The residents of six Sunshine Coast retirement villages caught up in a receivership action have been assured in a series of meetings this week that it would remain “business as usual” at the facilities, Sunshine Coast Daily reported. Receiver-manager KordaMentha yesterday told nervous residents of three Hibiscus-branded facilities at Buderim and Sippy Downs that they had nothing to fear. On Wednesday, a KordaMentha representative met with residents of two Hibiscus-branded facilities at Nambour and Noosa and the Buderim Gardens Retirement Village.

Glen Grant Constructions, a company which supplies pipeline company Northern Network Alliance's sub-contractor EcoCivil, went into receivership yesterday, Sunshine Coast Daily reported. Northern Network Alliance manager John Palmer said he received a briefing at 9am from EcoCivil during which he was told the sub-contractor had released none of its staff despite the day's events. Mr Palmer said EcoCivil and the NNA had assisted PPB, the appointed receivers of Glen Grant Constructions, to locate and retrieve equipment and machinery.

Baskin Robbins and Cookie Man franchise holder Allied Brands has gone into voluntary administration, after the company lost its licence to operate 92 ice-cream stores in Australia, The Sydney Morning Herald reported. Allied Brands administrator Vincents Chartered Accountants said this morning creditors had withdrawn from talks with Allied following the termination of its Baskin Robbins contract and the company was no longer able to trade as a going concern. Allied had been seeking to raise funds through a convertible bond issue and equity line of credit.

Banks are prepared to accept "appropriate" reforms to increase competition in the sector, the sector's peak body has declared. However Australian Bankers Association chief executive Steven Munchenberg also defended the decision of the Commonwealth bank to increase its key lending rates by almost double yesterday's official 25 basis point rise by the Reserve Bank Australia.

Amid the gloom hanging over the U.S. housing market, Australia continues to defy critics who say one of the world's few property hot spots is overdue for a correction, The Wall Street Journal reported. Another test will come at the landmark Sydney Opera House on Monday, when real-estate agency Ray White Ltd. holds an auction of 11 luxury dwellings, 10 in New South Wales, one in Queensland. The firm hopes the iconic venue will help persuade the invited bidders, mainly Asian, to snap up the properties, some for as much as 10 million Australian dollars (US$9.9 million).

One of WA's major dairy companies has gone into voluntary administration, after weeks of speculation that it was on the verge of collapse, ABC News reported. South West-based Challenge Dairy announced today it has gone into voluntary administration, admitting it owed substantial amounts to farmers. About half of the state's dairy farmers supply milk to the company, and a number of them say they have not been paid for milk supplied last month.

The Australian division of Krispy Kreme doughnuts has gone into voluntary bankruptcy, the company said, UPI reported. With bankruptcy, which is referred to as voluntary administration in Australia, the company is seeking to find a way to save any parts of its business. Krispy Kreme spokesman Matthew Horan told the Australian Broadcasting Corp. Monday the company troubles were the result of several poorly performing stores.

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.