The board of Proserpine Cooperative Sugar Milling Association Ltd. has refused to accept a A$120 million takeover offer by Chinese state-owned Cofco Group's local unit Tully Sugar Ltd., Tully said Sunday. The Proserpine board has chosen to enter administration despite Tully tabling a binding and unconditional asset sale and loan agreement, Tully said in a statement.

Mortgage broking group Refund Home Loans has been placed in administration, but several buyers are considering acquiring the business which has more than 350 franchisees and a substantial stake in the growing alternative home loan market, SmartCompany.com.au reported. The announcement comes just 18 months after the Australian Competition and Consumer Commission slammed the company and Ormond, after he admitted making false and misleading statements to franchisees about an agreement with the ACCC itself.

A Goldman Sachs-led consortium continues to be frustrated in its attempts to secure control of the hotels group Redcape Property Fund, The Australian reported in a commentary. The consortium can get events of default under the fund's banking facilities, but it just cannot get a default notice served, which would trigger a requirement for the default to be remedied or the fund would face almost certain administration and receivership, a possibility that may give the consortium more leverage in negotiating with Redcape's bankers, in particular ANZ.

Pub owner National Leisure & Gaming, which operates 35 hotels in New South Wales and Queensland, has blamed "onerous leases" for its collapse and handed receivers the daunting prospect of trying to recover more than $150 million in debt, SmartCompany.com.au reported. NLG, which operated well-known venues including The Brewhouse at Belmore, Bridgeview Hotel at Willoughby, Bankstown Club Hotel and Hermit Park in Townsville, has been teetering on the brink of collapse for the best part of 12 months, and called Ian England and Guy Edwards of PricewaterhouseCoopers as administrators on Friday.

The NSW Supreme Court has cleared the way for Centro's $4 billion restructuring, saying it can proceed to put its complex debt-for-equity proposal to votes of senior lenders, security holders and creditors, The Sydney Morning Herald reported. The restructuring was in doubt after an attempt by the members of a class action and the auditor PwC, who had sought to stop the vote of the senior lenders. Under the revamp, only $10 million would be made available to satisfy contingent creditors - far short of the $300 million they expected to recover if successful.

A $100 million resort complex in Queensland owned by developer and marina group Meridien has been placed into voluntary administration, SmartCompany.com.au reported. The 124-unit One Bright Point project, of which 114 apartments have been sold, is now being looked after by BRI Ferrier, which will look to sell the remaining apartments. It’s understood the project was hit by the weakened property market, troubles in the tourism industry, the Queensland natural disaster and the strong Australian dollar.

As the Gillard government digests a set of submissions on how to clean up the insolvency industry after a Senate inquiry found the Australian Securities and Investments Commission was not regulating it properly, Senator John Williams has put the spotlight back on the commission using parliamentary privilege to do so, The Sydney Morning Herald reported in a commentary.

A restructured Colorado Group will emerge from receivership as the newly named Fusion Retail Brands, flush with a $70 million capital expenditure and marketing war chest to drive its success in the tough retail environment, The Sydney Morning Herald reported. The appearance of Fusion will help secure the future of flagship Australian brands that once made up the Colorado Group - Diana Ferrari, JAG, Mathers and Williams - as well as the company's 2200 staff working across 282 stores.

After one of the ugliest retail downturns in two decades, corporate doctors are warning that more retailers will hit the wall in the next 12 months, The Australian reported. "This is the hardest retail environment I've seen in 20 years," Ferrier Hodgson partner and retail specialist James Stewart said. Mr Stewart expects more insolvencies among retailers in the next 12 months. PwC retail partner Stuart Harker also expects more retailers to go into voluntary administration or receivership in the next year.

Australia’s largest seller of solar panels, Solar Shop, has been placed in receivership and will be put up for sale, The Sydney Morning Herald reported. On Wednesday Ferrier Hodgson was appointed receivers and managers of the Adelaide-based business that employs 200 people directly and has a dozen display centres around the country. Ferrier partner John Lindholm said it would be business as usual while the receivers, acting on behalf of secured creditor Westpac, conducted an urgent review of the business, which also includes Solar Hut.