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Showing posts from 2010

Fall of the Oswal ( Burrup fertilizers') Amonia empire

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.aulIndian 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 …

Pike River coal mine blasts into receivership

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 recievershipThe 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 loansAbout Pike river coal MineThe 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 yearshttp://www.pike.co.nz/A series of explosions one after the other rocked the underground mine near Greymouth on the west coast of the S…

No bidders for Liquidators for Tascot Templeton Carpets in Devonport

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 Australi…

Information on Bankruptcy , Receivership and insolvency database - Australia

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 I…

Five star resort project set to fail due to bankruptcy

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/Credi…

South West-based “Challenge Dairy –Voluntary Administration”

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 DairyAbout 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 saddene…

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Clive peters into administration

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.
McGrathNicolMcGrathNicol is an independent boutique advisory fi…

Banks that go Bust – Toll reaches 50 In US

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 gov…

India Has new fast track insolvency laws

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, …

Licence held by City Pacific Cancelled by ASIC

The Australian Securities and Investments Commission has cancelled the Australian Financial Services Licence held by City Pacific.
City Pacific Financial services wind-up underwayOn 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 ProfileCity 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 (t…

Collapse of GEOS colleges – Australia

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 collegesAdministrators 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 admin…

Australian Rubicon US REIT Inc files for bankruptcy

On jan 20 2010 australianRubicon 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 BANKRUpTCYProperty 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 ESTRubicon America Trust's parent, Rubicon Asset Management Ltd, was found likely to be insolvent, according to a letter from admi…

Australian Sharemarket and stock website

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

Once were warriors NZ movie author almost bankrupt

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 bankruptThe 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 debtThe 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 n…

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

Some recent liquidations anounced 2010List of liquidations starting 2010Griffin Coal (All Administrators Appointed) - AustraliaThe 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 2010Appointees: Brian McMaster, Scott Kershaw, Cliff Rocke and Mark MenthaAdministration ContactKordaMentha Perth OfficeT: +61 8 9220 9333F: +61 8 9220 9399http://kordamentha.com/main/display-creditor.aspx?CID=62===============================================Roadfreighters liquidation – New ZealandA 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…

Dubai repossessed Houses !!

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 - DETACHEDBeautiful 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:
DubaiAddress of Property:
Dubai, U.A.EPostcode/Zip:
[MAP]Bedrooms:
4Reception Rooms:
0Bathrooms:
3Type of Property:
DetachedPrice:
us$ 970.00 [CONVERT]CONTACT INFORMATIONEmail Seller:
EMAIL SELLERContact person:
Manisha AssanandAdvertiser Type :
Phone:
00971-50-5833661Sellers City, County :
Dubai Dubai --URL:
DUBAIMap:
VIEW PROPERTY LOCATIONSEE 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 …