Australia: Hundreds out of work as ECM goes into voluntary administration - PressFrom - Australia
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AustraliaHundreds out of work as ECM goes into voluntary administration

18:37  22 august  2019
18:37  22 august  2019 Source:   9news.com.au

Chinese mining magnate Sally Zou claims her own company, AusGold, owes her $35 million

Chinese mining magnate Sally Zou claims her own company, AusGold, owes her $35 million Chinese businesswoman Sally Zou has placed her insolvent company, AusGold Mining, into voluntary administration — and is claiming it owes her $35 million. AusGold owes creditors more than $41 million in total, with the Australian Tax Office owed about $900,000 and 14 employees owed about $430,000, administrator John Vouris of Hall Chadwick said. But he said Ms Zou will have to provide a Proof of Debt to substantiate her claim. "I expect employees will be paid in full," he said. Mr Vouris said the Fair Work Ombudsman was involved given the employees were claiming they were underpaid.

Voluntary Administration can an excellent solution for a company in financial difficulty. But not always! Only 26% of companies that enter Voluntary Administration are saved. That will tell you that you need a genuine expert to help your company through the Voluntary Administration process.

BI Prime Sign out . Careers Australia, one of the biggest vocational education providers, has gone into voluntary administration with Careers Australia, owned private equity firm White Cloud Capital, at one time received hundreds of millions of dollars in funding from the federal government. "We are working closely with management and key stakeholders to urgently determine whether the business

Today was meant to be pay day for EC and M's 400 strong workforce.

But instead of getting their weekly wage, workers were called to a meeting at the Henderson headquarters and told to pack up their tools and head home.

Peter Carter from the Electrical Trades Union says workers have been left in the dark about their futures.

"They've got a future where they don't know how to pay their bills, pay their mortgages, put food on their tables for themselves and their families."

Chinese mining magnate Sally Zou claims her own company, AusGold, owes her $35 million

Chinese mining magnate Sally Zou claims her own company, AusGold, owes her $35 million Chinese businesswoman Sally Zou has placed her insolvent company, AusGold Mining, into voluntary administration — and is claiming it owes her $35 million. AusGold owes creditors more than $41 million in total, with the Australian Tax Office owed about $900,000 and 14 employees owed about $430,000, administrator John Vouris of Hall Chadwick said. require(["inlineoutstreamAd", "c.

“ Out of these ashes of Arrium could be a phoenix which will rise and provide the jobs and growth in A national steel plan would involve working with steel producers and their supply chains to maximise He called for the Australian Jobs Act – which gives local manufacturers the opportunity to win work on

We expect to see temporary workers at the plant move into permanent positions as volumes pick up again in future years.” A small tax increase on diesels that came into force this month appears to have signalled the fuel’s fall from favour, as concerns over air quality have come to the fore.

Hundreds out of work as ECM goes into voluntary administration© 9News Hundreds of workers have been told to pack up and go home as ECM went into voluntary administration. Tradies say they're owed two weeks pay plus their entitlements.

But they don't know when they will get their money because the large electrical contractor announced it is going into voluntary administration.

Unions say it's a sign of the times.

Hundreds out of work as ECM goes into voluntary administration© 9News Tradies say they are owed two weeks pay, plus their entitlements after ECM went into voluntary administration. Hundreds out of work as ECM goes into voluntary administration© 9News Hundreds of tradies don't know if they will see their final pays after ECM went into voluntary administration.

"The business model at the moment which is rampant in Australia and WA in particular, is one where the cheapest is best, as far as we're concerned that doesn't give best value for workers, the community or tax payers," a spokesperson told 9News.

The company has millions of dollars worth of contracts around Australia on its books, including a $45 million project on the HMAS Stirling redevelopment at Garden Island and an $11 million contract at the Kwinana lithium plant.

It is unclear what will happen now with those projects but the administrator – KPMG – says it has started an urgent and immediate assessment.

It says it is aiming to secure the future of the business.

Hundreds flee Melbourne nightclub blaze.
A packed Melbourne nightclub has been evacuated after a fire broke out inside. Hundreds of people were at 170 Russell, formerly known as Billboards, for the sold out live music event Bingo Loco. © 9News The venue was hosting a Fire took hold near the stage around 10pm with the event's host, former Triple J presenter Alex Dyson, ordering people to leave the venue. It took 25 firefighters around half an hour to bring the blaze under control. © 9News Russell Street was cordoned off as fire crews worked to extinguish the fire.

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