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.

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.