Bank Repossession

Fashion chain Lisa Ho in Australia in administration

2013-05-21T06:30:00.001-07:00

Who is Lisa ho ?

Lisa Ho is an Australian fashion designer born in Albury, on the New South Wales and Victorian border. She is married to Philip Smouha. Wikipedia

Lisa Ho Designs is the latest Australian retailer to fall in financial trouble , with the high end fashion chain placed into administration last week.

Dressed in a black outfit, a stony-faced Ms Ho faced creditors yesterday for the first time since the business that she founded 30 years ago was placed into administration earlier this month. It is understood she did not address the creditors.

Administrators appointed for fashion house

Financial firm HLB Mann Judd has confirmed it was appointed as administrator of the high-end fashion chain last Wednesday. The administrator will sift through the company’s assets and liabilities and look for a suitable buyer. A creditors’ meeting is scheduled for May 20, and in the meantime all 10 stores will reportedly continue to trade.

The Lisa Ho chain today comprises 10 flagship stores in Australia, two clearance stores and an online store.

Local designers are facing tough competition not only from online retail stores but also international stores with presence in both brick n mortar and online like Topshop, Zara and Pottery Barn, setting up bricks and mortar stores in Australia

Bettina Liano, Charlie Brown, Danny Avidan, Jayson Brunsdon, Wayne Cooper's Brave, the Ksubi boys, Belinda Seper, Ian Nessick's YPV, Ruth Tarvydas and sass & bide are a handful of australian fashion identities that spring to mind when you are talking about the australian fashion scene.

_{ref:http://www.digitalgrog.com.au/when-celebrities-swap-frocks-at-golden-globe-awards/}

According to the age “Lisa Ho's own husband, Philip Smouha, underwent an administration of his own in 2010 when his Smouha Fabrics empire imploded owing $26 million to St George (also Lisa Ho's banker). He now trades as Tex 'N' Jean.

Ruth Tarvydas to close the doors

Other top designers in australia

Alex Perry

Toni Matičevski

Collette Dinnigan

Carla Zampatti

Wayne Cooper

Reader’s Digest magazine, filed for bankruptcy

2013-02-21T04:03:00.001-08:00

RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy to cut $465 million in debt . The company recently sought court protection from creditors.

Reader’s Digest, founded by DeWitt and Lila Wallace, went public in 1990. An investor group led by private-equity firm Ripplewood Holdings LLC bought it in 2007 for $1.6 billion and the assumption of about $800 million in debt.

More recent other companies

Hostess Brands Inc., maker of Twinkies and Wonder Bread

Eastman Kodak Co., inventor of Kodachrome and the Instamatic camera have also been in trouble in these tough times.

The company had filed for bankruptcy for the first time in August 2009 due to a a drop in advertising.

RDA Holding Co. listed assets and debt of more than $1 billion each in Chapter 11 documents filed Feb. 17 in U.S. Bankruptcy Court in White Plains, New York.

US bankruptcy courts

Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court. More on bankruptcy cases

Independent phone retailer crazy John’s to close down

2013-01-16T04:54:00.001-08:00

One of Australia's most successful entrepreneur ( John Ilhan's) business story “ crazy Johns” has just been dumped by VODAFONE Australia

Vodafone is supposed to close the book on one of the nation's most successful tales of entrepreneurship “crazy Johns” who built up one of the successful independent phone dealers in competition with giants like Telstra , Optus and Vodafone

The Crazy John’s brand was a successful business when Ms Ilhan sold it to Vodafone five years ago for $150 million.

Vodafone has plans to dump the Crazy John's brand from its stores and rebrand them under its own name.

As many as 40 Crazy John's stores are expected to close by February 20, and the other 21 will be rebranded as Vodafone Australia stores.

John Ilhan's, who died of a heart attack in 2007, had built the company in the space of 15 years into Australia's second-largest independent mobile phone retail chain

Up to 300 jobs are said to be at risk nationwide and Vodafone last night acknowledged not all stores would remain open.

Vodafone says it will be ending the Crazy John's brand on February 20.

Current Bankruptcy , Insolvency Appointments

2012-11-30T17:50:00.000-08:00

Corporate insolvency appointments in relation to companies registered in NSW, VIC, QLD, SA, WA, ACT, NT & TAS.

Liquidation normally occurs when a company has failed and creditors resolve that it be wound up.

List of bankruptcy , insolvency appointments

30 Nov Vanarden Pty Ltd
Creditors' Meeting for Voluntary Creditors' Liquidations, QLD

30 Nov SMK Enterprises (Aust) Pty Ltd t/as Pet Cafe Cleveland
Creditors' Meeting for Voluntary Creditors' Liquidations, QLD

30 Nov TSA Corporation Pty Ltd
Creditors' Meeting for Voluntary Creditors' Liquidations, WA

30 Nov ACN 007 093 245 Pty Ltd formerly k/as Croydon Auto Electrical Services Pty Ltd
Creditors' Meeting for Voluntary Creditors' Liquidations, VIC

30 Nov Hanlay Industrial Group Pty Ltd
Creditors' Meeting for Voluntary Creditors' Liquidations, VIC

30 Nov S & K Contracting Pty Ltd
Creditors' Meeting for Voluntary Creditors' Liquidations, NSW

30 Nov Zalmar Retail Willoughby Pty Ltd
Creditors' Meeting for Voluntary Creditors' Liquidations, NSW

We obtain the Insolvency Appointment datas from publicly available sources in Australia.

Ruth Tarvydas to close the doors

2012-10-10T05:03:00.001-07:00

Perth designer Ruth Tarvydas will close the doors of her King Street shop next week and appoint an administrator.

The company plans on appointing an administrator to allow the company time to deal with creditors and maintain business relations with any owed parties.

Tarvydas | Facebook

www.facebook.com/Tarvydas.fanpage

http://www.ruthtarvydas.com/

A statement from the company said "regrettably Tarvydas will be leaving King St in 7 days." The label said they would continue to produce collections.

Tarvydas joins a range of iconic retailers, including Wasteland and Subway DC, which have all closed up shop in the last month

Book Supplier Wooldridges has closed all of its WA Stores

2012-08-01T06:36:00.001-07:00

School books supplier Wooldridges has closed all of its WA stores and laid off staff. Accounting firm Grant Thornton was appointed administrators of Education Works Pty Limited, which trades under the name Wooldridges, Elizabeth Richards and Photoworks.

Wooldridges has around a 75 per cent market share of school book sales in WA with most of the schools requiring thier students to visit these shops to get thier books and study material, yet they have managed to get into this position. Punters were pretty disappointed with these results

A legal battle between Wooldridges and Corporate Express over delays which resulted in thousands of WA students starting school this year without ordered textbooks and stationery.

The company started as a family business in Perth in the 1960s. It was then bought by Sydney-based private equity firm Fulcrum Capital Partners in 2008.

Campion education is poised to boost its market share in the school books supply space following the collapse of Wooldridges and is looking into taking on some of Wooldridges redundant staff.

A meeting for Wooldridges creditors, suppliers and customers is scheduled for early August

Voluntary liquidation - Darrell Lea's

2012-07-10T05:37:00.001-07:00

Darrell Lea's administrators are hoping they can save hundreds of jobs and find a buyer for the famous chocolate maker. In shocking sour news Darrell Lea appointed PPB Advisory as voluntary administrators amid fears the company is in deep financial distress.

Workers to lose jobs with Darrel lea Liquidation Fears

The company is 100 per cent owned by the Lea family.

A review of Darrell Lea's business was underway in the hope a buyer could be found for the company which is in distress with its 700 workers at risk of losing jobs.

Darrell Lea had been experiencing trading problems for some time, with soft retail conditions like playing a part in its downturn and subsequent voluntary liquidation. Darrell Lea employs about 700 people at its Sydney manufacturing base and at its 1800 shops across Australia, New Zealand and the United States.

There have been media reports of Potential bidders from Australia and overseas that have already expressed interest in the 85-year-old company. The union would meet with factory employees this afternoon, and seek further talks with the administrators in relation to their jobs and future of Darrel lea.

Prime Minister Julia Gillard has also commented on the sad situation and said she hopes a buyer for Darrell Lea can be found quickly.

Voluntary administration for Hastie group

2012-05-28T05:23:00.001-07:00

Administrator PPB Advisory today announced it would suspend Hastie's Australian mechanical, electrical and plumbing operations, after determining there were insufficient funds to operate and run the businesses

The Administrators will remain in control of the companies that comprise the mechanical, electrical and plumbing (MEP) businesses in Australia as well as operations in the Middle East. These businesses employ 2,700 people in Australia and approximately 2,000 in the Middle East. More at pbadvisory.com-hastie-group

PPB said staff across the businesses had been informed formally of the situation and that there would be job cuts.

Hastie group problems and administration

Hastie Group, which provides solutions for commercial and industrial air conditioning and refrigeration services to both Australia and New Zealand, had already been in talks with banks and new investors to extend its loans, but they broke down when Hastie discovered an employee had been falsifying accounts.

The accounting irregularities date back to the 2008/2009 financial year are in the range of $20 million charge to its profit for the current financial year. The employee who admitted to altering figures had been suspended, and a other employee involved was expected to be disciplined.

A further 1300 people are employed in Hastie's subsidiary businesses in Australia.

Subsidiaries are

Spectrum Fire and Safety
Hastie Services
Gordon Brothers Industries
Austral Refrigeration.

McGrathNicol who has been appointed receivers and managers for these subsidiaries of those companies, and said they would operate as normal while potential buyers were sought.

About Hastie group

The Hastie Group began trading as a draper’s business in Swansea, UK in the 1800s. Gradually, more services were offered such as insulation contracting, sheet-metal fabrication and air conditioning installation.

Hastie Group Limited is the leading international designer, installer and maintainer of technical services to the building and infrastructure sectors, with well established operations in Australasia, the UK and the Middle East.

http://www.hastiegroup.com.au

Little Joe Woman–Voluntary administraion

2012-04-28T21:28:00.001-07:00

Sydney will be full with catwalk shows and parties as Mercedes-Benz Fashion Week Australia ( 30 april – 4th may 2012 ) kicks off on Monday.

Mercedes-Benz Fashion Week Australia

Sydney will be heaving with catwalk shows and parties as Mercedes-Benz Fashion Week Australia kicks off on Monday. But unlike the increasing number of fashion festivals across the country where people can buy tickets to events, MBFWA is invitation only.

Circular Quay Shows- 41 (44 in 2011)

First timers

Dylan Cooper; Flowers for a Vagabond; Toi et Moi Sydney; By Johnny; Oroton; Watson x Watson; An Ode to No One; Jenny Kee; Aje; Roppa Pemmaraju; Bless’d Are The Meek and Nana Judy

Whos back for More

Romance Was Born; Camilla; Aurelio Costarella; Ksubi; Jayson Brunsdon; Akira

Little Joe Woman empire in crisis

After tearing up the runways of Paris and Milan and gracing the covers of australias fashion magazines. London-born supermodel turned fashion designer Gail Elliott and her dashing Australian husband Joe Coffey made an impact on Sydney's social circle, when they relocated here from New York six years ago.

Llast December,the cracks began to appear in their fashion empire having spent a lot of time building Little Joe and pouring millions of dollars into it, the couple were forced to sell their luxury Bondi Beach apartment two days before Christmas for $7.25 million, $775,000 less than they wanted.

News filtered out that elliott had shut down her Little Joe clothing store in Bondi Beach just six months after opening it.Coffey reportedly told reporters the business was in ''a recapitalisation mode''. another 3 stores closed subsequently, two in Melbourne and the other on the Gold Coast

Link:

http://www.dailytelegraph.com.au/news/industry-supports-little-joe/story-e6freuy9-1226274667570

FHM Australia to close down

2012-03-18T05:01:00.001-07:00

FHM is Australia’s popular men’s lifestyle magazine. It’s also the world’s fastest growing men’s magazine, now published in 23 lauguages in over 30 countries around the world. FHM Australia magazine features a mix of general trivia , sex, gags, grog , gadgets,men tips and raunchy and sexy looking International and local models

Australian mens magazine to close down

After closing down Ralph mag back in 2010, publisher ACP has decided to draw curtains on its other monthly lad’s mag, FHM, finishing with its May issue

Website : http://www.fhm.com.au/

The magazine began publication in 1985 in the United Kingdom under the name For Him and changed its title to FHM in 1994 when Emap Consumer Media bought the magazine, although the full For Him Magazine continues to be printed on the spine of each issue.

Ref: http://www.australianbusinesstimes.com/australia/australian-mens-magazine-fhm-closes-down/

Its Circulation expanded to newsagents as a quarterly by the spring of 1987. It then went monthly and changed its name to FHM in 1994. It subsequently dominated the men's market and began to expand internationally.

FHM was sold as part of the publishing company sale, from EMAP to German company Bauer Media Group in February 2008.

According to the most recent ABC circulation audit in February, FHM AUSTRALIA magazine dropped almost 50 per cent of its readership between the second half of 2011 and the same time period in 2010, from 50,154 to just 26,026.

FHM

Technorati Tags: hm australia back issues fhm tv australia fhm miss universe australia ralph maxim fhm top 100 sports illustrated people magazine

Kodak to file for chapter 11 bankruptcy

2012-01-18T05:30:00.001-08:00

Eastman had made photography popular in the United States in 1888 with the slogan "you press the button, we do the rest". In 1900, his 'Brownie' camera made it really affordable. Australia Kodak Limited, a joint venture with the two Australians, later became Kodak (Australasia) Ltd. It was an early expression of the Australian love of new technology.

The Chapter 11 filing could come as soon as this month or early February, the newspaper said.

Despite having made Huge sacrifices to make the company “competitive” and profitable, 600 production workers will be shunted out of their jobs in November. More jobs will go when the company’s wholesale photo processing lab shuts on October 22, with services being outsourced to another company.

The closure of the Coburg plant concludes almost two decades of ruthless restructuring, during which both management and the unions assured workers that if they allowed downsizing and cuts to working conditions. Eastman Kodak (EK.N) is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital.

Kodak warned in November that it might not survive 2012 if it was unable to secure $500 million in new debt or sell its patents. The company's cash had been shrinking as sales of its consumer products have failed to keep up with its heavy cost base.

At Kodak, executives had hoped that emerging markets such as China would give them more time to wind back the film and photographic-paper business as Americans switched to digital cameras. Instead, buyers in new markets skipped over film and went straight to digital

Colorado in damage control

2011-06-15T07:24:00.001-07:00

1000 people are to lose their jobs as outdoors clothing chain Colorado, battered by debt cuts corners.

A going-out-of-business sale will empty Colorado's 109 shopfronts across Australia and New Zealand within five weeks, slashing by one-third the size of the chain's parent company, Colorado Group.

Receiver Brendan Richards of corporate recovery firm Ferrier Hodgson said the closures would include 100 stores trading under the Colorado banner in Australia and a further nine in New Zealand

"The Colorado brand lost its way over the course of the last six or seven years, and the change in the economic environment and the downturn in the retail market has led this to happen."

Mr Richards said the closures would eliminate loss-making sites, leaving a portfolio of 281 profitable stores dominated by the Williams and Mathers brands, which would have 135 and 73 stores respectively

The move to close Colorado comes less than two weeks after the administrators of bookseller RedGroup Retail announced the Borders chain would close in Australia by July 17, putting 315 staff out of work.

Happy Easter 2011

2011-04-24T20:00:00.001-07:00

Happy Easter to all our blog readers!

Have a good Holiday !!

Oswals cars go to auction in liquidation

2011-02-25T04:06:00.001-08:00

The oswals who were part owners of Burrup fertilizers in WA this week had their cars sold into auction as part of the receivership.

Embattled fertiliser tycoons and former Perth residents Pankaj and Radhika Oswal have begun liquidating their lucrative assets, with four luxury cars belonging to the couple going under the hammer.

A 2007 Bentley convertible, Porsche Cayenne Turbo and two BMW 5-series sedans were the cream of the crop in a 40 car auction held at Manheim yesterday afternoon, potentially fetching more than $470,000.

The couple's 2008 black sapphire BMW 5 Series was also referred after the highest bidder came in at $55,250, below the reserve price.

Borders bankruptcy and unused gift coupons dilema

2011-02-21T05:45:00.001-08:00

When RED Group, the owner of Angus & Robertson and Borders locally and Whitcoulls in New Zealand (amounting to about 260 shops), opted on Thursday for voluntary administration, it blamed increasing online sales and Australia's territorial copyright laws for its problems.

Borders plans to operate normally and honour gift cards and its loyalty program as it reorganises. But it is left to be seen how this will get managed

Borders, whose market value has shrunk by more than $3 billion since 1998, racked up losses by failing to adapt to shifts in how consumers shop

Well-known literary gent Jerry Seinfeld summed up the importance of bookshops. ''A bookstore,'' he said, ''is one of the only pieces of evidence we have that people are still thinking.'' Now the people who run them will have to do the thinking.

Australian book chains Borders, Angus & Robertson and the Whitcoulls chain of newsagencies in New Zealand have been placed into voluntary administration by its private equity owners only a day after the Borders company in the US also collapsed

The 40-year-old company “Borders” plans to close about 200 of its 642 stores over the next few weeks. All of the stores closed will be superstores. Clearance sales have begun this weekend, according to documents filed with the US Bankruptcy Court in New York. Borders said it is losing about $US2 million ($A2.01 million) a day at the stores it plans to close

According to US Borders Store Accounts revealed

According to the Chapter 11 filing, Borders had $US1.28 billion ($A1.29 billion) in assets and $US1.29 billion ($A1.3 billion) in debts as of Dec. 25.

It owes tens of millions of dollars to publishers, including $US41.1 million ($A41.37 million) to Penguin Putnam, $US36.9 million ($A37.14 million) to Hachette Book Group, $US33.8 million ($A34.02 million) to Simon & Schuster and $US33.5 million ($A33.72 million) to Random House.

Borders' rival Barnes & Noble, which has 29.8 per cent of the book market compared with Borders' 14.3 per cent according to IBIS World, has done better by adapting to e-commerce and electronic books more quickly and keeping management stable.

In other news in the US :

Movie rental chain Blockbuster Inc. may be running out of cash or might liquidate, if papers filed last night by the landlords for 38 stores are correct. Or, Blockbuster may be on the cusp of another round of store closings. Blockbuster filed an operating report for five weeks ended Jan. 1 showing a $26.1 million operating loss on total revenue of $206.5 million.

Blockbuster filed under Chapter 11 after negotiating the outline of a debt-for-equity swap with holders of 80 percent of the $630 million in 11.75 percent senior-secured notes. The plan and accompanying disclosure statement are yet to be filed.

After bankruptcy, Blockbuster rejected approximately 220 leases for stores previously closing. Blockbuster said it would close 72 additional stores by the end of 2010 and another approximately 110 in the first quarter of 2011.

Technorati Tags: Bordes bankruptcy,chapter,Angus and roberstson,Australia,New zealand,Blockbuster,Coupons,2011,online e-books

Fall of the Oswal ( Burrup fertilizers') Amonia empire

2010-12-19T06:02:00.001-08:00

Recievers appointed to Burrup Fertilizers Amonia plant

Pankaj Oswal's reign as one the world's biggest fertiliser players ( Burrup Fertilisers) has hit the dust after ANZ, fed up with the bitter dispute between the Indian tycoon and his Norwegian partner Yara, appointed receivers to Mr Oswal's Pilbara ammonia empire.

PPB Advisory has been charged by ANZ to sell Burrup Fertilisers to the highest bidder, with the bank thought to be trying to recoup up to $800 million owed by Burrup Fertilisers and Mr Oswal's family.

History of the dispute: September 27, 2010 ref : http://www.watoday.com.aul

Indian entrepreneur Pankaj Oswal is backing away from his dream of a multibillion-dollar public float of ammonia producer Burrup Holdings, amid signs of another falling out with co-shareholder Yara International. Yara, a Norwegian fertiliser manufacturer with a market value of about $14 billion, went to the Federal Court twice this month to stymie Mr Oswal's attempts to convert the unlisted Burrup from a public to proprietary company.

The crash of the oswal empire

Oswal has been in the news recently for other reasons as well. Mr Oswal was concerned about Australian workers eating meat while working on his property. Mr Zed said that Australia needs to have a deep, introspective look at its heart and be kind to immigrants, minorities, Indigenous people and other vulnerable groups. Mr Oswal and Yara International ASA want to develop an explosives plant in the middle of Australia’s greatest examples of petroglyphs, dating back some 30 000 years. I believe that the area Mr Oswal has chosen for his explosives plant shows scant regard for Australia’s Indigenous culture and the world’s prehistory. Read more about this taken from here

The Oswal's are currently building a mansion in Perth's western suburbs ( 2 bayview terrace, peppermint grove )which could be affected by the decision.

Pankaj Oswal and his socialite wife Radhika, who have attracted both scorn and admiration for their lavish cocktail parties and decision to build Australia's biggest and potentially most expensive house in swanky Peppermint Grove.The Peppermint Grove Council declined to comment on the possible halt of building works, saying it was a private matter.

Tap, Burrup to go to court on gas deal

Tap Oil has been granted an application for an early Supreme Court trial to resolve a dispute with gas customer Burrup Fertilisers.

Burrup float kicks up a stink

THE Indian entrepreneur Pankaj Oswal is backing away from his dream of a multibillion-dollar public float of the ammonia producer Burrup Holdings amid signs of another falling out with co-shareholder..

Technorati Tags: company-news,mining,regional,karratha-6714,peppermint-grove-6011

Pike River coal mine blasts into receivership

2010-12-13T04:33:00.001-08:00

The company at the centre of last month's deadly mine explosions and all over the news for the mine tragedy in New Zealand has been dealt another blow as it was placed in receivership.

New Zealand Pike river Mine in recievership

The mine's main shareholder “New Zealand Oil and Gas Ltd” has appointed Price Water house Cooper ( PWH) as the receiver at the request of the mining company's board. Spokesperson for Pike River Coal says it is in a delicate financial position and is unlikely to be able to repay its loans

About Pike river coal Mine

The Pike River Mine is a coal mine operated by Pike River Coal Ltd 46 km (29 mi) north-northeast of Greymouth in the West Coast Region of New Zealand's South Island.It was to begin production in early 2008, and was initially expected to produce around one million tonnes of coal per year for around 20 years

http://www.pike.co.nz/

A series of explosions one after the other rocked the underground mine near Greymouth on the west coast of the South Island in November, killing 29 miners and contractors and hampering any further rescue while the miners were already presumably not alive.

The union has said that they expect as many as 90 per cent of the mine's 160 workers could possibly be made redundant this week.

Links

Pike river coal mine Pdf File

http://www.macdow pike river-coal-mine

No bidders for Liquidators for Tascot Templeton Carpets in Devonport

2010-12-08T04:18:00.001-08:00

Unfortunately the rug has finally been pulled off from the carpet factory.

Liquidators for Tascot Templeton Carpets in Devonport have given up hope of finding a buyer for the business after getting only one flicker of interest from a potential buyer.

The company was placed in liquidation in October, with the loss of 150 jobs. The last 30 approximate workers at the factory will finish up soon next week.

The liquidator Cook said "We went through a process of seeing whether we could sell the business as a going concern, unfortunately that did not result in a sale,".

http://www.tascot.com.au/

About tascot

Tascot Carpets proudly manufacture wool and wool blend, Tasmanian made high quality carpets, at Devonport. Tascot pride themselves on creating the highest quality flooring products that reflect their reputation for design excellence and craftsmanship. Tascot Carpets are well-known both nationally and overseas thanks to their extensive sales distribution network servicing Australia, New Zealand and South East Asia.

TASCOT TEMPLETON CARPETS PTY LTD

Address:
119 Church Street

City, state:
RICHMOND, VIC

Zip/postal code:
3121show map

Country:
Australia

Phone:
+61 03 9428 4925

Fax:
+61 03 9429 6234

URL:
http://www.tascot.com.au

Email:
comservtascot.com.au

Company type:
Manufacturer

Information on Bankruptcy , Receivership and insolvency database - Australia

2010-12-07T03:31:00.001-08:00

Getting information like if a person has been bankrupt before or getting insolvency history or company details can often be quite important before a person or a company makes a decision to deal with a entity or person.

So what is the NPII ( National Personal Insolvency INDEX) ?

The National Personal Insolvency Index is a data base maintained by the Insolvency Trustee Service Australia, an Executive Government Agency that oversights and regulates Australia’s bankruptcy laws, trustees and administrators.

The cost of searching a name on the system is $35 depending on information provider and somewhat prohibitive to both commercial and private enterprises.

The Insolvency and Trustee Service Australia ("ITSA") is responsible for maintaining an index containing information on proceedings and administrations under the Bankruptcy Act, 1966.

Any person can, for a fee, gain access to the information maintained on this index through authorised Index Search Agents.
Contact details of Index Search Agents are provided below. The fees charged by the different providers can vary.

National Personal Insolvency Index Search Agents

CITEC Confirm

Phone: (07) 3222 2700
Phone: 1800 773 773
Fax: (07) 3222 2747
Email: confirm@citec.com.au
Web: http://www.confirm.com.au

CITEC Bankruptcy Search link: http://www.confirm.com.au/citecConfirm/ serviceAreas/subAreas/corporate_npii.shtml

Australian Business Research Pty Ltd

Phone: (07) 3837 1333
Phone: 1300 366 402
Email: abrdata@abr.com.au
Web: http://www.abr.com.au

ABR Bankruptcy Search link: https://secure.abr.com.au/oneoffs/order_form.htm?Source=BR

Espreon Property Services

Phone: 1300 305 205
Fax: 1300 553 030
Email: client.services@espreon.com
Web: http://www.espreon.com

Espreon One-off Searches link: http://www.espreon.com/OneOffSearch.htm

Veda Advantage and Dun & Bradstreet in particular download new entries on a regular basis in order to update credit file information which is then used by the banks or other loan given insitutions to check for bad credit history.

Often there are more options available as well before a person can consider bankruptcy like a Part IX agreement or part X agreement which a person can negotiate with Itsa – more details here

For more information about the NPII and documents available for inspection, refer to ITSA’s fact sheet: Searching the Public Record.

What is a receivership? ( liquidation)

A company most commonly goes into receivership when a receiver is appointed by a secured creditor who holds security over some or all of the company’s assets. The receiver’s primary role is to collect and sell sufficient of the company’s charged assets to repay the debt owed to the secured creditor.

The receiver’s role is to:

collect and sell enough of the charged assets to repay the debt owed to the secured creditor (this may include selling assets or the company’s business)
pay out the money collected in the order required by law, and

Information sheets

Insolvency: A glossary of terms (INFO 41)
Receivership: A guide for creditors (INFO 54)

For more information on Bankruptcy visit the ITSA website and for more information on Receivership Or liquidation visit the ASIC website

Five star resort project set to fail due to bankruptcy

2010-11-25T06:44:00.001-08:00

The collapse of a five-star resort project in the Yarra Valley has cost investors millions of dollars and left the Brumby government embarrassed on the eve of the state election
Industry sources said the only slim chance of the project being revived lay with construction company Brookfield Multiplex, which has built Hilton projects in the past.

With the 30-hectare property now in the hands of receivers and up for sale, Mr Roux has filed a bankruptcy application offering his creditors less than half a cent in the dollar. According to an insolvency agreement prepared by Pitcher Partners, Mr Roux has just $25 cash in a bank account, a financed Mercedes-Benz and a painting worth $15,000, on which he also owes money.

Until his recent financial woes, Mr Roux owned a Queensland-based polo team Hyde Hill, named after the street in which he lives in Melbourne's outer south-east. Hyde Hill has competed against James Packer's Ellerston polo team over the years.

Bankruptcy and Debtor/Creditor Examples and Explanations, 5th Edition (Examples & Explanations)
Personal Bankruptcy Laws For Dummies
The Complete Idiot's Guide to Personal Bankruptcy
When You Have to File for Bankruptcy: Step-by-Step Instructions to Take Control of Your Financial Future
How to Get Credit After Filing Bankruptcy: The Complete Guide to Getting and Keeping Your Credit Under Control

South West-based “Challenge Dairy –Voluntary Administration”

2010-10-30T05:11:00.001-07:00

South West-based “Challenge Dairy” announced today it has gone into voluntary administration, admitting it owed substantial amounts of money to farmers.

Challenge Australian Dairy manufactures the highest quality cheese, butter, mik, cream, yoghurt, custard and dairy ingredients under the Capel brand. These products are offered into both the Australian domestic market as well as expanding export markets.

Breaking NEWS : One of Perth WA's major dairy companies has gone into voluntary administration, after weeks of speculation that it was on the near verge of collapse.

The company says it called in administrators PPB after attempts to raise additional funding and money from the company's shareholders and other sources, its bankers and prospective investors were unsuccessful.

Voluntary administration - Challenge Dairy

About half of the WA 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 and are saddened.

Capel-based Challenge Australia Dairy is jointly owned by Challenge Dairy Cooperative (51 per cent) and Singapore company QAF Ltd (49 per cent).

“Price Waterhouse Coopers” has been appointed as receivers and managers and says the company will continue to trade while its financial situation is assessed.

Privacy Policy

2010-10-26T07:19:00.000-07:00

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Clive peters into administration

2010-05-19T00:11:00.001-07:00

White-goods retailer Clive Peters has been placed into administration, a victim of the downturn in the retail sector and a $20 million fraud by an employee last year.
Clive Peeters in administration with $160M in liabilities $10M in cash.

Who is clive peters?
Clive Peeters Limited engages in the retail of electrical appliances and computer products in Australia. Its stores offer a range of kitchen appliances, laundry and bathroom products, home entertainment products, air conditioners, and barbeques, as well as computer products and peripherals, and various small electrical goods. The company operates its stores under two brands

www.clivepeeters.com.au/

This morning shares in Clive Peeters were placed in a trading halt, with the company saying it was in talks with its financiers.
Colin Nicol, Keith Crawford and Matthew Caddy of McGrathNicol have been appointed voluntary administrators of the retailer and its various entities.

McGrathNicol
McGrathNicol is an independent boutique advisory firm specialising in Corporate Advisory, Forensic, Transaction Services and Corporate Recovery. ...
www.mcgrathnicol.com/

Free Australian Finance Blogs with hosting

Banks that go Bust – Toll reaches 50 In US

2010-04-19T04:04:00.001-07:00

In Florida, the Federal Deposit Insurance Corporation took over Riverside National Bank, First Federal Bank of North Florida and AmericanFirst Bank. TD Bank Financial Group a division of Canadian company TD Bank (TD) took the deposits and nearly all the assets of each. Riverside National had $3.4 billion in assets, with First Federal at $393.3 million and AmericanFirst at $90.5 million.

Eight more banks failed last week,bringing the 2010 total to 50. Three of the failures were in Florida, and two were in California. Massachusetts, Michigan and Washington had one bank failure each.

For Lakeside Community Bank, in Sterling, Michigan, the FDIC couldn't find a buyer, so it will take over the direct deposit operation for federal payments (e.g., Social Security and VA benefits). Lakeside had assets of $53 million.

A bank can go bankrupt if its assets are less than its liabilities. This is not a problem for most of its customers since banks are FDIC insured, which means that the federal government insures bank deposits (up to $100,000). However, some people get confused about the difference between banks and other institutions that seem like banks, but are not. For example, you may have a money market account or brokerage account and it seems like a bank. But, look carefully at your statement and you should see the disclaimer "Not FDIC insured" somewhere on it.

A bank can go bankrupt just like any other institution or company can. Banks are typically less likely to go bankrupt than other risky industry company's though.

Yes, just like the Savings and Loans that went bankrupt in the early 80s. Charles Keating was buying influence in Washington which resulted in the Keating Five Scandal. It involved Democrats Dennis DeConcini, Alan Cranston, Don Riegle, and John Glenn plus Republican in name only John McCain. John Glenn and John McCain were exonerated, but the other three Democrats lost their jobs in the Senate.
Neil Bush, son of George HW Bush was a Director of Silverado S&L. Neil received a loan from Silverado, but was never found to have committed any crime.
So this turned out to be an exclusive Democrat scandal.

RECOVERY WATCH: Tracking the economy; see VIDEO

Last year, 140 banks failed in the U.S. That was the highest annual number since 1992 during the peak of the savings and loan crisis. The failures last year cost the FDIC's insurance fund more than $30 billion. Twenty-five banks failed in 2008 and three in 2007.

I am interested... May central banks go bankrupt?‎ - 1 post - 28 Aug 2009
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India Has new fast track insolvency laws

2010-04-06T03:53:00.001-07:00

The government of india plans to introduce a separate legislation to speed up insolvency proceedings and help distressed firms wind up operations quickly.

“Speedy winding up of sick enterprises, particularly small and medium ones, is an area we need to improve,” said a senior official in the ministry of corporate affairs.
The Short Second Life of Bree Tanner: An Eclipse Novella (Twilight Saga)

The new law will shorten the legal processes involving insolvency operations of small and medium entities. The government is keen to make bankruptcy proceedings a time-bound procedure.
Under the present framework, winding up of a corporate entity is guided by provisions of the Companies Act, whereas personal insolvency is guided by other laws. The new companies bill, which is presently pending with a parliamentary standing committee, deal with only corporate insolvency.

Liquidation process in India market is fairly protracted, taking on an average 7-10 years, against 1-6 years in other countries, according to a recent survey. It often yields very little in terms of recoveries and leads to substantial waste of resources and funds.
Related links :

http://bankrepossession.blogspot.com/2010/03/licence-held-by-city-pacific-cancelled.html
http://bankrepossession.blogspot.com/2009/07/gordon-ramsay-staves-off-insolvency.html
http://bankrepossession.blogspot.com/2010/03/licence-held-by-city-pacific-cancelled.html

Insolvency Law Reforms - Report on India (www.insolvencyasia.com)
REGIONAL TECHNICAL ASSISTANCE PROJECT NO:5795-REG. INSOLVENCY LAW REFORMS.
REPORT ON INDIA. Shardul D Dhroff. Amarchand & Mangaldas & Suresh A.Shroff & Co. ...
www.insolvencyasia.com/insolvency_law.../india/index.html
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Insolvency Law: An Agenda for Reform
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Privacy Policy

Clive peters into administration

McGrathNicol

Banks that go Bust – Toll reaches 50 In US

Eight more banks failed last week,bringing the 2010 total to 50. Three of the failures were in Florida, and two were in California. Massachusetts, Michigan and Washington had one bank failure each.

India Has new fast track insolvency laws

Insolvency Law Reforms - Report on India (www.insolvencyasia.com)