Article - abi_admin - 07/03/2015 - 09:32 - 0 comments - 0 attachments

Australia: Nexus Energy Limited - Update on Debt-For-Equity Restructures of Listed Companies

In our article “Mirabela Nickel Restructuring - An Australian First” in the Q3 2014 issue of Global Insight, we considered the cutting-edge case of Mirabela Nickel Ltd [2014] NSWSC 836 (Mirabela) which was the first example of the court approving a debt- ...

Resource Article - abi_admin - 07/03/2015 - 09:23 - 0 comments - 0 attachments

KordaMentha Concludes Receivership Of Somers-Edgar's Orange

The receivers for Doug Somers-Edgar's Orange Finance have concluded their work with a shortfall of about $10 million in principal and interest owed to debenture holders of the failed company, Scoop.co.nz reported. Orange froze repayments to some 2,500 investors owed $25.6 million in late 2008 before ...

Daily Headline - global.abi.org - 06/29/2015 - 22:01 - 0 comments

Companies Avoid Paying $200 Billion in Tax

Businesses avoid paying $200 billion annually in taxes by channeling their overseas’ investments through offshore financial hubs, a United Nations agency said Wednesday, The Wall Street Journal reported. The estimate by the United Nations Conference ...

Daily Headline - global.abi.org - 06/24/2015 - 23:02 - 0 comments

Canberra Eye Hospital In Voluntary Administration Amid Directors Dispute

The Canberra Eye Hospital is in voluntary administration and its owners, who include pioneering eye surgeons, appear to be in a dispute over the sale of the business with shareholders, The Canberra Times reported. One of the founders, Dr Leo Shanahan ...

Daily Headline - global.abi.org - 06/09/2015 - 22:34 - 0 comments

Fashion House That Has Operated Since 1996 Collapses Into Voluntary Administration

A Melbourne-based clothing manufacturer and wholesaler founded in 1996 has entered voluntary administration, SmartCompany.com.au reported. LM Australasia started out producing and wholesale women’s lingerie before growing into a fashion house that specia ...

Daily Headline - global.abi.org - 06/04/2015 - 23:08 - 0 comments

Australia Launches Crackdown On ‘Fleecing’ Bank Culture

Australia’s corporate regulator is to launch a crackdown on the country’s banking culture, which it claims is encouraging misconduct and the “fleecing” of consumers, the Financial Times reported. The intervention by the Australian Securities and Inve ...

Daily Headline - global.abi.org - 06/03/2015 - 22:25 - 0 comments

Australia Raises One Of World’s Highest Minimum Wages

Australia is raising its minimum wage by an above-inflation 2.5 per cent, providing a boost to low-paid workers amid sluggish economic growth, the Financial Times reported. From next month about 1.86m workers must be paid a weekly wage of at least A$ ...

Daily Headline - global.abi.org - 06/03/2015 - 00:03 - 0 comments

ASIC Warns On Higher-Risk Broking Businesses, Will Say More On BBY Next Week

The corporate regulator sounded a warning on Thursday about stockbroking firms moving into higher-risk operations in the wake of the failure of Sydney-based BBY, noting it would have more to say next week on its inquiries into the collapse, The Sydney ...

Daily Headline - global.abi.org - 05/28/2015 - 18:56 - 0 comments

Insolvent contractors beware: principals can rely upon set-off rights when resisting claims

In brief: The Victorian Supreme Court has provided guidance on set-off rights in the context of insolvency, particularly in relation to inconsistency between provisions of the Corporations Act and security of payment legislation. Partner Nick Rudge and L ...

Resource Article - abi_admin - 06/02/2015 - 10:37 - 0 comments - 0 attachments

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