KEYS HANDED OVER: Arrium’s Whyalla steelworks are now in the hands of a voluntary administrator. Photo: David Mariuz The owner of the Whyalla steelworks, Arrium, has been put into voluntary administration by the embattled group’s board, throwing into doubt the future of thousands of jobs at the steel plant in the northern South Australian regional city. The…
LOCAL telecommunications firm, Firstel Cellular, has approached the High Court seeking an order for provisional liquidation after being inundated by debts amounting to $12 million. BY CHARLES LAITON Firstel company secretary Tamuka Madzore, in an application filed in February, urged the court to consider their application arguing the firm was in dire need of assistance.…
This paper analyses the corporate insolvency resolution procedures of India, the United Kingdom and Singapore within a common framework of well-specified principles. India, at present, lacks a single, comprehensive law that addresses all aspects of insolvency of a firm. It has multiple laws, regulations and adjudication fora, each of which have created opportunities for debtor…