STORM Financial co-founder Julie Cassimatis ordered staff to make a $2 million deposit into her private account last December even though it had become clear the advisory company was insolvent the Federal Court heard at a Public examination yesterday. Continue reading
Tag Archives: company insolvency
Liquidation breast option for Hooters!
The Australian arm of US restaurant chain Hooters has been placed in liquidation.
The Hooters chain in Australia had restaurants in Parramatta, Cronulla and Mermaid Beach. Continue reading
Director banned from managing corporations for 5 years
ASIC has disqualified property developer and shoe wholesaler Mr John Georgiadis, 49, of Mansfield Queensland from managing corporations for a maximum period of five years. Continue reading
Building Contractor Advisory Service – LD for Office of Fair Trading
Building Contractor Advisory Service
The Office of Fair Trading is aware of the difficulties facing builders and trade contractors during these challenging economic times. Continue reading
ASIC disqualifies Sydney man from managing corporations for 5 years
The story below highlights ASIC’s powers where a person is involved in fraudulent behaviour and tax evasion. Continue reading
BHP cuts 1800 jobs
THE Federal Government is investigating the sudden sacking of 1800 workers at BHP Billiton’s Ravensthorpe nickel mine in Western Australia. Continue reading
Accountant jailed – ASIC media release
The former accountant and company secretary for Bustan Australia Holdings Pty and Bustan International Pty Ltd (the Bustan Group), Ms Claire Horsman, has been sentenced today in the County Court of Victoria to two years and six months imprisonment after pleading guilty to three criminal charges brought by ASIC. Continue reading
Former Melbourne director in court on ASIC insolvent trading charges
Former director of International Consulting Group Pty Ltd (ICG), Dr Anula Daui Kumari Kauye, has today appeared in the Melbourne Magistrates’ Court on charges brought by ASIC.
Dr Kauye, 57, of Toorak, faces 64 counts of trading while insolvent under the Corporations Act, 18 counts of theft under the Victorian Crimes Act, and one count of providing false information in an affidavit to the Victorian Supreme Court.
The charges arise from Dr Kauye’s conduct while a director of ICG where it is alleged the company continued to trade while insolvent between 25 July 2003 and 1 October 2004. ASIC specifically alleges that Dr Kauye ran up debts to contractors and retail and service providers and stole approximately $1.5 million from US based companies.
A committal mention date was set for 1 July 2009 in the Melbourne Magistrates’ Court.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
ASIC has the power to wind up companies – and uses that power
The Supreme Court of New South Wales has wound up a number of companies promoted by Online Super Pty Ltd (Online Super) following an application by ASIC. Continue reading
When’s the right time to shut up shop – David Koch article
There’s absolutely no doubt the global financial crisis is biting hard. Small businesses all over the country are starting to feel the pinch and some, sadly, have to think about when might be the right time to shut up shop.
It’s an agonising decision, especially if you’ve put your heart and soul into the business. But if you make the decision too late you’ll make things worse than had you pulled the pin a little earlier.
Remember there’s no shame in shutting down a business. In fact, part of being a good business owner is admitting when it’s time to stop flogging a dead horse and close an unprofitable enterprise. Continue reading
CRS Warner Kugel trading as The Insolvency Experts © 2011. All rights reserved