Aston Metals Ltd., a mining exploration company owned by Nathan Tinkler, was placed in receivership as the latest piece of the former billionaire’s empire in Australia to be offered for sale to repay creditors, Bloomberg reported. John Park and Quentin Olde of FTI Consulting Inc. were appointed as receivers in Australia, according to a statement from the West Palm Beach, Florida-based company. Madison Pacific Trust Ltd., representing funds that hold Aston notes, named Park and Olde, according to an e-mail from FTI.

Gippsland Secured Investments is expected to be placed in receivership today, owing 3500 investors about $150 million, after a last-ditch attempt to save the mortgage fund was rejected by the Federal Court, The Australian reported. A group of businessmen with close ties to Gippsland, including former Woolworths chairman John Dahlsen, had been battling to save the company from collapse in recent weeks.

The owner of popular Australian fashion labels Ksubi, Insight and Something Else has been placed in voluntary administration, as the group prepare for a restructure, SmartCompany.com.au reported. Sydney-based company Bleach Group entered administration on August 27. It now has a new corporate ownership thanks to a share placement from an unnamed US private equity group. Bleach Group says the move was motivated by the closure of its Asian-based supply chain. "The need for a voluntary administration... is regrettable," chief executive Mark Byers said in a statement.

Billabong International Ltd. said its 40-year-old surf brand was worthless after the company’s losses tripled amid store closures, firings and a breach of debt terms. The stock fell the most in almost three weeks, Bloomberg reported. Founded by Gordon Merchant in 1973, Billabong helped sell Australian surfing culture worldwide and rose to a market value of A$3.84 billion ($3.45 billion) at its peak in 2007. Earnings have plummeted in the last two years as competitors including Abercrombie & Fitch Co.

The future of online retailer Ruslan Kogan’s budding mobile business, Kogan Mobile, hangs in the balance after its wholesaler ispONE entered into voluntary administration and cancelled all services from its telco provider, Telstra, Business Spectator reported. In a statement, Telstra Wholesale confirmed that it would continue to support one of the two major telco brands serviced by ispONE. Up to 280,000 customers from both brands are set to be affected by the move.

One of Australia’s leading bedroom product companies, Sleepmaster, has gone into receivership as the tough retail sector claims another victim, The Motley Fool reported. Sleepmaster is the owner of iconic brands including Jason, a pillow and quilt brand, blanket brand Onkaparinga and Trailmaster camping equipment. It describes itself as Australia and Asia’s leading manufacturer of bedroom product including quilts, pillows, mattress protectors, underblankets and underquilts.

With record numbers of business bankruptcies this year, cash flow management in private enterprises has come back into focus as business owners try to offset poor economic conditions, the Financial Review reported. The Insolvency and Trustee Service Australia (ITSA) says the proportion of debtors reaching a business-related debt agreement in the June quarter – 25 per cent of all debt agreements – was the highest business proportion since the September quarter 2003.

Metals recycler CMA Corporation has gone into voluntary administration, TheBull.com.au reported. CMA operates more than 17 recycling facilities across Australia, New Zealand and Asia and has about 190 staff. The directors of CMA have appointed Phil Carter, Marcus Ayres and Nicholas Martin of PPB Advisory as voluntary administrators. "PPB Advisory will undertake an urgent review of CMA's operations," Mr Carter said in a statement on Friday. Until the completion of the review, CMA would continue to operate as usual. A meeting of CMA creditors will be held on August 14.

A family-owned retail fashion business in rural New South Wales founded in 1936 has collapsed, with administrators saying tough trading conditions and a poorly-timed expansion are to blame, SmartCompay.com.au reported. Brenstew, which currently trades in five retail outlets located in Dubbo, Tamworth, and Armidale under the brands Blowes Menswear, The Wardrobe and URXs, had administrators appointed last week. The company turns over more than $6 million annually.

Photography business PixiFoto is set to announce mass job losses after its parent company Photo Corporation of Australia plunged into administration late last week, News.com.au reported. Staff at the Sydney-based group are currently being briefed by senior management about the dire prospects of the company. Photo Corporation of Australia entered voluntary administration on July 25, with John Morgan and Steven James of BCR Advisory appointed as administrators.