Oceania

The New Zealand arm of British fashion retailer Topshop said on Thursday that it had been placed in receivership, just two years after the brand arrived in the country, the International New York Times reported on a Reuters story. Top Retail Limited, which owns the licence to operate Topshop in New Zealand, said in an emailed statement that its two stores would stay open until a final decision was made on their ownership. Like its Australian counterpart, the chain has struggled amid increased competition and posted losses, its receiver firm McGrathNicol said in a statement.
Read more
U.S. media company CBS Corp. plans to acquire Australian broadcaster Ten Network Holdings Ltd., beating out a bid from Australian media moguls Bruce Gordon and Lachlan Murdoch for the company after it went into receivership, The Wall Street Journal reported. CBS’s bid was favored by receivers for Ten Network, one of Australia’s three main broadcasters, over a proposal from Messrs. Gordon and Murdoch, who wanted to run the broadcaster as a joint venture, people familiar with the deal said. Mr.
Read more
Paladin Energy, operators of Kayelekela Uranaium Mine in Karonga Malawi and Langer Heinrich in Namibia has filed for insolvency at the Australian high court after the company failed to pay a debt of USD277 million to a France based company called Electricite de France, The Southern Times reported. Kayelekera Uranium Mine in northern Malawi was the country’s only large-scale mining operation. But for more than five years, the mine is not operating and is under ‘care and maintenance’ because of global low uranium prices.
Read more
Upmarket grocery chain Nosh has been placed in receivership, Companies Office records show. Damien Grant was appointed as a receiver on Friday. Before the receivership, staff were waiting to be paid wages and numerous creditors had ceased supplying the stores, The New Zealand Herald reported. Grant said it would be "very difficult" to get the stores back into trading. He was unable to provide detail on whether staff, creditors and landlords will be paid, saying he had yet to conduct a stocktake of the business.
Read more
The future of Australia’s Ten Network is in doubt after big shareholders, including Lachlan Murdoch, son of News Corp founder Rupert Murdoch, decided not to back a financial restructuring of the struggling broadcaster, the Financial Times reported. Financial advisers to Illyria Limited, an investment vehicle linked to Lachlan Murdoch that owns 7.7 per cent of Ten, told the company on Tuesday that Illyria would not extend or increase its support for the broadcaster’s credit facility.
Read more
Australian investment bank Macquarie has been hired to find an investor for insolvent German solar panel maker SolarWorld, the company's insolvency administrator said on Thursday, Reuters reported. SolarWorld, once Europe's biggest solar power equipment group, last month said it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as "the Sun King".
Read more
PwC advised Property Ventures (PVL) on ways to continue trading when by some accounts it was insolvent while at the same time giving David Henderson's failed property development company a clean bill of health as statutory auditor, the liquidators allege, The New Zealand Herald reported. Liquidator Robert Walker alleges that if not for PwC, the company would have been wound up in 2007, allowing loans to be called in, asset sales and a more orderly liquidation. Instead it trundled on until 2010, when it failed owing $69 million and was later put into liquidation.
Read more
Liquidators have recovered a further $35,000 from clients who go more money out than they put into an alleged Ponzi scheme. A Christchurch forex firm, which traded as BlackfortFX, has been in receivership since May 2015 after the Financial Markets Authority froze its assets and it was put into liquidation shortly after, The New Zealand Herald reported. Liquidators say the company owes about 1110 clients about $7 million and its sole director, Jimmie Kevin McNicholl, has been charged with obtaining by deception Serious Fraud Office.
Read more
The number of companies listed on the New Zealand sharemarket will continue to shrink this year, according a forecast on the capital markets. Law firm Chapman Tripp has released a trends and insights report on New Zealand's Equity Markets and is predicting more departures from the NZX and just three new companies to list - a number in line with previous years, The New Zealand Herald reported.
Read more
The Reserve Bank of Australia frequently seeks feedback on the health of the economy. It might want to call the debt counselors soon. Homeowners, consumers and property investors around Australia are making more calls to financial helplines as three warning signs back up the spike in demand: mortgage arrears are creeping up, lenders’ bad debt provisions have increased and personal insolvencies are near an all-time high, Bloomberg News reported.
Read more