The Bank of Melbourne seized control of Pets Paradise and appointed Deloitte as receivers yesterday pursuant to a $11 million outstanding debt. The receivers said company-operated Pets Paradise stores had been struggling for 18 months. This has been made worse by a virus outbreak affecting puppies sold from at least [...]
Further to our previous news item, Zhiping Zhou has won a Supreme Court fight to reverse the sale of his home for $1,000. Mr Zhou built the house in Braybrook himself, estimated to be worth $630,000. In 2009, the property was seized due to outstanding debts of more than $100,000. [...]
Armstrong Lawyers have moved to new office premises just a few minutes from our previous premises. We are now located at Level 7, North Tower, 459 Collins Street, Melbourne VIC 3000. This is the building located at the corner of Collins Street and William Street. We can still be reached [...]
A new national register of business names is anticipated to be unveiled in May 2012 to enable simple online registration. The Australian Securities and Investments Commission (ASIC) has released regulatory guidance to help businesses prepare. Under the new national register, businesses operating interstate will only need to register their name [...]
Fortescue Metals Group and its chairman, Andrew Forrest, won leave to appeal to the High Court against a finding that they misled investors. The landmark case is expected to clarify Australia's continuous disclosure laws. Mr Forrest said the High Court's decision justified the company's action to strongly defend the case, [...]
Victoria's electronic conveyancing system is to be dropped in favour of a single national network. The decision to eliminate the $50m system known as the Electronic Conveyancing Victoria (ECV) forms part of a number of arrangements intended to reduce the cost of buying a home by between $120 and $130. [...]
Today, ASIC released official figures that reveal a 4.4% rise in corporate insolvencies in the 2010-11 financial year to date. ASIC's Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said that despite a drop in external administration appointments in May compared to last year, the latest figures [...]
The Federal Court found today that eight directors and former executives of Centro Properties Group breached their duties when they approved financial statements for 2006-07 which did not disclose that Centro was required to repay billions of dollars of debt within a matter of months, including a $1.1 billion J.P. [...]
Mortgage exit fees, which sometimes go up to $7,000, will be banned from 1 July under a Government regulation that was approved today. The regulation, which did not need the Parliament's approval, is intended to make it easier for home borrowers to shop around for better deals, even if they [...]
Yesterday, a Sydney organic food supplier challenged supermarket giant Woolworths over the supermarket's latest marketing campaign. On 16 March in the Federal Court of Australia, Organic Marketing Australia, which trades as Honest to Goodness, alleged that Woolworth's Honest to Goodness Family Meals campaign that features the prominent chef Margaret Fulton [...]