Australia

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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

Court confirms priority to receivership profits

In brief: A Supreme Court of Queensland judgment handed down today has provided greater certainty for secured creditors of companies that earn profits following the appointment of a receiver. The judgment dispels suggestions that the law was uncertain an ...

Resource Article - abi_admin - 05/28/2015 - 09:12 - 0 comments - 0 attachments

Stockbroker BBY Placed In Administration

Mid-tier stockbroker BBY has been placed in administration after the board could not secure enough capital, the firm said in a statement this morning. KPMG has been appointed voluntary administrator and BBY suspended by the ASX as a market participant. F ...

Daily Headline - global.abi.org - 05/17/2015 - 23:05 - 0 comments

Australia Rules Out Fresh Austerity Measures

A year after declaring the days of “borrow and spend” were over for Australia, treasurer Joe Hockey on Tuesday shifted the government’s strategy to boosting the economy by ruling out fresh austerity measures, the Financial Times reported. Delivering ...

Daily Headline - global.abi.org - 05/12/2015 - 20:59 - 0 comments

Australia Promises Crackdown On Corporate Tax Avoidance

The Australian government announced a world-leading crackdown on Monday on alleged tax avoidance by 30 multinational companies that will likely force them to restructure their businesses before next year, the Irish Times reported. “These companies ar ...

Daily Headline - global.abi.org - 05/11/2015 - 22:13 - 0 comments

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