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Chapter 11 again mooted as an option for Australia's insolvency regime

A Senate Committee has said amendments to Australia's corporate insolvency laws should be considered to encourage and facilitate corporate turnarounds. The Senate Economics References Committee called for a review of Australia's corporate ins ...

Resource Article - abi_admin - 07/22/2014 - 13:08 - 0 comments - 1 attachment

Tough Times In Building Trades Won't End Soon, Experts Say

An estimated 114 building and construction-related companies have gone to the wall in Canberra since the start of last year, leaving behind more than $80 million in debts, Australian Securities and Investments Commission data has revealed, The Canberra ...

Daily Headline - global.abi.org - 07/21/2014 - 18:49 - 0 comments

Sherwin Goes Into Voluntary Administration

Junior iron-ore company Sherwin Iron went into a trading halt on Friday as the company entered voluntary administration after failing to secure financing, Mining Weekly reported. Sherwin had previously warned shareholders of the need to secure capita ...

Daily Headline - global.abi.org - 07/13/2014 - 23:13 - 0 comments

Crazy Clarks Owner Back In Receivership

Kathmandu founder Jan Cameron’s chain of discount ­retail stores has fallen into receivership for the third time in five years, putting more than 2500 jobs at risk, The Australian reported. Control of DSG Holdings Australia, the company behind discou ...

Daily Headline - global.abi.org - 07/01/2014 - 23:41 - 0 comments

An Australian Chapter 11? Rethink On US-Style Insolvency

Australia’s insolvency laws, and the question of whether it is time to reconsider a chapter 11 style, have inadvertently been put back on the agenda by the Commonwealth Bank of Australia’s rogue financial planning scandal, Financial Review reported. ...

Daily Headline - global.abi.org - 06/30/2014 - 22:12 - 0 comments

Nexus Shares Plunge As Hopes Of Seven Deal Fade

Nexus Energy shares have slumped as much as 29 per cent on the likelihood that the contentious $26.6 million takeover offer from Seven Group Holdings would be voted down by shareholders, forcing the oil and gas junior into administration and potentially ...

Daily Headline - global.abi.org - 06/10/2014 - 21:57 - 0 comments

Take Offer Or Group Faces Collapse, Seven Warns Nexus Shareholders

Seven Group Holdings has warned dissident shareholders in the troubled Nexus Group that the group will probably collapse if its offer to take control fails, The Sydney Morning Herald reported. The Seven offer values Nexus, an oil and gas explorer, at ...

Daily Headline - global.abi.org - 06/08/2014 - 21:08 - 0 comments

Insolvency Guru KordaMentha's Mark Korda Under Fire On Advice

One of Australia's best-known insolvency practitioners, KordaMentha partner Mark Korda, has been accused of giving substandard advice to failed investment group Octaviar in the run-up to its collapse in September 2008, The Sydney Morning Herald ...

Daily Headline - global.abi.org - 06/01/2014 - 21:18 - 0 comments

Abbott’s Popularity Slumps in Australian Budget Backlash

Prime Minister Tony Abbott defended the budget and said Australians were put “on notice” about spending cuts before the last election, as polls showed his approval ratings and support for the government slumping, Bloomberg News reported. “Doing nothing w ...

Daily Headline - global.abi.org - 05/18/2014 - 22:41 - 0 comments

Perth Is Australia's Insolvency Capital

Western Australia is contributing more to Australia's growth in personal insolvencies than any other part of the country, BankingDay reported. The Australian Financial Security Authority has released regional insolvency data for the first time, ...

Daily Headline - global.abi.org - 05/18/2014 - 22:42 - 0 comments

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