MORE than 55,000 Australian families have been given mortgage-payment holidays and hardship concessions by major banks, revealing the true picture of the financial crisis.

In the past year the banks have extended a financial lifeline to 55,362 people unable to afford their mortgage repayments, personal loans or mounting credit-card debt. (more…)

Solicitor, Tim Sommerville of North Sydney has been found guilty of ”aiding and abetting” eight clients to break the law by advising them to transfer assets from 15 near-insolvent companies to new vehicles, the NSW Supreme Court ruled yesterday.

Acting Justice William Windeyer said there was ”a direct causal connection” between the involvement of Timothy Somerville, a partner of Somerville and Co, and breaches of the Corporations Act by the company directors he advised. (more…)

ACTIVITY in the construction sector contracted for an 18th consecutive month in August as engineering and commercial construction remained weak, a survey says. (more…)

ONE-THIRD of the country – including battlers’ suburbs and some of the wealthiest urban areas – has entered the danger zone for financial distress, despite signs that economic conditions are improving. (more…)

Mr Pasquale Lanciana, also known as Percy Lanciana, was convicted yesterday in the Sunshine Magistrates’ Court after pleading guilty to eight charges brought by ASIC.

Mr Lanciana, a concrete panel builder, based in Maidstone, Victoria, was fined $4000 for managing Victoria Pre Cast Pty Ltd while disqualified. (more…)