Bank Repossession

  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 ...