Australia

Chameleon Mining NL says it expects its receivership, brought about by its litigation funder, will be lifted next week in a Supreme Court decision, The Sydney Morning Herald reported. The Singapore-based International Litigation Partners (ILP) on Wednesday moved to appoint an insolvency firm as external receiver to Chameleon.

Chameleon Mining has been placed into the hands of a receiver amid a stoush with the funders of a multi-million-dollar court case, The Australian reported. The company, which emerged from a previous spell in administration three years ago, is suing Murchison Metals in the Federal Court for access to its lucrative Jack Hills iron ore project, claiming the asset was purchased with Chameleon's funds several years earlier.

Clothing retailer Ed Hardy's Australian operations have been placed into voluntary administration after suffering from a slowdown in sales, The Sydney Morning Herald reported. Deloitte partners Simon Wallace-Smith and Tim Norman were appointed administrators to Ed Hardy Operations Ltd and Ed Hardy Pty Ltd, financial adviser Deloitte said. Ed Hardy sells street wear in its stores in Victoria, NSW, Queensland, South Australia and Western Australia. Mr Wallace-Smith said Ed Hardy's Australian operations had suffered from a slowdown in sales.

Plunging fruit prices and a run of bad weather have tipped orchard industry stalwart John Corboy's business into receivership. Acting on behalf of Westpac, receivers James Stewart and Peter McCluskey of Ferrier Hodgson took control of Corboy Fresh Fruit on Friday, The Sydney Morning Herald reported. Mr Corboy, a tireless campaigner against loosening restrictions on overseas fruit entering Australia, said his business had endured ''a very tough decade''. He said the business had been forced to buy water because of drought and endured two ''one-in-a-hundred-year frosts''.

Electrical and whitegoods retailer Clive Peeters Ltd, which is in voluntary administration, has agreed to sell stock and plant equipment and other items to Harvey Norman Holdings Ltd for $55 million, The Sydney Morning Herald reported. Harvey Norman said in a statement on Friday that it would purchase certain stock and plant and equipment, as well as "know-how, intellectual property rights and systems" from Clive Peeters. The $55 million purchase was subject to terms and conditions. Clive Peeters entered into voluntary administration on May 19, carrying $160 million of debt.

Bankruptcy laws have been modernised under legislation passed by the Senate, as a growing number of Australians get into financial strife through consumer debt, The Sydney Morning Herald reported. There was an 11 per cent increase in personal bankruptcies last financial year, according to the federal government. Labor's amended draft laws raise the minimum amount on which a creditor can petition for bankruptcy from $2000 to $5000. Originally, the amount was $10,000, but the government successfully moved to reduce the figure.

A confectionary company at the centre of a landmark intellectual property fight with Mars Australia has been placed in voluntary administration following the collapse of its parent company Reseau International Trading, which is believed to owe about $100 million to investors and creditors, SmartCompany.com.au reported. The Sweet Rewards, RIT and another company called Salt Pan Trading were placed in administration late last week at the request of RIT director Richard Smith.

Queensland sorghum growers have expressed relief at news the Dalby Bio-refinery will continue to operate, despite it being placed into the control of receivers last Friday. The Bio-refinery, Australia's first grains to ethanol refinery, was placed into voluntary administration last Friday with debts of $80 million, Queensland Country Life reported. Receiver managers Ernst and Young have indicated the plant will continue to trade as normal as assessments are made about the viability of the existing business and whether it will be prepared for sale.

New investors may be asked to submit bids for the control of financially-stricken southern Queensland border irrigation giant, Cubbie Station, Stock & Land reported. A creditors meeting in South West Queensland at St George this week failed to give the green light to either of the two foreign parties currently vying for control of debt-burdened Cubbie, which farms 93,000 hectares on the Lower Balonne floodplain.

Australia’s small listed companies are still struggling to raise finance in the wake of the global financial crisis, according to fund manager Roger Sharp, The Australian reported. "Anybody who says the banking crisis is over doesn't understand how tight the market is and how hard it in for small companies, even listed companies, to raise debt,” he said. Companies that succeed in securing a loan can pay 6 per cent and more above cash rates, according to Reserve Bank statistics.