Bank Repossession

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 ...

  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.

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...

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 ...

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 othe...

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 ...

  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 coll...

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...

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...

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 , Wor...

Readers digest file for bankruptcy The Classic old magazine is preparing to file a pre-arranged bankruptcy in the United States , where it has prospered for years under slogans such as "America in your pocket". The Reader's Digest , cosy standby of nervous patients in a thousand waiting rooms full of "how to" tips and jokes safe enough to tell grandmother, has become the latest victim of the recession and the internet's effect on paper publishing. A with every bankruptcy . the readers digest bankruptcy will also affect other companies Indian outsourcer HCL Technologies said on Tuesday that its US$350 million outsourcing contract with media company Reader's Digest Association will be unaffected by the U.S. company's financial problems. Reader's Digest plan of agreement for bankruptcy Until recently its prosperity appeared to know no bounds; it published 50 global editions in 21 languages, but its move to seek Chapter 11 bankruptc...

If you're feeling alone and depressed because you have problems with debt and money , cheer up. You're in the company of the rich and famous who unfortunately also sometimes are in the same boat.That can be the company of billionaires, as in Donald Trump and Michael Jackson , to start at the top of the A-list. The King of Pop died suddenly overnight at the age of 50, after a career spanning 40 years that included the biggest-selling pop album of all time, "Thriller." Despite taking in hundreds of millions of dollars as one of the most successful pop musicians of all time, Jackson racked up about $US500 million ($627 million) of debt , according to sources cited by The Wall Street Journal earlier this month His assets , however, including copyrights to his own songs and a stake in the Beatles' song catalogue, are worth more than $US1 billion, according to a music industry source. The lavish lifestyle was made possible in part by a $US200 millio...

Bank Repossessions For Home , car , Boat Bank repossession will happen where your monthly mortgage payments are not being met on time. Repossession proceedings can happen very quickly following arrears on a mortgage account. The bank has the right to do this if it feels that you are unable to clear the arrears and keep up to date with your mortgage payments. In many situations where payments have been missed on the mortgage, an arrangement can be made with the bank to clear the arrears over a fixed period of time. This will usually involve making overpayments on a monthly basis over a set period of time. Bank repossession happens to many people everyday throughout the country. Unfortunately a lot of these unfortunate people do not realise that sometimes they do have options.Banp Repo is a messy Business. Bank repossesioon can happen to a car loan you have , house loan or then any asset that you have bought with a bank loan and is securitised with them