Bank Repossession

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 con...

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 bankr...

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 indep...

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 Zalma...

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

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 ...

  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 ov...

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 Hasti...

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 des...

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-do...

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...

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...

Happy Easter to all our blog readers! Have a good Holiday !!

  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.

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 in...

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 at...

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...

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 distribut...

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 S...

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 ...