Australia Insolvency News September 2013 – Pmf Legal Limited

Australia Insolvency 2013
Katies and Millers are placing a big bet on internet retailing — with plans to close up to 120 stores over the next few years.

King of Knives collapses into administration. It was only recently sold off from the group that operates Athlete’s Foot.

Insolvency duo bill .2 million for the Mr Drake’s funds management empire. Men who “preferred their own commercial interests to he interests of the fund”. A not uncommon cry in relation to the Australian insolvency industry.

Eddie Obeid — a colourful personality in NSW – had his plans for keeping the affairs of his company Streetscape Projects out of the limelight following the very public Court terminating its deed of company arrangement.

Making a better fake personal insolvency deal? Yes its possible with the help of these creative lawyers apparently — generating judgments for debts that don’t exist. Maybe Australia has not fallen far from our convict ancestry tree?

And this story just when an insolvency practitioner has his registration cancelled after ASIC action — with findings that he was “persistently dishonest”. “Finding the right insolvency professional is not easy without guidance” Paul Fordyce of Pmf Legal Ltd was quoted as saying.

Opes Prime and the ANZ Bank. How banks make up their own rules? The Federal solution to the GFC was to guarantee monies owed by the banks — which pretty well wiped out all of the mid-tier lenders. So the problem we have today. Maybe the Coalition government could help encourage these businesses back into Australia.

Over 1500 Victorian restaurants, including many prominent ones, in the last 12 months — soaring labour costs amongst them.

Weight loss can mean so much more. When Tony Ferguson Weight Loss went into administration. The weight lost was millions of dollars.

Case on making sure you claim privilege against self-incrimination during a public examination. Where they did not make the claim. An important point to have your legal advisers stress to you.

Mobile provider ispONE goes into administration. Another in the long line in Australia.

Oakvale Treasury collapses after lawsuits by 2 councils. With .5 billion lost they are making a good contribution to GFC2 (see the story on the International video about the new sub-prime).

Paul Fordyce
Pmf Legal Limited,
Suite 1101,
84 Pitt Street,
Sydney. NSW
Ph: 02 9221 9888.
0417 067 058

1 October 2013

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