DEBTOR AND CREDITOR – AUSTRALIA

Watchdog to probe surge in tax debts

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Original article by Damon Kitney
The Australian – Page: 1 & 2 : 28-Oct-19

The Inspector-General of Taxation & Taxation Ombudsman, Karen Payne, says her office will investigate the causes of a sharp increase in unpaid tax debt, which has risen from $19.2bn to $26.2bn over the last four years. Meanwhile, there was a 13 per cent increase in the number of complaints lodged with the IGTO about the Australian Taxation Office in the last year. This followed a series of media reports which accused the ATO of excessive use of garnishee notices to recover unpaid tax debts, particularly against small businesses.

CORPORATES
AUSTRALIA. OFFICE OF THE INSPECTOR-GENERAL OF TAXATION AND TAXATION OMBUDSMAN, AUSTRALIAN TAXATION OFFICE

Builder insolvencies soar, subbies call for safety net

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Original article by Michael Bleby
The Australian Financial Review – Page: 29 : 6-Jun-19

Data from the Australian Securities & Investments Commission highlights the impact of the slowing residential market on the construction industry. Some 153 building firms across Australia were placed in administration during March, including 64 in New South Wales. Subcontractors have backed a 2017 proposal to establish deemed statutory trusts, which would ‘ringfence’ payments to subcontractors for projects worth more than $1m.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SUBCONTRACTORS ALLIANCE, HOUSING INDUSTRY ASSOCIATION LIMITED, SCHIAVELLO GROUP PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

APRA backs banks over Hayne probe

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Original article by James Frost
The Australian Financial Review – Page: 1 & 2 : 19-Jul-18

The Australian Prudential Regulation Authority has defended the banking sector in its submission to the royal commission’s fourth round of public hearings. APRA argued amongst other things that banks have a right to make a profit and to call in bad debts when a borrower is unable to repay a loan. APRA was responding to questions raised by royal commissioner Ken Hayne regarding the need to balance the interests of banks and customers who are experiencing financial problems.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANKWEST, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Gordon plots as Ten creditors back CBS

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Original article by Darren Davidson
The Australian – Page: 19 & 26 : 20-Sep-17

WIN Corporation owner Bruce Gordon is considering his options after Ten Network’s creditors endorsed a takeover offer from CBS Corporation. Gordon could pursue further legal action, including a potential appeal after the Supreme Court of New South Wales rejected his bid to block the CBS deal. Meanwhile, Mark Korda of Ten administrator KordaMentha says the CBS deal is likely to be completed within 4-5 weeks. CBS secured the support of creditors after agreeing to increase the total value of its offer to $A209.7m, including upping the amount it will pay unsecured creditors from $A32m to more than $A40m.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, WIN CORPORATION PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED, NEWS CORPORATION – ASX NWS, PPB ADVISORY, AUSTRALIAN TAXATION OFFICE

Gordon to appeal court ruling on Ten takeover

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Original article by Darren Davidson, John Durie
The Australian – Page: 17 & 28 : 19-Sep-17

The Supreme Court of New South Wales has ruled that the second meeting of Ten Network’s creditors can proceed on 19 September, after rejecting an application by Lachlan Murdoch and Bruce Gordon to have it postponed. They had argued that administrator KordaMentha did not fully consider their takeover offer for Ten when the firm endorsed the rival bid by CBS Corporation. Gordon is expected to lodge an appeal before the creditors’ meeting is held, which could further delay Ten’s sale. The court also rejected Gordon’s bid to prevent CBS from voting at the meeting.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, ILLYRIA PTY LTD, BIRKETU PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, PPB ADVISORY, NEWS CORPORATION – ASX NWS

Revised Ten bid in the balance

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Original article by Darren Davidson
The Australian – Page: 24 : 18-Sep-17

KordaMentha has declined to comment on a revised bid for the Ten Network by Lachlan Murdoch and Bruce Gordon, which would result in unsecured creditors receiving a maximum payment of $A55m. The CBS deal would give these creditors no more than $A32m in total. The administrator is believed to be waiting for a Supreme Court of New South Wales judgment before deciding whether to put the new offer to Ten’s creditors. Murdoch and Gordon have alleged that KordaMentha had not provided creditors with sufficient information about the value of their joint bid.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, SUPREME COURT OF NEW SOUTH WALES, ILLYRIA PTY LTD, BIRKETU PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED

Ten creditors ‘left wholly in dark’ over rival offer

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Original article by Darren Davidson
The Australian – Page: 17 & 20 : 14-Sep-17

The Supreme Court of New South Wales has heard allegations that Ten Network administrator KordaMentha had not provided creditors with sufficient information about the value of a joint bid by Lachlan Murdoch and Bruce Gordon. Andrew Bell, QC told the court that Ten shareholders would receive more value from the joint bid than the offer from US-based CBS Corporation, which was endorsed by KordaMentha. He said that unlike the CBS offer, the Murdoch-Gordon bid would have treated all creditors equally.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED, WIN CORPORATION PTY LTD, NEWS CORPORATION – ASX NWS

Ten admins acted illegally, court told

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Original article by Darren Davidson
The Australian – Page: 19 & 26 : 13-Sep-17

The legality of KordaMentha’s decision to endorse CBS Corporation’s acquisition of Ten Network rather than the offer of Lachlan Murdoch and Bruce Gordon has been questioned in court. Lawyers acting for Gordon argued that it is up to Ten’s creditors and their advisers to assess the merits of competing bids and chose the best one, rather than the administrator. Meanwhile, KordaMentha has released a supplementary report to creditors in response to claims by Gordon that its first report lacked sufficient detail.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, BIRKETU PTY LTD, ILLYRIA PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, NEWS CORPORATION – ASX NWS, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, ONE NATION PARTY, SUPREME COURT OF NEW SOUTH WALES

Murdoch-Gordon Ten bid details aired

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 12-Sep-17

KordaMentha has released the deed of company arrangement for CBS Corporation’s proposed acquisition of the Ten Network. It is included in a supplementary report to Ten’s creditors, in which the administrator outlines the reasons for its decision to recommend selling Ten to CBS rather than rival bidders Bruce Gordon and Lachlan Murdoch. KordaMentha notes that both itself and Ten’s receivers had concluded that the CBS deal would provide a better outcome for creditors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, ILLYRIA PTY LTD, BIRKETU PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED

Gordon takes round one in Ten legal bout

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Original article by Darren Davidson
The Australian – Page: 17 & 20 : 8-Sep-17

The Supreme Court of New South Wales has granted an application by WIN Corporation owner Bruce Gordon to have the second meeting of Ten Network creditors delayed by a week. This will allow the court to hear claims by Gordon, Lachlan Murdoch and 21st Century Fox that a creditors’ report by administrator KordaMentha lacked sufficient detail. This hearing is scheduled for 12 September, while the second meeting of creditors is now slated for 19 September. In other developments, the Australian Share­holders’ Association has ruled out participating in a class action regarding Ten’s collapse.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, CBS CORPORATION, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, BAKER AND McKENZIE, ATANASKOVIC HARTNELL CORPORATE SERVICES PTY LTD, ALLEN AND OVERY, DENTONS, CORRS CHAMBERS WESTGARTH, KPMG AUSTRALIA PTY LTD