A leading Australian fruit exporter has collapsed with debts in excess of A$10m (US$9.25m). Mildura-based JAK Fruit Pty Ltd, run by managing director Jason Kotz, went into voluntary administration on Tuesday 27 April, the Sunraysia Daily reported. The company's primary interests were exporting citrus and table grapes, and it also exported avocados. Administrator Wayne Benton from Melbourne-based insolvency company BRI Ferrier said Mr Kotz had called his firm to ask them to take control of the company, with JAK Fruit owing growers A$4.1m and its banks around A$6m.

The trend by banks in Australia to wind up small businesses that have fallen behind is likely to take off in New Zealand, a business turnaround specialist says, BusinessDay.co.nz reported. Trevor Thornton, of accounting firm Grant Thornton New Zealand, said Australian banks were starting to stop supporting small businesses "nursed for a couple of years", but now late with their repayments. "It would seem only a matter of time before banks on this side of the Tasman start to lose patience with companies that have not been able to effectively rehabilitate themselves," Mr Thornton said.

Receivers appointed to troubled Launceston timber company Forest Enterprises Australia are yet to decide on the need for more redundancies, The Examiner reported. After concerns from staff that former chief executive Andrew White had received a lucrative redundancy payout, a spokeswoman for receiver manager Tim Norman, of Deloitte, yesterday denied that was the case.

Sydney company Chippendale Printing has entered voluntary administration, just over a week after it claimed to be merging with Beaver Press, now also in administration, MediaBizNet.com reported. Peter Allen, Quentin Olde and Matt Adams of Taylor Woodings have been appointed as administrators for the company, which entered voluntary administration this week. Chippendale managing director Fred Van Steel told ProPrint on Thursday 8 April the company was not in any financial trouble, despite persistent rumours claiming it was struggling.

Integral Energy and the Australian Energy Market Operator could face legal action over their role in the collapse of the renewable energy company Jackgreen, The Sydney Morning Herald reported. Jackgreen, which was Australia's largest specialist renewable retailer, went into voluntary administration in December after it failed to pay a $500,000 bill to the NSW government-owned Integral Energy. At the time, the company claimed it was squeezed out of business by its bigger rival, which acquired most of its customers soon after the corporate paramedics were appointed.

Some banking industry representatives jokingly call him "the wannabe Minister of Consumer Affairs." But while Finance Minister Jim Flaherty is taking steps to protect bank customers in Canada, he's also fighting the banking sector's battles on the world stage, The Globe and Mail reported. Mr. Flaherty quietly released regulations yesterday to safeguard home buyers who need mortgage insurance and, according to sources, has put the finishing touches on new rules governing how credit and debit payments work and how banks promote insurance online.

Criminal charges have been laid against Lombard Finance & Investments directors Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant, The National Business Review reported. The Securities Commission has confirmed the criminal charges, ending earlier speculation, and said the new charges relate to the same allegations as the civil proceedings announced earlier this week.

Forest Enterprises Australia Ltd (FEA) has entered voluntary administration, with the troubled timber plantations operator bemoaning a supposed lack of patience among its bankers, The Sydney Morning Herald reported on an Australian Associated Press story. FEA, which had expected to report an operating loss for the half year ended December 31, 2009, said on Wednesday that its revenue over the past 18 months had been hurt by the impact of the global financial crisis on markets for forestry investment, timber and export wood fibre.

Entellect Solutions’ plans to become a major player in the education software sector has suffered a set back, with wholly owned subsidiary MXL Consolidated being placed into voluntary administration, Computerworld Australia reported. The deal is a major blow as MXL, a provider of web-based student administration and curriculum management software, is responsible for conducting the significant majority of trading operations of the Entellect group.

Wilbur Ross, the billionaire US turnaround specialist, has bought a 21 per cent stake in Sir Richard Branson's Virgin Money for £100 million as the group prepares to make a major assault on the UK banking market, The Scotsman reported. Ross, nicknamed the "King of Bankruptcy", is also prepared to pump in "hundreds of millions" more to fund acquisitions, including Virgin's £2 billion bid for 318 Royal Bank of Scotland branches. Virgin will join Clydesdale Bank owner National Australia Bank and Santander in submitting a bid for the RBS assets ahead of tomorrow's deadline.