One of Australia's largest luxury apartment tower projects has been voluntarily placed in receivership after the developer was unable to service its loans, The Sydney Morning Herald reported. The company behind the $850 million Oracle Broadbeach complex was placed in receivership by Gold Coast developer Michael Nikiforides of Niecon yesterday. The luxury 505-apartment complex was the only project being developed by Niecon subsidiary South Sky Investments. The two-tower development houses the five-star Peppers Broadbeach Hotel, which opened for business just last month.

Fast food franchise Souvlaki Hut has been placed into voluntary administration, despite being named as one of the fastest growing franchises in Australia just 10 months ago, StartupSmart.com.au reported. Souvlaki Hut ranked third on the 2010 BRW Fast Franchise list, with revenue of $17.36 million and growth of 217.89%. But Laurie Fitzgerald from BDO Australia, who has been appointed as the company’s administrator, says poor retail sales, threats of litigation and disgruntled franchisees led to its demise.

Krispy Kreme Doughnuts Inc.’s Australian unit exited bankruptcy protection after winning approval of its restructuring from creditors, the company said, Bloomberg reported. Management and control of the unit reverts to the directors, Krispy Kreme Australia said in an e-mailed statement today. Creditors can file claims against a A$2.3 million ($2.2 million) fund that was approved as part of the restructuring and will probably receive 45 cents for each dollar they’re owed, the company said.

Australia’s economy slowed to a crawl in the September quarter, The Australian reported. The economy was caught in the transition from the government's economic stimulus package to the revitalised commodity boom. The economy expanded by just 0.2 per cent, half as fast as expected, with the breaking of the drought and higher export prices saving the national accounts from plunging into the red.

Grain company Keith Seeds has sold its assets to NZ company PGG Wrightson and entered voluntary administration, AdelaideNow reported on a story in The Advertiser. The company has an estimated $7 million in debt. PGG told the New Zealand stock exchange yesterday it completed the purchase of the assets of Keith Seeds on Monday, for an undisclosed sum. The company will use Keith Seeds as a base to expand its existing South Australian operations. But the transaction could leave an estimated 200 suppliers out of pocket by $7 million, with no assets against which to claim.

Providing assistance to struggling parts of the economy could force up interest rates and the value of the Australian economy, Ken Henry has warned. The Treasury secretary, appearing before a senate committee this morning, said the Australian economy could be undergoing a permanent structural change as a result of the mining boom, The Australian reported. The best policy response might be to assist the transition rather than prop up industries facing less prosperous futures.

The threat of receivership continues to hang over the Beaconsfield goldmine in Tasmania and its owner, BCD Resources. But fresh hope that BCD can secure new finance has emerged, prompting its major secured creditor, Minemakers, to give the company more time to secure enough funds to keep operating, The Sydney Morning Herald reported. BCD has told Minemakers it has received letters of commitment from several parties prepared to advance it funds. Minemakers has agreed to a 48-hour standstill arrangement.

The last-minute transfer of millions in cash from Australia to New Zealand has contributed to huge losses for investors in an Australian arm of Bridgecorp, BusinessDay.co.nz reported. But another questionable loan transaction between the two may have left New Zealand investors with the worst part of the deal. Receivers of Bridgecorp Finance told debenture investors this month they will get just A5.6 cents in the dollar after the company's high risk property lending, particularly to developments by former Australian test cricketer Craig McDermott, proved unrecoverable.

The Beaconsfield Gold Mine in northern Tasmania has until 5pm today to find another joint venture partner or face liquidation, ABC News reported. The mine is on the brink of receivership for the second time in a month. BCD Resources, formerly Beaconsfield Gold, first struck trouble, when a merger with Bendigo Mining failed. Perth-based Minemakers Limited bailed them out with a loan of up to $15 million. So far Minemakers has given them $8.5 million, but Managing Director Andrew Drummond now says the Beaconsfield mine is losing money too quickly.

Uncertainty surrounds the refurbishment of the Busselton Jetty, with the company responsible for the project going into voluntary administration, ABC News reported. The jetty upgrade is due to be finished in February but this week construction company Marine and Civil announced it would enter into administration, casting doubt over that completion date. Busselton chief executive Mike Archer has described the situation as "unsettling" but says he is liaising with administrators to ensure completion of the jetty project is a priority. He says if necessary, another contractor will be appointed.