Portland Paints and Products Nigeria PLC (PPPNP), has said the ongoing restructuring exercise has impacted positively on its bottom-line, as it recorded a profit after tax of N8, 597 million. This, according to the firm, is a major reversal from the N232.98 million losses recorded in the previous year.The Chairman of the company, Larry Ettah,…
Managed services provider Novo IT, formerly known as AVC, has entered into voluntary administration after 28 years in business. David Ian Mansfield and Neil Robert Cussen from Deloitte Financial Advisory were appointed voluntary administrators on 23 May. A first meeting of creditors is scheduled for 2 June. The company currently employs approximately 30 people, all…
I am really proud of my deep, abiding love for John Legend. I think it’s proof that I do, indeed, have a shred of human decency in me. Because if I recognize all of the goodness in him, I can’t be all bad, can I? Admittedly, he makes it pretty easy to love him. Not…
Ashurst partner Ross McClymont has become the first lawyer to be appointed as president of the Australian Restructuring Insolvency and Turnaround Association (ARITA). With over 25 years experience, McClymont leads Ashursts restructuring, insolvency and special situations group in Australia. He is also the firms managing partner in Melbourne. ARITA, which represents 84% of registered liquidators…
Livestock exporter Wellard Limited has announced it will sell off one of its vessels to help pay off debts of more than $16 million. The livestock vessel, Ocean Outback, can transport 6,000 cattle and 25,000 sheep, or a combination of both and is one of a fleet of five owned and operated by Wellard. Ocean…
FRANKFURT AM MAIN: Greece’s creditors should create “clarity” by reaching a deal on debt relief for Athens at a meeting next month, European Central Bank board member Benoit Coeure urged Wednesday. “It is very important that an agreement is reached at the Eurogroup meeting on 15 June,” Coeure told a Frankfurt conference. Any relief measures…
You have an idea, a concept, you want to develop into a startup or small business that can grow, borrow money or attract funders, employ people, issue shares, and do all the things that a business can do until you have a company the size of Atlassian, or an app that enables you to do…
The resounding success story of Hans Cafe has ended in heartache with the management company going into liquidation amid unpaid tax, staff underpayments and claims of domestic violence. Ian and Tram Hoang Han, who met in a Thai refugee camp, built Perths most successful chain of Asian restaurants which at one stage had 20 cafes.…
(Adds details, background) By Jan Schwartz German shipping firm Rickmers filed for insolvency on Thursday, a day after its largest lender HSH Nordbank rejected a restructuring plan, the company said. Rickmers is the most high-profile casualty in Germany’s shipping sector and another example of the deepening turmoil in a global container industry struggling with an…
Greece’s massive debt pile is undermining confidence so European officials need to reach a deal on June 15 to cut it and kick-start the only economy in the eurozone still contracting, European Central Bank board member Benoit Coeure has said. “Discussions are ongoing, but in my view it is important that an agreement is reached…