An Australian private borrowing and lending entity that operated within a complex group of companies targeted by the ATO for repayment of millions of dollars in back taxes, has asked a New York bankruptcy court for Chapter 15 protection, reports US news service Law360. The liquidators for the company, BCI Finances Pty Ltd (the funding vehicle for the Nudie Group of companies) and three other related companies are asking the bankruptcy court to recognise the companies' wind-down proceedings taking place in Australia. The liquidators are seeking to recover more than $120 million, most of it on behalf of the ATO, in a long-running series of court battles with the Binetter family, founders of fruit juice firm Nudie. Singapore's Oversea-Chinese Banking Corp has agreed to buy National Australia Bank's private wealth business in Singapore and Hong Kong. The purchase price will be based on the book value or net asset value of the business at the time of completion. The private wealth business is made up of a mortgage portfolio, amounting to about $US1.7 billion worth of mainly residential mortgage loans, and a deposit portfolio made up of about $US3.05 billion worth of deposits, as of the end of February, reports Dow Jones and The Australian. Volkswagen Financial Services Australia has priced another securitisation of its Driver Australia series, with collateral of mostly new motor vehicle loans (87 per cent new cars, 13 per cent used cars). According to a note from ANZ - who served as joint arranger (with Volkswagen Financial Services), joint lead manager and joint bookrunner (the latter two alongside HSBC Sydney Branch) - the A$441 million class A notes were priced at 95 basis points over 1-month bank bill swap rate and the A$25 million class B notes were priced at 165 bps over swap. The notes were rated AAA (sf)/AAAsf and A+(sf)/AA-sf by S&P and Fitch, respectively. ASIC has permanently banned Adam Edward Greene from engaging in credit activities after the agency found loans he wrote and submitted for customers buying vehicles from Combined Motor Traders, a used-car dealership, between 2014 and 2015 contained false information. ASIC found that four loans submitted by Greene and approved by Esanda, a division of ANZ, contained false information and two of those loans contained false documents that were not given to him by his customers. Car dealerships operate under an exemption, commonly known as the 'point of sale' exemption which allows a car dealership to provide assistance to consumers to obtain finance from licensed credit providers.