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GENERAL NEWS/05.29.2015
The corporate regulator sounded a warning on Thursday about stockbroking firms moving into higher-risk operations in the wake of the failure of Sydney-based BBY, noting it would have more to say next week on its inquiries into the collapse.   The Australian Securities and Investments Commission has been delving into what went wrong at BBY, particularly after the stockbroking and advisory firm was placed into voluntary administration on May 18. “We have been engaged in the [BBY] situ...
GENERAL NEWS/05.28.2015
AIMS Financial Group (AIMS) said it has completed an asset purchase agreement with the administrators of BBY Holdings. The asset acquisition is the first step in a restructuring that may require a deed of company arrangement to be accepted by creditors before BBY is returned to solvency.     BBY had been placed in administration on May 18 after the broking and advisory group fell short of capital requirements in the options-clearing market and wasn't able to repay a $6 million loa...
GENERAL NEWS/05.27.2015
Entrepreneur George Wang is reportedly within hours of taking over failed stockbroker BBY, having signed documents to do the deal that lack only the signatures of the various administrators and receivers.The price has not been disclosed, but it will not be high.The deal is now a near certainty although the 150 or so creditors who attended the first creditors’ meeting in Sydney today were loud in demanding answers about where their accounts stood.There are some 55,000 clients with frozen ac...
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