Latest news with #liquidators
CNA
28-05-2025
- Business
- CNA
Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches
Australia's corporate regulator said on Wednesday that it has initiated civil penalty proceedings against Liang (Allan) Guo, a former director of the failed cryptocurrency exchange firm Blockchain Global, alleging multiple breaches of duties. The Australian Securities and Investments Commission's allegations in the federal court are in relation to Guo's involvement in Blockchain Global's operation of a cryptocurrency exchange platform, ACX Exchange, which collapsed around December 2019, when customers began being unable to withdraw funds or cryptocurrency from their accounts. The allegations relate to Guo's dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records. The regulator had started an investigation into the firm in January 2024, following a receipt of a report from the firm's liquidators, which said that Blockchain Global owed around A$58 million ($37.3 million) to unsecured creditors as of October 2, 2023. Guo was barred from leaving the country in February 2024, but left Australia on September 23, 2024, following the expiry of his travel restraint orders, the regulator said. Blockchain Global had no published contact information and could not immediately be reached for comment. ($1 = 1.5562 Australian dollars)
Reuters
28-05-2025
- Business
- Reuters
Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches
May 28 (Reuters) - Australia's corporate regulator said on Wednesday that it has initiated civil penalty proceedings against Liang (Allan) Guo, a former director of the failed cryptocurrency exchange firm Blockchain Global, alleging multiple breaches of duties. The Australian Securities and Investments Commission's allegations in the federal court are in relation to Guo's involvement in Blockchain Global's operation of a cryptocurrency exchange platform, ACX Exchange, which collapsed around December 2019, when customers began being unable to withdraw funds or cryptocurrency from their accounts. The allegations relate to Guo's dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records. The regulator had started an investigation into the firm in January 2024, following a receipt of a report from the firm's liquidators, which said that Blockchain Global owed around A$58 million ($37.3 million) to unsecured creditors as of October 2, 2023. Guo was barred from leaving the country in February 2024, but left Australia on September 23, 2024, following the expiry of his travel restraint orders, the regulator said. Blockchain Global had no published contact information and could not immediately be reached for comment. The firm's liquidator, Andrew Yeo, did not immediately respond to Reuters' request for comment. ($1 = 1.5562 Australian dollars)
BBC News
12-05-2025
- Business
- BBC News
Happier Cars: Liquidators
We contacted Happier Cars, but have not received a company is now in liquidation and the liquidators, Mercer and Hole, won't comment whilst its investigation continues, but is asking for people who believe they are owed money to get in who is a creditor of the company is requested to submit proof of their debt using the IPS Creditor Portal , externaland need to contact Mercer & Hole for login instructions: Restructuring@
Yahoo
12-05-2025
- Business
- Yahoo
Live Ventures Inc (LIVE) Q2 2025 Earnings Call Highlights: Strategic Gains Amid Revenue Challenges
Release Date: May 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Retail entertainment and steel manufacturing segments showed operational improvements with higher operating income and margins. A new executive management team was brought into the retail flooring segment to enhance performance through top-line growth and operational efficiency. Targeted cost reduction initiatives resulted in significant savings during the quarter. Successfully negotiated a $19 million reduction in employing liquidators seller notes, resulting in a $22.8 million gain. Gross margin percentage increased to 32.8% from 29.9% in the prior year period, primarily due to improved efficiencies in the steel manufacturing segment. Total revenue for the quarter decreased by $9.8 million to approximately $107 million. Retail flooring segment revenue decreased by $4.6 million or 14.5% due to the disposition of certain stores. Manufacturing segment revenue decreased by $4.4 million or 12.8% due to reduced consumer demand. Steel manufacturing segment revenue decreased by $4.2 million or 11.7% due to lower sales volumes. Challenging market conditions continue to impact the retail flooring and flooring manufacturing segments, with reduced consumer demand affecting performance. Warning! GuruFocus has detected 8 Warning Signs with LIVE. Q: Was the modification of the notes anticipated in the original agreement, or is this a new development? A: This modification was not part of the original agreement; it was renegotiated. We view it as a significant win for the company and shareholders, reducing the notes from approximately $36-37 million to $15 million. (Respondent: Unidentified_2) Q: How might tariffs affect your businesses, and what measures are you taking in response? A: We are monitoring the situation closely and diversifying our vendor relationships both overseas and domestically. So far, we have not experienced any negative impacts from tariffs. We are prepared to make changes as needed, leveraging inventory build-up from the Chinese New Year to provide flexibility. (Respondent: Unidentified_2) Q: Can you provide more details on the operational improvements in the retail entertainment and steel manufacturing segments? A: Both segments posted higher operating income and margins compared to last year. The retail entertainment segment saw increased consumer demand for new products, while the steel manufacturing segment benefited from improved efficiencies and the acquisition of Central Steel. (Respondent: David Barrett, CFO) Q: What challenges are your flooring businesses facing, and how are you addressing them? A: The flooring businesses are facing challenges due to softness in the new home construction and refurbishment markets. We have brought in a new executive management team and are implementing operational initiatives to enhance performance and efficiency. (Respondent: David Barrett, CFO) Q: What are your plans regarding capital allocation and share repurchases? A: We may make share repurchases as part of our capital allocation strategy, believing they represent long-term value for our stockholders. During the quarter, we repurchased 31,323 shares at an average price of $8.28 per share. (Respondent: David Barrett, CFO) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
