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Showing posts from July, 2009

Bank Mortgage Repo sales

What is Repo sales?Repo sales is a slang used around the internet and sometimes even  among real estate agents for  houses or assets repossessed by the banks or  other financial institutions.Most of the time it is Houses repossession or repo done by the bank. These sort of houses that get  taken over by the bank due to default in payments  and other financial difficulties borne by the person who took the loan are called repo houses . These houses either go under the hammer at some auction or then  is given to real estate agents to get rid off in the market.Bank mortgages often go into default  due to various reasons and the bank at this part of time  repossesses the house  and puts it back into the marketIf you are examining repossession properties for sale in Australia do so with caution and do so carefully.  There are many bargains to be bagged, but ensure that you are buying through a reputable auction house and that if you are unsure of anything at any step of the way, seek profes…

Tasmania's Chamber of Commerce and Industry, Andrew Scobie, has confirmed he is a former bank

The head of Tasmania's Chamber of Commerce and Industry, Andrew Scobie, has confirmed he is a former bankrupt.Mr Scobie was declared bankrupt in New South Wales in 2001 and his company was liquidated three years later.Mr Scobie later confirmed to the ABC he was made bankrupt and his company liquidated after the Federal Government refused to pay $1 million contract.He also confirmed he did not disclose this to the board when he was made a director of the chamber and still has not told members.Mr Scobie is no longer a bankrupt and says he is built considerable personal wealth.

GM drives out of bankruptcy Unscathed

GM Comes out of bankruptcy , giving hopes of  better American recovery.A new General Motors (GM) emerged from bankruptcy protection on Friday, far more quickly than most industry watchers had expected, as a leaner automaker aiming to win back American consumers and pay back taxpayers.   A whirlwind 40-day bankruptcy for GM concluded with the closing of a deal that sold key operations to a new company that is majority-owned by the US Treasury. The closing documents were signed early Friday by representatives of the government and GM executives at the law firm of Weil, Gotshal & Manges, GM’s bankruptcy counsel. Ownership:US To Own 60% In New Co, Bondholders 10%
     Analysts said the government intervention had given GM a new chance and sharply lower operating costs but left management facing deep challenges given the weak economy and GM’s long-running slide in market share. “I wouldn’t really call it a new GM, it is just a smaller GM. That would be more of an apt description. GM is…

Gordon Ramsay Staves off Insolvency

Gordon Ramsay spoke last week spoke frankly to The Sunday Times about keeping the administrators at bay.  It is the first time he has publicly admitted that his empire came close to collapse.Gordon Ramsay fined over late accounts / 23OCt 2008According to a spokeswoman at Companies House, penalties incurred by Gordon Ramsay Holdings in failing to submit accounts from 2006 have reached the maximum £1,000 per year.Accounts for the 2006 financial reporting year are almost 16 months overdue, with 30 June, 2007 listed as the due date. Company accounts for 2007 were due by 30 June ­ now almost four months in arrears, attracting a £100 fine on top of fines for the previous year.Last autumn, GRH breached covenants on its £500,000 overdraft and £10m of loans with Royal Bank of Scotland (RBS). “We went over our overdraft limit and we did not hit revenue targets,” said Ramsay.  In New York alone Ramsay was losing £2m a year, despite winning two Michelin stars.Ramsay also revealed that he was forc…

Boat and House repossessed by Recievers Kordamentha for saville group MD Sam Cheir

KordaMentha as the receiver of the failed Saville Property Group is divesting both the company's assets and those owned personally by principal and MD Sam Cheir.
Property developer Saville Australia has become the latest casualty of the global credit squeeze, with managing director and owner Sam Cheir losing the company’s final asset, its CBD headquarters, and his own home and luxury boat to the banks.
A luxury yacht of his has been repossessedRepossessed Luxury BoatsThe luxury 25-metre cruiser, a Sunseeker Predator 82 for which he is believed to have paid about $7 million several years ago, has been repossessed by a finance company and is also up for sale

The various projects of the Saville Australia property development arm are being sold off, along with its headquarters
Repossessed HomeA debt to Bank of Queensland will be paid after the record-breaking sale for the residential property market in Perth of Cheir's home for $A8.5mMr Cheir’s repossessed Georgian-style Peppermint …