This Month
Bankruptcy catches up with accountant linked to tax fraudsters
Filomina Kyriacou – linked to some notorious tax fraudsters – has avoided tax debts and unpaid loans worth nearly $4 million by declaring herself bankrupt.
StrongRoom AI attracts 10 prospective buyers despite dire finances
The near insolvent pharmaceutical start-up has made 23 of its 45 staff redundant after requests from interested parties to reduce its costs, administrators say.
Venture capital firm EVP was right to call the cops on StrongRoom
EVP committed venture capital heresy by reporting StrongRoom AI to the police. It angered fellow investors but has shown moral courage rather than selfishness.
Star Entertainment to sign $300m deal with US casino giant Bally’s
The terms are expected to be finalised following a weekend of negotiations.
Desperate Star Entertainment asks Bally’s to fatten up a bail-out
Term sheets are flying as Star and its bankers try to secure a final lifeline for the casino operator.
EVP claims StrongRoom founder admitted to fraud, faked accounts
Documents filed by the venture capital firm also allege one of the software start-up’s directors used company money to pay for a holiday to Morocco.
Star turns to US casino giant Bally’s as $750 million lifeline fails
Star was trying to reach a deal with its potential funder until late on Tuesday, but had failed to agree to terms including how to meet its near-term costs.
The stand-off that blew up Star’s super-sized debt deal
Nearly a month of exclusive negotiations to save the casino giant have failed – and now it is over to Plan B. The clock is ticking louder than ever.
StrongRoom investors at war as founders hit with freezing orders
A European venture capital firm has accused EVP of destroying the prospects of the pharmaceutical software start-up after reporting the company to police.
March
$5m gold bullion twist in hunt for collapsed pub group’s millions
Former Virtical director Mark Toma told a court it wasn’t him who turned up in a Range Rover to buy bullion from a Martin Place gold merchant, as the pub group’s $100 million fake GST refund scandal erupted.
Roberts Co owes Victorian tradies $50m
Creditors attending their first meeting heard there was still no agreement on how quickly work will resume on projects such as Amazon’s giant warehouse.
Star Entertainment extends Salter Brothers $750m deal deadline
Star Entertainment needs to lock in a multimillion-dollar funding package before the start of April or faces the prospect of voluntary administration.
Home building faces new threat as demand picks up
After some very tough years, contractors in the housing sector – particularly smaller ones – don’t have resources to take on the large jobs now flowing through.
DNA for sale as gene testing firm 23andMe goes bankrupt
The company, which provides medical and ancestry-related analysis, filed for chapter 11 after it was unable to find a buyer to rescue it from insolvency.
Tallest tower creditors vote for ‘shit sandwich’ proposal
Administrators of the entity managing the $2.7 billion project can now sell the project. But there’s another option for Beulah director Jiaheng Chan.
After 43 years, local tech pioneer NetComm heads for the scrapheap
Modem maker NetComm Wireless was once a star of the local tech scene. But its Nasdaq-listed owner has filed for bankruptcy after a year of ownership.
Victoria counts the cost of rising insolvencies
Construction across the nation has struggled with higher costs, shortages and delays. But Victorian insolvencies are rising the fastest among the big states.
Builder Roberts Co faces new threat from bond claims
While the contractor’s Victorian operations are only part of its business, developer claims against guarantees could tear a big hole in the parent company.
Pub owners’ assets frozen amid fake GST refunds investigation
The former directors of collapsed hospitality empire Virtical have had their assets frozen amid an inquiry into hundreds of millions of dollars of fake GST claims.
Administrators, developers comb through Roberts Co wreckage
The Victorian builder put into administration late on Friday had eight live projects and as many as 16 still in the warranty period, early indications show.