Today
The Melbourne shopping hotspot that became a ‘ghost town’
Businesses on Bridge Road in Richmond, which has a whopping 15.5 per cent vacancy rate, fear an insolvency snowball effect.
- Gus McCubbing and Larry Schlesinger
Building materials supplier Lutum goes into administration
The move by directors to try and salvage the Boral spinoff shows casualties in Australia’s precarious home-building sector have spread well beyond builders.
- Michael Bleby and Simon Evans
This Month
- Updated
- Aviation
KordaMentha runs the ruler over Bonza as its Miami PE owner wavers
Sources close to discussions said the corporate restructuring specialists had not been appointed as administrators, but to provide financial advice.
- Updated
- Matthew Cranston and Ayesha de Kretser
Toplace creditors vote to defer liquidation in hope of better return
Creditors of the collapsed developer founded by wanted fugitive Jean Nassif have voted for a scheme that may get them a better payout.
- Larry Schlesinger
GFG Alliance drags its heels on paying Greensill Capital debts
Sanjeev Gupta’s global steel group has not yet paid any of the $900 million it owes to the collapsed supply chain finance firm, despite another debt deal in March.
- Jenny Wiggins
Housing developer Scape keeping builders afloat
Higher financing and construction costs are forcing builders’ clients to take on more cost risk, whether in student accommodation or office fit-outs.
- Updated
- Michael Bleby and Campbell Kwan
Fears for 150 jobs as miner calls in administrators
Korda Mentha will try to sell the Abra lead and silver mine, raising doubts over the future of ASX-listed Galena Mining.
- Peter Ker
‘Tsunami’ of headwinds faces builders as collapses surge by a third
The latest official figures point to a 32 per cent increase in insolvencies across the sector this financial year.
- Larry Schlesinger
- Exclusive
- Start-ups
How Macquarie’s $46m investment in an Aussie tech firm turned into $1
Macquarie Capital poured $46m into Plutora, but sold its stake for a dollar, and administrators have met to try to figure out what is left in its operations.
- Paul Smith
March
‘Chose not to disclose’: Greensill Group insurers dispute claims
Lex Greensill emailed an insurance underwriter in 2017 suggesting he “step up”. Years later, that relationship is under the microscope.
- Liam Walsh and Jenny Wiggins
Corporate insolvencies spike to a decade high
A wave of business failures in construction, hospitality and retail has pushed up the number of monthly insolvencies to the highest in almost a decade.
- John Kehoe and Michael Read
Frantic emails show underwriters’ shock at Greensill Group exposure
The documents, filed in the Federal Court, also reveal Australian regulators were warned nine months before the fast-finance business imploded.
- Liam Walsh and Jenny Wiggins
Greensill Group underwriter suffered ‘breakdowns’ in policy safeguards
The man who signed off on billions of dollars of policies allegedly went around proper process and would receive “dinners, wine bottles” without disclosure.
- Jenny Wiggins and Liam Walsh
Even after COVID boom, builders want fixed-price contracts
An industry body backs the contracts but warns about risks if costs escalate, as a survey shows companies’ “grasp on construction financials remains inadequate”.
- Michael Bleby
- Exclusive
- General insurance
Greensill Group insurer allegedly asked Lex Greensill for charity donation
The key insurance man for the collapsed finance firm allegedly blamed “hubris” and “intoxication” for signing up policies that blew past his authorised limits.
- Jenny Wiggins and Liam Walsh
- Exclusive
- Jobs
NDIS provider GoodHuman forced into liquidation owing nearly $3m
The company, which sells software that simplifies administration for NDIS service providers, is believed to owe affected staff months of unpaid wages and super.
- Euan Black
UK seeks to disqualify Lex Greensill from running companies
The fallen Australian financier says he will “robustly” contest the Insolvency Service’s court action, which seeks a 15-year directorship ban.
- Hans van Leeuwen
- Updated
- Fashion retail
Private equity-backed swimwear group Tigerlily collapses
For the second time in four years, the company founded by Jodhi Meares has gone under. Its owner, Crescent Capital, tried to sell the retailer last year.
- Updated
- Carrie LaFrenz
Ballarat bombshell as mine liquidator queries director transactions
Liquidators have identified millions of dollars worth of director-related transactions as they probe the former owners of the Ballarat gold mine.
- Peter Ker
February
Home building slumps to weakest since mid-2022
The collapse of another building company this week shows the hit to capacity in the economy and makes the national 1.2 million-home target harder to achieve.
- Michael Bleby