The NSW Supreme Court has cleared the way for Centro's $4 billion restructuring, saying it can proceed to put its complex debt-for-equity proposal to votes of senior lenders, security holders and creditors, The Sydney Morning Herald reported. The restructuring was in doubt after an attempt by the members of a class action and the auditor PwC, who had sought to stop the vote of the senior lenders. Under the revamp, only $10 million would be made available to satisfy contingent creditors - far short of the $300 million they expected to recover if successful.

A $100 million resort complex in Queensland owned by developer and marina group Meridien has been placed into voluntary administration, SmartCompany.com.au reported. The 124-unit One Bright Point project, of which 114 apartments have been sold, is now being looked after by BRI Ferrier, which will look to sell the remaining apartments. It’s understood the project was hit by the weakened property market, troubles in the tourism industry, the Queensland natural disaster and the strong Australian dollar.

As the Gillard government digests a set of submissions on how to clean up the insolvency industry after a Senate inquiry found the Australian Securities and Investments Commission was not regulating it properly, Senator John Williams has put the spotlight back on the commission using parliamentary privilege to do so, The Sydney Morning Herald reported in a commentary.

A restructured Colorado Group will emerge from receivership as the newly named Fusion Retail Brands, flush with a $70 million capital expenditure and marketing war chest to drive its success in the tough retail environment, The Sydney Morning Herald reported. The appearance of Fusion will help secure the future of flagship Australian brands that once made up the Colorado Group - Diana Ferrari, JAG, Mathers and Williams - as well as the company's 2200 staff working across 282 stores.

After one of the ugliest retail downturns in two decades, corporate doctors are warning that more retailers will hit the wall in the next 12 months, The Australian reported. "This is the hardest retail environment I've seen in 20 years," Ferrier Hodgson partner and retail specialist James Stewart said. Mr Stewart expects more insolvencies among retailers in the next 12 months. PwC retail partner Stuart Harker also expects more retailers to go into voluntary administration or receivership in the next year.

Australia’s largest seller of solar panels, Solar Shop, has been placed in receivership and will be put up for sale, The Sydney Morning Herald reported. On Wednesday Ferrier Hodgson was appointed receivers and managers of the Adelaide-based business that employs 200 people directly and has a dozen display centres around the country. Ferrier partner John Lindholm said it would be business as usual while the receivers, acting on behalf of secured creditor Westpac, conducted an urgent review of the business, which also includes Solar Hut.

One of Sydney's most famous car dealers, with a sprawling dealership that has become a city landmark, has hit a roadblock, The Sydney Morning Herald reported. Rick Damelian's Damelian Group, which made headlines when it unsuccessfully tried to sell Lara Bingle's Aston Martin, was placed in receivership yesterday owing National Australia Bank about $80 million. The receiver, Ferrier Hodgson, moved quickly to calm customers by insisting no new car buyers would be left out of pocket.

The Queensland Government says there was nothing it could do to prevent one of the biggest tourism developments at Airlie Beach, in the Whitsundays region of the state's north, from going into receivership, ABC News reported. Administrators took control of the $200 million Meridien Marinas Port of Airlie project earlier this week. The development includes 56 apartments, 15 beachfront land lots, marina berths and a retail and dining precinct.

One of the few bright spots in real estate amid a three-year global slump, Australia now faces falling home prices and fears of overbuilding, The Wall Street Journal reported. A downturn in Australia's real estate market will add to concerns of a two-speed economy in the resource-rich nation. Mining profits are surging due to heavy demand from China and other fast-growing Asian countries, but consumer businesses and manufacturing have faltered under the weight of the swollen Australian dollar, which is trading near 30-year highs to the U.S. currency.

Australian Prime Minister Julia Gillard expressed concern Thursday about the outlook for global growth, warning that Europe's sovereign-debt crisis is far from being resolved and the U.S. is only beginning to deal with its fiscal problems, The Wall Street Journal reported. In a wide-ranging interview Thursday, Ms. Gillard said the inability of Europe's leaders up to now to calm markets worried over the economic health of the euro zone was the world economy's biggest challenge. Confidence has also been dented by a "spectacular" political deadlock in the U.S.