Australia

Listed franchise brand manager Allied Brands has lost its battle for survival, with the company placed in voluntary administration this morning. However, chief executive Sean Corbin has told SmartCompany.com.au that all current franchisees will remain open for business, and have stock to continue trading, while the administrator sorts out the next steps for the group. Peter Dinoris and Peter Biazos of Vincents Chartered Accountants have been appointed as joint administrators, although Corbin says that not all of the company’s subsidiaries have been placed in administration at this stage.

One of Australia's longest operating technology retailers, A&R Computer Services, has entered voluntary administration, CRN reported. A&R, which has operated in South Australia for twenty years, closed its doors on October 19. A&R's customer sales number featured a recorded message advising customers and business partners that the company has entered voluntary administration - with Paul Jorgensen of Kennedy and Co. taking the reins of the company.

Ten retirement villages that are owned by the listed Prime Retirement and Aged Care Property Trust have been placed in the hands of receivers after banks including National Australia Bank and Suncorp Metway lost patience with the group, smartcompany.au reported. While Prime Retirement and Aged Care Property Trust are not in receivership, the board expects to appoint administrators from PwC as early as today. Suncorp appointed receivers from Ernst & Young to Prime Trust's retirement villages in Bundaberg, Mackay and Townsville on Friday afternoon.

The Gillard government has warned banks it's too early to start foreclosing on loans to irrigation farmers in the Murray-Darling Basin, The Australian reported. A report by an independent banking consultant Adrian Rizza warns banks fear at least eight irrigation town may not survive cuts in water allocations to farmers, and that some banks have already started taking action to address their loan exposure in the Murray-Darling Basin.

Sam Coco is ready to step in to save the fruit store chain he founded after it was placed into voluntary administration last week, GoldCoast.com.au reported. The veteran retailer, who sold the Cocos business seven years ago, said he was prepared to roll up his sleeves and reopen at least the two stores that anchor his own shopping centres at Carrara on the Gold Coast and Annerley in Brisbane. The veteran fruiterer, who built a chain of 10 stores from humble beginnings in 1990, sold the business in 2003 to former Bi-Lo founder and millionaire retailer David Weeks.

Speculation is mounting about whether Victorian-based Bendigo Mining will push the northern Tasmanian mine into receivership, ABC News reported. BCD Resources, formerly Beaconsfield Gold, and Bendigo Mining were poised to merge in November with Bendigo lending BCD $5 million. Bendigo now says that BCD has breached the agreement. Unless it can repay the money by tomorrow, Bendigo may move to recover the money from the Beaconfsfield mine, the merger will be off and receivership could be on the cards. Neither company has released information explaining the breaches.

Two wealthy investors have handed Adelaide carbon management firm Carbon Planet a $250,000 lifeline to move the company out of voluntary administration, AdelaideNow.com.au reported. Carbon Planet mangement took control of the company back from Korda Mentha today after creditors unanimously agreed for the company to continue operating under a Deed of Company Arrangement. He said the company had reduced its cash burn rate to $140,000 a month as it moved from creating to deploying its intellectual property.

South Canterbury Finance (SCF) debenture and deposit holders will be paid in the middle of October, Trustees Executors, the trustee says, The Sydney Morning Herald reported. Receivers were appointed to SCF on August 31. The New Zealand Government decided to make full settlement under the terms of the retail deposit guarantee scheme on August 31 and the trustee has been holding the money on behalf of 35,000 investors since then. Bondholders were repaid on September 23. They represented about $NZ350 million ($A267.48 million) of the $1.6 billion owned to SCF secured investors.

It is likely to be at least two weeks before 150 workers at a north-west Tasmanian carpet factory know whether they still have jobs, ABC News reported. Tascot Templeton carpets at East Devonport went into voluntary administration last week. The Textile Clothing and Footwear Union says the Tasmanian Government has already given the company $4 million and it is time the Commonwealth provided some assistance. The Federal Member for Braddon Sid Sidebottom says there is already special assistance for textile workers but he will meet the union.