Bank Repossession

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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This website contains links to other websites. Please be aware that We are not responsible for the privacy practices of other websites. We encourage you, when you leave this website, to read the privacy statements/policies of each and every website you visit, as this particular privacy policy applies solely to this particular website.

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
Banks going bankrupt?‎ - 12 posts - 17 Sep 2008
What happens after banks go bankrupt?‎ - 3 posts - 15 Jul 2008
Which bank(s) won't go bankrupt?‎ - 12 posts - 14 Jul 2008

More results from answers.yahoo.com »

Technorati Tags: Lakeside Community Bank,pbct,Peoples United Bank,Riverside National Bank,TD Bank,Toronto-Dominion,FDIC,Federal Deposit Insurance Corporation,Innovative Bank,inthenews,Business News Stock Screener Stock Quotes Stock Charts Banking Identity Theft DJIA Debt Management Loans Auto Loan Mortgages Taxes Retirement

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
Bankruptcy Implementation of Reform Act's Debt Reaffi…

Insolvency Law: An Agenda for Reform
Borrowers and creditors will feel effects of new insolvency reforms; Co…

Licence held by City Pacific Cancelled by ASIC

2010-03-16T05:35:00.001-07:00

The Australian Securities and Investments Commission has cancelled the Australian Financial Services Licence held by City Pacific.

City Pacific Financial services wind-up underway

On 25 June 2009, investors in the former City Pacific First Mortgage Fund (now known as the Pacific First Mortgage Fund) voted to remove City Pacific as responsible entity of the fund, and replace it with Trilogy Funds Management. This was followed by orders from the Federal Court of Australia to wind up City Pacific in August.

City Pacific Limited (CIY) Financial services - Company Profile

City Pacific was incorporated in 1997 as a financial services company, specialising in managing funds on behalf of investors. It first listed on the ASX in ...
www.investsmart.com.au/shares/asx/City-Pacific-CIY.as

A statement from ASIC said the decision was made after discussions with the liquidators of City Pacific to ensure the timing of the cancellation would not adversely affect investors in the City Pacific Income Fund (the remaining managed investment scheme operated by City Pacific).

Last May, the Income Fund's auditor KPMG expressed ''significant doubt about the recoverability'' of the money. Seems hard to imagine how ASIC could now do anything to ''adversely impact'' City Pacific investors.
City Pacific remains the responsible entity of a smaller managed investment scheme known as the City Pacific Income Fund. Under the Corporations Act, ASIC has the power to suspend or cancel an AFS Licence if the responsible entity holding the licence is placed into liquidation.
Ref Links: Google Baidu Search

Technorati Tags: trilogy financial services asic financial services australian financial services licence financial services 2010 mortgage financial services ellis financial services investors financial services diversified financial services

Collapse of GEOS colleges – Australia

2010-02-03T04:10:00.001-08:00

Australia's reputation as an international education destination was dealt another severe blow with the collapse of a group of companies ( GEOS COLLEGES) which run English language schools nationwide.

Collapse of Geos colleges

Administrators from Ernst and Young came to the conclusion that the GEOS group could not afford to keep its eight Australian colleges running. Ernst and Young has been appointed voluntary administrators to private English language school GEOS Perth and eight other affiliated companies, affecting a total of 2,300 students from a number of countries.

About 400 staff will lose their jobs and 3,000 overseas students in cities across Australia are left hanging. The group owed some students thousands of dollars.

"It would appear that at least some of the schools have traded profitably, so the question of where the money has gone is one which needs attention.GEOS is a Japanese company which owns hundreds of colleges around the world.

The pair will also be administrators of GEOS Management Services Pty Ltd and GEOS National English Academy Pty Ltd.

WILL THE GEOS COLLLEGES RE-OPEN ?

Doesn't look like there is any chance !! its under liquidation

The GEOS Group of companies under administration are:

GEOS Melbourne Pty Ltd,

GEOS Adelaide Pty Ltd,

GEOS Sydney Pty Ltd,

GEOS Cairns Pty Ltd,

GEOS Gold Coast Pty Ltd,

GEOS Perth Pty Ltd,

GEOS Brisbane Pty Ltd,

GEOS Management Services Pty Ltd and

GEOS National English Academy Pty Ltd.

The last major college group to go was Meridian. It left thousands of students stranded in November and some are still waiting to be found places in other courses.

About 500 students from a Perth English language school that closed on Friday will be offered positions in other similar schools across the city. At a meeting this afternoon students of St Mark's college in the Perth suburb of Highgate were told they would not have to pay if they needed to extend their student visas as a result of the school closure.

Finbar affected by school collapse

Listed property developer Finbar has been drawn into the collapse of a Japanese-owned language college GEOS, which was a big commercial tenant of the group.According to its annual report, Finbar had been leasing the property to GEOS for $757,000 per year.

GEOS-operated St Mark's English language college in Highgate sits on land owned by Finbar Funds Management, a wholly owned subsidiary of the Finbar Group, which bought the property in February 2007 for $11.8 million.

Schools across Australia run by the GEOS group of companies, including St Mark's International College at Highgate, went into voluntary administration last week.

Some of the Links to GEOS COLLEGES

The downfall of GEOS Australia

http://www.indiasharesinvestment.com/2010/indian-student-fakes-racist-attack-to-commit-fraud-in-australia/

Collapsed GEOS language schools will not re-open as debts hit $10 million

GEOS Sydney - English as a second language school in Sydney, Manly ...

GEOS has been teaching English since 1973 so we understand what you want to ... The St.Marks International College site requires JavaScript to be enabled. ...

City Campus - Contact Us - Sydney - Courses

www.geos-sydney.com.au/ - Cached - Similar
GEOS - Melbourne College of English

GEOS Melbourne College of English use the latest methods, materials and equipment. Our classrooms are clean and comfortable and there is an Independent ...
www.geosmelbourne.com.au/page/geos_melbourne.html – Cached

GEOS Queensland College of English: Brisbane

Enrol Now at GEOS QCE Brisbane. Download our Enrolment form and fax or email to GEOSQCE Brisbane and we will get back to you. ...
www.qce.qld.edu.au/ - Cached – Similar

GEOS Adelaide College of English

Set in a fantastic central location, the newly opened GEOS Adelaide College of English has quickly developed a fine reputation as one of South Australia's ...
www.geosadelaide.com.au/ - Cached - Similar

Australian Rubicon US REIT Inc files for bankruptcy

2010-01-27T03:03:00.001-08:00

On jan 20 2010 australian Rubicon US REIT Inc filed for bankruptcy. It filed for bankruptcy five months after administrators found its Australian owner likely to be insolvent. According to its annual report for 2008, Rubicon America Trust had real estate investments worth $529 million as well as $61.6 million in commercial real estate loans. The 2008 annual report also said Rubicon US REIT had issued about $100 million of notes.

Possible Liquidation for Rubicon asset management after Australian Rubicon US REIT BANKRUpTCY

Property investment fund Rubicon US REIT is a subsidiary of Rubicon America Trust of Edgecliff, New South Wales in Australia. The fund suffered from soured investments in U.S. real estate.

UPDATE : 27 jan 2010

Rubicon wound up

ADMINISTRATORS have wound up Rubicon Asset Management.Propertyreview.com.au - 12:18 a.m. Monday 26th October 2009 EST

Rubicon America Trust's parent, Rubicon Asset Management Ltd, was found likely to be insolvent, according to a letter from administrators on Rubicon America Trust's website. The administrators, Grant Thornton, also said it was likely Rubicon Asset Management would be liquidated.The company listed assets and liabilities of between $100 million and $500 million in its bankruptcy filing.

RAM, which is in administration, is the responsible entity for the Rubicon America Trust (RAT), Rubicon Europe Trust I (RET I), Rubicon Europe Trust II (RET II), Rubicon Japan Trust (RJT) and Rubicon International Lenders Fund (Protected Series 1) (RILF).

RAM was part of collapsed financial service group Allco Finance Group.

Online files on Rubicon Liquidation + links

[PDF]

Industry Intelligence Unit

File Format: PDF/Adobe Acrobat - View as HTML
1 Dec 2009 ... financiers - REITs, including a snapshot of the Rubicon administration currently being conducted by Grant Thornton. ...
www.grantthornton.com.au/.../iiu%20finservices%201209%20v5%20-%20final.pdf

www.delisted.com.au/.../RUBICON%20AMERICA%20TRUST

http://docs.google.com/viewer?a=v&q=cache:FdXf4E-7s1UJ:www.bourseinvestor.com/redir/pdfpre.asp%3Fd%3D00975845%26f%3D20090807%26y%3D0%26s%3D0%2520%2520%2520%2520%2520%2520%2520%2520%2520%26sd%3D0KB+grant+thornton+rubicon&hl=en&gl=au&sig=AHIEtbQgtfcpDUziCx37HKJ_FiDzHAnOlA&pli=1

http://blog.livedoor.jp/vaty/archives/51348904.html

Australian Sharemarket and stock website

2010-01-24T18:12:00.001-08:00

Australian stocks
ASX - the australian stock market is Under-reported on blogs but Australian stock watch is here to change that with unbiased views and current updates of the australian stock market through the common mans eye's Check out the blog at www.australianstockwatch.com

in reference to: HotCopper - Australian Stock Market (ASX) Forum (view on Google Sidewiki)

Once were warriors NZ movie author almost bankrupt

2010-01-15T16:54:00.001-08:00

Author Alan Duff of Once were warriors fame has admitted to a New Zealand court that he will not be able to pay back the $NZ3.6 million ($A2.87 million) he owes creditors over a failed property venture.

Alan duff almost bankrupt

The man behind the famed Once Were Warriors story that propelled New Zealand's gang culture onto the world stage is in financial ruin. Alan Duff (born October 26, 1950, Rotorua, New Zealand) is a New Zealand novelist and newspaper columnist, most well known as the author of Once Were Warriors.

Buy Once were warriors Dvd from amazon

Once were warriors author in debt

The Dominion Post questioned why Duff, now based in France, was driving a Lexus and playing golf at one of the country's most prestigious golf clubs during his summer visit home, but Duff insists he is not spending recklessly.
It is a big fall from grace for Duff who wrote the acclaimed best-selling novel Once Were Warriors, a violent love story adapted for a hard-hitting 1994 movie of the same name.
His response to his excesses
The car was on loan from a friend, the membership was cheap and he was living within his frugal means, Duff told the newspaper.

"If I was running around in flash gear and wining and dining, flying business class, fair enough. But I'm not."

He admitted it was "excruciating" owing so much money and had this message for his creditors: "I'm sorry I got into business".
"I just wasn't good enough. Everyone got paid until everything turned to custard and down I went."

The author also appears to be struggling in other ways, with the Post reporting that his two most recent books have sold just 2,746 copies between them, according to Neilsen data.
Duff said the figures were "way out".
Once Were Warriors is New Zealand author Alan Duff's bestselling first novel, first published in 1990. It tells the story of an urban Māori family, the Hekes, and portrays the reality of domestic violence. It was the basis of a 1994 film of the same name, directed by Lee Tamahori and starring Rena Owen and Temuera Morrison which made its US premiere at the Hawaii International Film Festival. The novel was followed by two sequels, What Becomes of the Broken Hearted? in 1997 and Jake's Long Shadow in 2002.
Links
Buy Once were warriors Dvd from amazon
http://en.wikipedia.org/wiki/Alan_Duff
http://en.wikipedia.org/wiki/Once_Were_Warriors_(film)

Latest Recent Liquidations – Griffin coal , TCW Group , Rapid Roadfreighters

2010-01-04T23:37:00.001-08:00

Some recent liquidations anounced 2010

List of liquidations starting 2010

Griffin Coal (All Administrators Appointed) - Australia

The Griffin Coal Mining Company Pty Ltd
ACN 008 667 285
W.R. Carpenter Holdings Pty Ltd
ACN 008 401 796
Griffin Energy Group Pty Ltd
ACN 008 681 696
Carpenter Mine Management Pty Ltd
ACN 106 053 703
Carpenter Mine Management Holdings Pty Ltd
ACN 122 080 684
(All Administrators Appointed)

Date of Appointment: 3 January 2010

Appointees: Brian McMaster, Scott Kershaw, Cliff Rocke and Mark Mentha

Administration Contact

KordaMentha Perth Office

T: +61 8 9220 9333

F: +61 8 9220 9399

http://kordamentha.com/main/display-creditor.aspx?CID=62

===============================================

Roadfreighters liquidation – New Zealand

A nationwide freight transport firm Rapid Roadfreighters, collapsed just before Christmas, has left as much as 250 workers jobless and they have started job search in the midst of uncertain waves prevailing in the market. The company, having business heritage of more than 100 years, serves the entire nation through more than 200 vehicles and strong workforce.

Homepage - Rapid Roadfreighters Group

At Rapid Roadfreighters there's nothing we love better than being out on the road for our customers. We thrive on the excitement of moving thousands of ...
www.rapidroadfreighters.co.nz

Meanwhile, the firm appointed Bryan Williams as liquidator who will come up with his first report on the company early next week.

===============================================

TCW Group to liquidate $500 mln fund

TCW Group Inc, an international asset management firm, said on Monday it would liquidate a senior mortgage securities fund following recent changes in its portfolio management team.

TCW, which has about $110 billion of assets under management, will distribute the capital to the fund's investors.

"Given that we are at a very early stage of investment in this particular product, and in light of the recent changes in the portfolio management team, we believe this action is appropriate and in-line with TCW's commitment to act in the best interests of our clients," said Chief Executive Marc Stern said in a statement

Gundlach, selected as the fixed-income manager of the year by Morningstar in 2006, was fired by TCW on Dec. 4. Gundlach's former fund gained 7.7 percent annually over the last 10 years, better than 98 percent of similar funds, according to Morningstar.

================================================

Other Korda mentha Liquidations

09 Nov, 2009
Cedenco Australia

26 Aug, 2009
ACL Group (all In Liquidation) (all Receivers and Managers Appointed)

24 Jun, 2009
HMG Westhill Pty Ltd (Administrators Appointed)

23 Apr, 2009
Timbercorp Group of Companies (“the Group”)

09 Apr, 2009
Body Workshops Fitness Centres

30 Mar, 2009
Record Realty Group of Companies

18 Feb, 2009
Windimurra Vandium Limited

11 Feb, 2009
South Eastern Secured Investments Limited (“SESI”)

25 Nov, 2008
Bidgee Finance Limited

02 Oct, 2008
CRI Group of Companies

22 Sep, 2008
Environinvest Ltd

26 Mar, 2008
DairyFruits Australia Pty Ltd (In Liquidation)

12 Feb, 2008
National Parts Pty Ltd (In Liquidation)

23 Mar, 2007
Fincorp Group of Companies (Administrators Appointed) ("the Group")

30 Jan, 2006
Sterling Group

24 Jan, 2006
Westpoint Corporation Pty Ltd (Receivers and Managers Appointed)(In Liquidation)

17 Oct, 2005
Agfaphoto Australia Pty Ltd (In Liquidation)

03 Jul, 2003
Newmont Yandal Group of Companies

25 Jun, 2002
Tassal Ltd (Receiver and Manager Appointed)

12 Sep, 2001
Ansett Group of Companies (Subject to Deeds of Company Arrangement)

Dubai repossessed Houses !!

2010-01-03T03:45:00.001-08:00

It seems like everyone’s singing the same tune when it comes to the real estate market today. In the news and on the street, realtors are saying that it’s a buyers market, especially when it comes to foreclosures.

ABOUT THIS 4 - DETACHED

Beautiful garden villa on the world-known Palm,Dubai project in Jebel Ali. Maximise the return on a residential masterpiece and enjoy a sunset second-to-none!

City/Town:
Dubai

Address of Property:
Dubai, U.A.E

Postcode/Zip:
[MAP]

Bedrooms:
4

Reception Rooms:
0

Bathrooms:
3

Type of Property:
Detached

Price:
us$ 970.00 [CONVERT]

CONTACT INFORMATION

Email Seller:
EMAIL SELLER

Contact person:
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Advertiser Type :

Phone:
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Sellers City, County :
Dubai Dubai --

URL:
DUBAI

Map:
VIEW PROPERTY LOCATION

SEE OTHER LISTINGS BY THIS USER (0)

Dubai is one of the most popular destinations for people in India and all over the world. It not only provides employment opportunities with lucrative salaries but is also considered as land of gold. There are many reasons for the attraction of people towards Dubai, like comfortable and luxurious lifestyle, zero percent crime rate and above all tax free and handsome salaries that it offers.

Because of Booming Dubai property market and plenty of investment opportunities available in the city ,people going to Dubai for work prefer buying a home there instead of shelling most of their salary as rent.Goverment of Dubai have made certain laws on buying and selling commercial or residential property for foreign buyers Any buyer, whether resident of Dubai or foreign investor, can purchase free hold property in Dubai i.e. he can get the ownership of the property declared on his name and can sell the property according to his wish.

Also, according to Dubai government, a special category of residency visa will be granted to the person buying foreigner’s property.

Everywhere you go in Madrid, For Sale signs on half built apartment blocks dominate the Spanish capital. No surprise: The global recession has hit the country’s once booming real estate market harder than most. Property prices from Barcelona to the Balearic Islands fell 6.5% in the first quarter of 2009 alone. They are expected to drop 35% or more from their 2007 peak by the end of this year.

Apartment developer Fairfield Residential LLC Files for Bankruptcy

2009-12-14T15:45:00.001-08:00

Fairfield's bankruptcy documents, filed in Delaware, list assets of $100 million to $500 million and liabilities of more than $1 billion. Apartment developer Fairfield Residential LLC, which has projects in North Texas, has filed for Chapter 11 bankruptcy protection.

The company said it reached an agreement with its major creditors for the “framework of a consensual plan of reorganization.” A new operating company was formed that will allow Fairfield to continue to operate its property and asset management, construction services and general partner functions. The new operating company has the ability to raise capital.

“Through our productive discussions over the past year, we have reached agreements with our lender groups that will allow us to continue to provide property management services, complete our construction projects and preserve value for our creditors,” president and CEO Christopher Hashioka said.

Fairfield specializes in multifamily housing and is based in San Diego, Calif.The filing includes Fairfield and 14 subsidiaries the company controls. Assets not transferred to the operating company will be transferred to a liquidation trust that will “serve to maximize creditor recoveries,” the company said.

The case is In re: Fairfield Residential LLC, U.S. Bankruptcy Court, District of Delaware, No. 09-14378

In other News

Bankruptcy Framework In Place For Dubai World

Dubai World officials are due to meet creditors later this month to hammer out a six-month standstill agreement for its debts.

In the event that a deal with creditors cannot be reached, the new law will allow for a structured wind down of the company and protection for its assets, the advisor said. Earlier, Dubai's government announced that oil-rich neighbor Abu Dhabi has pumped in $10 billion of emergency funding to help meet Dubai World's immediate liabilities to creditors and contractors, including $4.1 billion to pay off an Islamic bond that matures today.

According to the advisor, the new law is specifically to deal with the problems at Dubai World but could also provide a framework for other Dubai government-related companies in financial difficulty.

CIT in Bankruptcy

2009-11-03T04:21:00.001-08:00

After the general motors bankruptcy , CIT bankruptcy protection is the next biggest event In the bankruptcy News after it filed for Bankruptcy protection on NOV 1 2009.
After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses.

CIT FILES FOR BANKRUPOTCY PROTECTION

AT 71 Billion its going to affect a lott of people if it goes through to bankruptcy. THE US GOVT will stand to lose about $us 2.3 Billion if CIT collapses. It invested this amount last year to save it from collapsing.

AVERT BANKRUPTCY

CIT Does a chapter 11 Filing in the US

Cit filed for Bankruptcy protection in New york after it failed a debt exchange offer to shareholders. This bankruptcy protection filing is one of the biggest after the lehman brothers , washington mutual , Worldcom and general motors .

CIT’s bankruptcy filings show $US 71 billion in finance and leasing assets against total debt of $us 64.9 Billion.

WHAT DOES CIT DO ?

CIT is the financier for about 2000 vendors that supply merchandise to more than 300,000 stores , many gearing up for the holiday Christmas shopping season.I suppose it will be a bleak Christmas season for some in the US.
WONDER WHO WILL BE THE NEXT TO FALL IN THE USA

Quartz Mountain Aerospace has filed for bankruptcy protection, listing $30.4 million in assets and $16 million in liabilities.
The former Luscombe Aircraft Company made its filing in federal court in Oklahoma City.
The company said it wants to liquidate assets to pay off creditors including local banks, the City of Altus, the Oklahoma Industrial Finance Authority and the Oklahoma Tax Commission.
___
Information from: Altus Times , http://www.altustimes.com

LINKS:

What is Bankruptcy Protection?

Brief and Straightforward Guide: What is Bankruptcy Protection?
http://bankrepossession.blogspot.com/feeds/posts/default

Wow !! Anz Pays $$ 15 million for new logo !!

2009-10-23T02:47:00.001-07:00

Incredible !! Now we know where all our ANZ money is going too

Logo or to Not logo ( Its 15 Million splash by ANZ )

Apparently the banks are making too much money to be spending so much just on a logo !! Ask any graphic designer and they will tell you a piece of their mind and how much they really think it could be worth !!

Coming back right from a stockmarket bust to boom this will surely look like a bit of overspend just like some of the lucky CEO’s of some company's seem to be rakin in ,inspite of losses.

Here is the logo

NEW ANZ 15 Million LOGO

Now lets wait for the 20 mill and 40 mill Comm bank and Westpac logo .. wot say !!