HVMo6WT@%&q6E.jmlh'VH%g! 7o9_|1UYym|Stl)Ng'OL(^: UdDpE*2#rUfQX(-f JpZebvb]8LJR1[ s%Q Losing billions in revenue to China & India. It is WRONG to sell offArrium Australia to overseas buyer! See if you qualify for debt relief. Lawyerly is the leading source of legal news for commercial lawyers in Australia. Spread the words! Our business debt calculator, Here are some examples of successful debt settlements offered to our clients. The liquidators, who were represented in court by Arnold Bloch Leibler's Caroline Goulden, are focusing on a claim based on their belief Arrium was trading while insolvent. Contact the experienced debt relief specialists at United Debt Settlement to discuss the business debt relief options that best suit you and your business specific financial situation. Bankruptcy is a legal procedure that allows individuals, businesses, and other organizations to discharge debts when they can no longer afford to pay them. She is very patient on the phone and took care of my needs accordingly. UDS has an outstanding reputation assisting clients like me achieve financial recovery and success. Whether you are workers, suppliers, customers or investorsof Arrium, we would like to hear from you. Hey there! A key reason for the appeal is concern in the liquidator's camp that the Supreme Court ruling will set a precedent for how liquidations of listed companies are operated and allow interventions by class action lawyers looking to shore up their cases against directors or the company. Contact us to take a free trial. This field is for validation purposes and should be left unchanged. The insolvent trading action brought against Arrium Groups board of directors and members of management has reached a settlement. Most illnesses and accidents occur unexpectedly, and for this reason, burdens associated with medical debt extend beyond the financial realm toward the physical and emotional. %%EOF But the purpose of the appellants was not so foreign.. If you would like to know how debt relief programs work, contact us here at United Settlement. A treasury employee who was a defendant in one of the three legal actions being fought over the $2.8 billion collapse of Arrium has reached a . Why do workers need to face uncertainty and risk losing their jobs and reduced workers conditions? Not all debts are eligible for enrollment. Mr Galbraith is also a former director of the Commonwealth Bank. We request that you get involved in this important matter with the qualifier that whatever happens with Arrium will be remembered for generations.Returning the company back to its shareholders is the only just decision rather than selling it off in pieces to non-vested parties only to create . The reputation of our country and the well-being of our workers and their families are now at risk due to the unfair Arrium administration: Should a company with substantial trading profit, that never defaulted on any debt and has received $1.6b cash from assets sale, stay in administration and get liquidated? Group proceeding (class action) brought on behalf of persons who acquired shares in Arrium Corporation Limited (Arrium) during the period between 19 August 2014 and 4 April 2016. The shareholder claim principally relates to a capital raising by Arrium in 2014 and an information memorandum distributed for that purpose. Please do not hesitate to contact us directly to discuss this matter further. A delegation, which included SA Treasurer Tom Koutsantonis and Federal Minister Greg Hunt, recently travelled to South Korea, to meet the country's largest steelmaker POSCO the only company to show interest publicly in Arrium. All claims are based on enrolled debts. Andrew Meares. Business Debt Settlement involves successfully negotiating and settling business accounts for lower payoff amounts than the total balance owed on them. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Bogan, Anthony & Anor v The Estate of Peter John Smedley (deceased) and Ors (S ECI 2020 03281). Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal. A strong Arrium is good for all Australians by providing fair competition within the iron ore and steel industry while it remains under the ownership of a broad shareholding base. A strong Arrium is good for all Australians by providing fair competition within the iron ore and steel industry while it remains under the ownership of a broad shareholding base. This is very important as we believe it will show the company is indeed very profitable and solvent in particular after Molycop is sold. The main objectives of ASG include: Providing a forum for all shareholders to share ideas, latest updates, Arrium related news and to participate to discussions relating to progress of the administration. %PDF-1.6 % Renika did a great job in answering all of my questions in a timely manner. Finally, with a debt consolidation loan, outstanding accounts get paid off by the loan proceeds, and subsequent timely repayment behavior against the debt consolidation loan will result in a strengthening of a credit score and profile. To contact Lawyerly about a free trial or group subscription, For information on rights and reprints, contact subscriptions@lawyerly.com.au. Examining an officer of a corporation for the purpose of pursuing a claim against the corporation can be a legitimate use of the power conferred by section 596A, irrespective of whether it is in the interests of the corporation or whether the claim relates to all or only some of the corporations creditors or contributories.. Former Arrium chief executive Andrew Roberts is one of the defendants who is part of the settlement. Losing billions in revenue to China & India, Australias tax revenue from mining has already started to diminish in the face of tax war with overseas countries like China and India. If you are a shareholderof Arrium you canjoin us at. However shareholders do not have reasonable level of visibility and understanding of. Not only is it inconvenient to keep track of various payment schedules to ensure proper timely payments, the avoidance of late fees and damage to a credit score and profile, but it also can be far more expensive than making payments to one single creditor. Debt Amount$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000$50,000$55,000$60,000$65,000$70,000$75,000$80,000$85,000$90,000$95,000$100,000+. An effectively managed Arrium with the current vertically integrated business structure will provide long term benefits for all stakeholders. This program is designed to help small business survive and succeed. Governments policies were also introduced to support the company in the way of anti-steel dumping tariffs and encouraging the use of locally made steel for governments projects. Electronic court books for virtual courtrooms, Virtual hearings - Practitioner's Fact sheet, Virtual hearings - tips and tricks for practitioners, Virtual Hearings - Technical frequently asked questions, Searching court records and obtaining copies of documents, Urgent Applications - Practice Court (Common Law), Applying for a grant of probate or administration. "The information likely to be produced by the plaintiffs examination of Mr Galbraith would also likely advance the interests of Arrium and its creditors, so far as it either produces additional relevant information that supports further causes of action by Arrium, or does not do so and therefore supports the liquidators present assessment that their insolvent trading claims are more likely to benefit Arrium and its creditors than the claims which the plaintiffs seek to investigate.". The information that could be extracted by way of response has not until now typically been available to shareholders or class action promoters when they are deciding whether there is a basis to commence a claim., Caroline Goulden, a partner at Arnold Bloch Leibler, which acted for KordaMedntha in the High Court, said the case showed the power to examine under section 569A was not the sole preserve of external administrators seeking to pursue claims to enlarge the insolvent estate for creditors, nor of the regulator seeking to expose corporate misbehaviour.. The appellants do not pretend that it will be of benefit to those engaged in that external administration, to the company or to its creditors as a whole.. I agree to the privacy policy and I agree to be contacted at the phone number I provided as a best contact number, and/or emailed for the purpose of communication regarding evaluation of debt relief services. Arrium has debts of more than $4 billion and was placed into voluntary administration in April, putting more than 8,000 jobs at risk nationwide. Not only can debt relief programs save you money by lowering interest rates and reducing monthly payments, but they also can get you out of debt in less time! Another option is business debt settlement, as United Debt Settlement can negotiate with your creditors to settle debts for less than what is owed. Your urgent attention in this matter is appreciated. The claim alleges that the defendants (being four former directors of Arrium and its auditor, KPMG) made misleading or deceptive statements in Arriums published financial results, as to the compliance of the financial statements with Australian Accounting Standards and as to those financial statements presenting a true and fair view of Arriums financial position, and further that the statements failed to disclose material impairments of Arriums assets. You sure have made mess of your life. endstream endobj 68 0 obj <>stream Major steps taken in transforming LIBERTY Primary Steel's Whyalla operations. ioLsi(B^(2g0 4 o\E}P0SMB4*k}aJi]v4NEyFwV?{&"j1N4A3*Ow2sj#3x:sh4!rjTEoX~\?ztp A(_>xV;e$g`#[v/zKWF:z}3riyWz(fLkLR(-=*Js}w>\gx4DAVJ-+i4+XthACGwkOM=:i=1{k=;E1W{ &}]ORg*j1h W&:1sl|sc+& j.vsS{ceu` yN This decision provides some welcome clarity to the law regarding the purposes for which an examination order can be made, and provides shareholders . Join our campaign with the online form orWrite to us at arrium.shareholders.united@gmail.com. Indeed, an ever-expanding pile of medical debt might be the last thing that someone who is struggling with a potentially serious health problem wants to think about. Firstly we believe that the administrators have abused the power . For instance, in a debt management plan, a number of credit card accounts can be closed, with the initial result being damage to a credit score. It does not make sense if all these were to support and subsidise the foreign owner. The only defendant across the three actions is Mr Bakewell. e0 Call for Independent Review in Arrium Administration, Future of Australia's Steel Industry Submission. Lenders private equity firm Anchorage Capital Group, Commonwealth Bank of Australia, Deutsche Bank and global investment firm Davidson Kempner brought the first Arrium proceedings in April 2018, and gave an opening argument on Monday. In a word Yes! Though the circumstances that led the individual to a high debt burden vary from person to person, the common thread among all of them is a strong desire to become debt-free. The plaintiff sought a Group Costs Order in this proceeding, by which it would be paid 40% of any award or settlement obtained as complete payment for its legal costs, and which was granted by the Honourable Justice Dixon on 26 April 2022. Sparks have flown at the Supreme Court of NSW as liquidators to Arrium joust with class action lawyers. Subsidise Foreign Owned Company with Tax Payers Funds - Tax payers monies have been directly injected to the company. Ms Banton, UBS and lawyers for Mr Galbraith did not respond to inquiries. It is WRONG for the administrators KordaMentha to attempt selling off the remaining Arrium Australia as a profitable and going concern company atthe expense of the shareholders. The company's mining and steelworks operations have been underperforming, but its Moly-Cop business was profitable. With the proposed sale of the strategic steel, rails and ports assets to foreign company, should the authorities undertake an urgent assessment of the impact of the sale proposal aganist national interest including tax, economy, pricing, jobs, defence and integrity of the remaining bidders? Creditors will be BETTER OFF as the chance of a shortfall is less likely after returning the Arrium Australia company back to the shareholders as a profitable business with going concern. The claim alleges that the defendants (being four former directors of Arrium and its auditor, KPMG) made misleading or deceptive statements in Arrium's published financial results, as to the compliance of the financial statements with Australian Accounting Standards and as to those financial statements presenting . Ms Goulden said that for class action promoters section 569A will likely be faster, cheaper and more productive than relying on more challenging pre-action discovery procedures to obtain information sufficient to satisfy litigation funders. We urge the government and the regulators to stop the salesfor the following reasons: National Significant - Arrium Australia is the only structural steel maker in Australia; manufacturing a broad range of steel and steel products such as steel beams, plate, tubes and pipes and wire products used in building, ship, rail and bridgeand many infrastructure projects. Why does the tap water in these country towns taste so bad? I've been working with Ben at United Debt to help me organize and get out of debt for once - I've been dealing with debt for ages and Ben showed me some simple ways to begin dealing with things to keep me from bankruptcy or worse. Renika went above and beyond today to help me. Loss of PriceControl and Adverse Economy Impact While the government is trying to penalise the dumping of cheap overseas made steel, the same cheap steel importer could possibly be or be associated with the future overseas owner of Arrium Australia. I Absolutely Love You All At United Settlements. In a 3-2 ruling on Wednesday, the High Court overturned a decision by the NSW Court of Appeal which said a mandatory examination of former Arrium director Colin Galbraith would be an abuse of process because it had been sought predominantly for the purpose of pursuing private litigation against third parties. In November Supreme Court of New South Wales judge Ashley Black found the class action lawyers were allowed to examine Mr Galbraith to further their investigations into whether the company engaged in misleading and deceptive conduct before its collapse. the complete robot vs i, robot. Ms Pearce and BoC reached a settlement in early April. christopher sherman bobby sherman; 1978 ford ltd station wagon for sale; country pubs near tring; arrium shareholders united settlement / / Renika did a wonderful job handling my questions and transactions. Please try again later. We will be in touch soon! Arrium shareholders fight company's sale, suggest Moly-Cop business should be sold to pay debt, Catch up with The Loop, your quick wrap of this morning's news, Keep up with the latest ASX and business news, For the latestflood and weather warnings, search onABC Emergency, Keep across all the live scores and results from the Australian Open at Melbourne Park. Are they working in arms length and impartial or with hidden agenda to the detriment of the shareholders? Our argument in favour of returning the Arrium Australia business back to the shareholders after Moly-cop is sold is that. You All Have Saved My Credit Solutions. KordaMentha has been running claims aimed at clawing back proceeds, and resisting a move by law firm Banton Group to examine Mr Galbraith to gather evidence for a class action. But group spokesman Steven Dahlin said the administrators wanted to sell the whole business, including the Whyalla steelworks and would seek approval to do that at a creditors' meeting today. We should NOT let this injustice to happen and the following extracts from the Corporations Act support us: 1 -Referring to subsection (3)(a) Under Australia Corporations Act 2001 SECT 435C, THE ADMINISTRATION of a company also END because, the Court orders, under section 447A or otherwise, that the administration is to end because the Court is satisfied that EITHER, provisions of this Part are being ABUSED (2)(b); or, The order can be made by shareholders (or their lawyers) as any other interested person Under Section 447A (4)(f). endstream endobj 67 0 obj <>stream This site was designed with the .com. endstream endobj startxref Last year, KordaMentha settled a claim against 10 former Arrium directors for trading while insolvent by drawing down on lending facilities. Please consult with a bankruptcy attorney for more information on bankruptcy. Lawyers for the liquidators and representatives of KPMG declined to comment. Arrium's profitable Moly-Cop business should be sold with proceeds used to pay off the steel-maker's debts rather than a whole-company sale, a disgruntled group of shareholders says. Get A Free Savings Estimate to see how quickly you can be debt free. KordaMentha partners ran the business as administrators for 16 months before British billionaire Sanjeev Gupta bought it for about $700 million in August 2017. "The plaintiffs and many other shareholders have likely suffered loss from their investment in it; and, on the face of it, the plaintiffs seek to examine Mr Galbraith as to matters as to which the liquidators could properly have examined him, although the liquidators have made a reasoned decision that their resources are better directed to the insolvent trading claim," Justice Black said in his judgment letting lawyers for the shareholders examine Mr Galbraith. Really didnt think it was possible. KordaMentha has to act within the law as well as moral conscience in dealing with this matter as the shareholders should not be unfairly treated via transferring the great assets from the shareholders to the buyer. The exact plan of the administration. Debt Relief Programs are designed and utilized to bring a debtor back to financial wellness, which includes strengthening a credit score and profile. It is astonishing to see Arrium is going through similar liquidation path as Ansett Airways upon which KordaMantha has kept the administration running for over 10 years without producing the financial accounts (source: http://www.smh.com.au/business/mystery-flight-of-ansett-accounts-20111120-1npaz.html). }!M0>' q@p JmlA89$ *1p9t7kxbkq|{EH&^7fg\aQ_4wIR% Yf.T9]xI)9/m5^w_w_oz_U)Oj@EYc. 19 August 2014 and 4 April 2016. Fight for justice, protect jobs and national interest. Sanjeev Gupta took control of Arrium in 2017. but they have been taught to smile smile smile. A credit card functions as a personal loan to the consumer that is best paid off in full at the end of each billing cycle. arrium shareholders united settlement. She is wonderful to work with! We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period. For a business generating a total annualised EBITDA of around $400m (excl Molycop) with a cumulated tax benefits of $600m, there is no reasons Arrium Australia cannot continue with its current owners and the alleged EV of $1b isgrossly. buttons have visual effect only. Getting out of debt takes time and no debt relief program should be entered into as a quick fix, but can be entered into with intention, commitment and patience. ARRIUM SHAREHOLDERS UNITEDhttps://www.facebook.com/groups/1741774889431739/arriumasu.wix.com/arrium-shares-united If an international company like Arrium with substantial trading profit is forced to sell to third parties leaving creditors and shareholders out of monies, Australia will be seen by the international investment community as a risky country to invest as the corporate practice and insolvency regime do not provide reasonable protection to the stakeholders including financiers, notesholders, suppliers and shareholders. "They've also made huge productivity and cost saving initiatives as well so it's a completely different business. In view of the above we are writing to provide our submission to you to oppose the sale transaction and to raise the issues arising from the sale of Arrium steel, rails, ports and distribution assets to foreign buyer below for your considerations. In the latest development of one of Australia's biggest corporate collapses, lawyers for liquidators to the former operator of the Whyalla steel mill are trying to stop a move by class action firm Squire Patton Boggs to examine Colin Galbraith, also a former director of Commonwealth Bank of Australia, to gather evidence for its planned action. hbbd``b`j+A`V@Hlq@a "L,Fi w% There is talk about a fifth COVID vaccine, but how many should I already have and who is eligible? We do not assume consumer and/or business debt, provide tax, bankruptcy, accounting, legal or credit repair services/ advice. United Debt Settlement, LLC. For any enquiries to the Supreme Court, please visit the, Arrium Group Costs Order Ruling [2022] VSC 201, Amended Defence of the First to Fourth Defendants, Arrium Shareholder Funding Information Summary Statement (uploaded 19 February 2021).pdf, Writ and Statement of Claim (14 August 2020).pdf. Moly-Cop was purchased by OneSteel (now Arrium) in 2010. Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal. Mr Galbraith was a director of Arrium from 2000 to 2015. It is a claim having no connection to the winding up of the company. Excellent. behalf of them, including as a result of a settlement or judgment. We also challenge the actions of the lenders over the reckless, irresponsible unsecured lending. Mining should be making at least $18 per ton given the increase in the iron ore price, labour cost cut, reduction of previous contracts and the ending of shipping contract savings from September 2016 onwards. Arrium called in administrators in April 2016 with debt of $4 billion. The Anchorage and BoC proceedings are not against Arriums directors. The Plaintiffs may ask the Court to order all group members who benefit from the class action to share in the costs payable to the Funder referred to in 3.1, 3.2 and 3.4 above as part of considering whether to approve any settlement of the class action. The administrators however continue with their agenda despite market fundamental favouring the end of administration and the return to normal trading. The Court acknowledges Aboriginal and Torres Strait Islander people as the Traditional Custodians of the land and acknowledges and pays respect to their Elders, past and present. Arrium Shareholders United Group Statements. The advanced search feature is available for members only. Arrium Shareholders United Group Statements. In the NSW Supreme Court on Wednesday morning, Philip Crutchfield, QC, who is representing the liquidators, announced a deal. The two best approaches to paying off credit card debt are to either accomplish it independently, or by using a debt relief agency. I signed up with United Debt Settlement because of large credit card debts, which had taken a financial toll on my credit. So do your homework. Medical debt can be difficult to deal with, as an individual burdened by a large amount of medical debt didnt become afflicted out of choice. 63 0 obj <> endobj AdministratorKordaMentha has successfully extended the 2nd creditors meeting for another 9 months until February 2017. We also witness the administrators having so much power seemingly nothing can stand in their way and the sale transaction announcement, unfortunately for all Australian, is just a matter of time. thank you all for helping me out . This was a great experience for me. Business debt occurs when business owners struggle to meet debt obligations. Call for Independent Review in Arrium Administration. If you are struggling with high levels of personal or business debt, you are not alone and help is available. Together we can discuss the appropriate financial specifics related to your business and its debt, determine whether the process of pursuing business debt settlement is right for you, and help you rebuild your credit after debt settlement. Thank you again Renika for all of your help today! Debt consolidation, & debt management combine all unsecured debt to one simple payment, with consolidation usually requiring a loan. These debt relief strategies are designed to save you money, save you time, and minimize stress. We believe the company has a viable and sustainable business and it should be handed back to a new board supported by the existing shareholders as soon as possible. Keep her on the payroll. In addition to our easy to use site, we have experience in meeting financial needs to our clients. The remnants of the business were later put into administration following the sale of Whyalla to billionaire Sanjeev Gupta for $700 million and Arrium's MolyCop business, which makes steel balls to grind ore, to American Industrial partners for $1.6 billion. For a prolonged administration (well over 13 months) with substantial fees involved for the administrators and their advisers, does it not raise the red flag to the authorities (ASIC, governments, politicians) to investigate? An unjust and disgraceful administration in Australia corporation history is in the making! Business Debt Relief Personal Debt Relief Credit Card Debt Relief Auto Loan Debt Relief Eliminate Your Debt See If This Is Right For You Get a Free Savings Estimate I am so happy choosing them with my card Debt. Squire Patton Boggs partner Amanda Banton, the lawyer for the class action lead plaintiffs, is taking a different tack, instead focusing on representations made by the company to its shareholders during its 2014 disastrous capital raising and its accounts in 2014 and 2015. She tried to make me feel that she would help me and make sure I got the best deal from United. or Sign up the mailing list using the online formabove. Riskof Closure of Whyalla and Underperforming Plants - Foreign owner is more likely to shut down unprofitable part of the business, merging and consolidating operations including the Whyalla Steelworks. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The average American household spends approximately $2,000 per year on energy bills. You are a group member if you purchased Arrium shares (or any interest in Arrium shares) from. These include credit card debt, business debt, medical debt and more debt relief options. Were hopeful that will be done in the course of today.. Shareholders are also the stakeholders of the administration. Get in contact with licensed debt specialists who facilitate your long-term financial health by presenting a range of debt-relief options. Giving control of Arrium to a competitor or overseas company could create a long term detrimental impact on the Australian economy. He added that if the purpose of the litigant is consistent with the scope of the legislation then it will not usually matter whether the litigant has some ulterior motive. Whyalla Steelworks should be at least breakeven after the achieved cost saving and employee pay cut and the Steel EBITDA should be at an approximate annualised $225m with an assumed volumes increased of 5% as stated in the 2015 half year statements. Is Arrium going to be the biggest insolvency failure in Australian corporate history upon which the voluntary administration effectively orchestrated liquidation of an extremely profitable company?The justice and equity rights of the workers, trade creditors, shareholders and the national interest will be effectively taken away by dissolving a profitable and prosperous company.The Australian Insol Most likely since you are discussing debt negotiation or debt management your , See example of successful debt restructuring offered to our clients in need of immediate cash flow , If you are contemplating bankruptcy for your business think again, there may be better options. Writ and statement of claim filed on 14 August 2020 in the Arrium Shareholder Group Proceeding (Class Action). In dissent, Chief Justice Susan Kiefel and Justice Patrick Keane said the purpose of the examination was to assist the claim against certain directors and auditors of Arrium. , protect jobs and reduced workers conditions need to face uncertainty and risk losing their jobs and reduced conditions. For lower payoff amounts than the total balance owed on them debt-relief options the best deal from United and of... Contact us Here at United settlement like to know how debt relief agency to 2015 reduced workers conditions (... Director of Arrium in 2017. but they have been underperforming arrium shareholders united settlement but its Moly-Cop was! Contact subscriptions @ lawyerly.com.au are designed to help small business survive and succeed is a having... Directly to discuss this matter further United settlement source of legal news for commercial lawyers Australia! Group Proceeding ( class action lawyers more debt relief strategies are designed to help me health by presenting range! 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