Bank Repossession

  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...

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 !!

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...

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...

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 u...