Headlines

A High Court bid by Fletcher Construction to bankrupt New Zealand property developer Nigel McKenna was this morning adjourned by Associate Judge Jeremy Doogue for a hearing on May 6, The National Business Review reported. Mr McKenna’s lawyer John Billington QC told NBR outside the court that Mr McKenna had committed no acts of bankruptcy. McKenna’s Melview Featherston Street company was placed in receivership and liquidation in December after it skipped court ordered payments to Fletcher Construction for building the Wellington Holiday Inn.

Andrew Andronikou the administrator of premier league club Portsmouth has been challenged over his appointment and decisions, Accountancy Age reported. The administrator from UHY Hacker Young will be back in the High Court in two weeks to face a challenge from the HMRC over the decision to place the club in a voluntary administration and questions over his appointment. Portsmouth entered into a voluntary administration last Friday just three days before it was due to appear in the High Court following a winding up petition from HMRC.

The New Zealand company behind stages two and three of Queenstown’s ambitious hotel/apartment development, Kawarau Falls Station, has been placed in receivership, Scene.co.nz reported. Grant Thornton New Zealand Ltd’s Tim Downes and Richard Simpson were appointed receivers and managers of Peninsula Road Ltd on Tuesday this week. The receivership is another blow for Peninsula Road shareholder/director and high-profile Auckland developer Nigel McKenna.

Investigations continue into possible breaches by directors of Blue Chip companies of reckless trading and other breaches of provisions of the Companies Act, liquidators Meltzer Mazon Heath say, The National Business Review In the latest six-monthly updates into some Blue Chip companies the liquidators also said investigations continued into potential claims arising from advice given to the Blue Chip Group in relation to its products. They were waiting an opinion from Queen's Counsel on possible causes of action and the strength of any claims that may be made.

On March 6th Icelanders go to the polls to vote in an historic referendum, The Economist reported in a commentary introducing a reader debate. They must decide whether to accept or reject a deal made by their government to repay to the British and Dutch authorities €3.9 billion ($5.3 billion) lost by British and Dutch savers in Landsbanki, a failed Icelandic bank. Arguments on both sides have been fierce.

The Greek government on Wednesday approved additional tax increases and a 30 percent cut in holiday bonuses for public employees as part of a new raft of austerity measures aimed at narrowing its gaping budget deficit, a government official said, The New York Times reported. The measures aim to generate at least €4 billion, or $5.5 billion, in revenue and savings this year, according to the official, who was briefed on the Cabinet discussions but not authorized to speak publicly ahead of an official announcement.

Fears of a Greek debt default are subsiding -– at least for now -– as the crisis-racked nation prepares to outline hefty new austerity measures aimed at closing its yawning fiscal deficit. But such plans may not be enough to turn around the struggling euro’s fortunes, The Wall Street Journal Market Beat blog reported.

As Greece’s debt troubles batter the euro, Britain has done its utmost to stay above the fray, The New York Times reported. Until now, that is. Suddenly, investors are asking if Britain may soon face its own sovereign debt crisis if the government fails to slash its growing budget deficits quickly enough to escape the contagious fears of financial markets.

Close to 4 per cent of private residential mortgage accounts had been in arrears for more than 90 days at the end of 2009, according to new figures published by the Financial Regulator, The Irish Times reported. The latest data also shows that house repossessions rose by 20 per cent from the third to the fourth quarter of last year. Mortgage accounts in arrears for more than 90 days rose by 8.9 per cent from the end of September last while the percentage of accounts in arrears for more than 180 days increased by 8 per cent.

It was in early 2006 when Wi-LAN Inc.’s board was forced to make a bold decision. Faced with a fast-approaching bankruptcy, the Ottawa-based telecommunications equipment maker moved to radically alter course and once and for all sever its deteriorating manufacturing operations, The Gazette reported. In the four years since the brush with near-collapse, Wi-LAN has seen its growth profile rise steadily. Now, the firm of roughly 40, comprised mainly of engineers and lawyers, is on the brink of its biggest financial windfall to date.