ASIC drops Poppy investigation

Article Abstract:

Cases of insolvent trading are difficult to prove and, after an initial probe, the Australian Securities and Investments Commission said it had no basis for proceeding with a major investigation into Poppy King and Poppy Industries Inc. over allegeded insolvent trading. However, an August 20 accounting report showed that Poppy owed creditors $1.13 million and that 60% of its debts were more than 60 days past due. The report declared Poppy insolvent, but in September Poppy continued trading and debts reached $5 million. It is easy for companies to fabricate reasons for trading while insolvent.

United States, Toiletries & Cosmetics NEC, Laws, regulations and rules, Investigations, Securities law, Australia. Securities and Investments Commission, King, Poppy Cybele

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The man who fell to earth; Nick Chadwick has just stepped aside from running Red Earth, after spending almost a decade building it

Article Abstract:

Nick Chadwick founded Red Earth Australia in 1991 and resigned as CEO on Jan 31, 1998. The company resembles the Body Shop with its own line of toiletries that it sells in its shops in Australia, Taiwan, Canada, Singapore and Europe. Chadwick's partners in the enterprise were Malaysian businessman Stephen Koh and Esprit co-founder Michael Ying. Chadwick enjoys the highs of a new business rather than day-to-day management.

Misc Retail Stores, Miscellaneous Store Retailers, Miscellaneous Shopping Goods Stores, Officials and employees, Retail trade, Appointments, resignations and dismissals, Toiletries industry, Specialty stores, Chadwick, Nick, Red Earth Australia

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Poppy Industries does a slow fade to black

Article Abstract:

Poppy Industries Inc, founded in 1992 by Poppy King and her brother Justin, did well in its first year, but since then the company has lost money, and in Sep 1998 they requested receivership. In 1997 alone, pre-tax losses came to almost $1 million, as revenue fell to $4 million for the year. Investors complained that King expanded too fast and refused to accept advice.

Finance

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