Iconic handbag retailer OrotonGroup has gone into administration, becoming the latest casualty in Australia’s retail bloodbath. The company said on Thursday morning that an eight-month strategic review failed to secure a viable option to secure its future. Play Video Don’t Play Government flips on banking inquiry Play Video Don’t Play Video duration 01:55 Previous slide Next slide…
THE futures of more than 200 Ostwald Bros workers will be decided today in Toowoomba, with the liquidation of the struggling civil construction firm likely after no buyer was found. Ostwald Bros Pty Ltd, which is one of three entities that make up the company, will be voted on by hundreds of unsecured creditors this…
Australia’s 79-year-old luxury handbag retailer Oroton has collapsed into voluntary administration after failing to find a buyer. The company says it was unable to find a viable option for recapitalising or selling the business following a seven-month strategic review. Interim chief executive Ross Lane said there was no other solution that could achieve a better…
OROTON stores will continue to trade and employ staff on a business-as-usual basis while administrators attempt to find a buyer for the struggling luxury handbag retailer. The company was placed into voluntary administration on Thursday, following a series of shock earnings downgrades earlier this year amid challenging trading conditions, prompting a strategic review of the…
Chennai: It is not just promoters identified as wilful defaulters who have been barred from bidding for companies under the insolvency resolution process. The latest changes to the IBC (Insolvency and Bankruptcy Code), through an ordinance, has shut the doors firmly on guarantors to loans obtained by promoters from bidding as well. A person shall…
WHOLESALER P&H has become the latest company to go into administration leaving employees out of a job. The company, which provides tobacco to some of the UK’s largest supermarkets, has been crippled by debts and 2,500 jobs have been lost. PA:Press Association What does going into administration mean? When a company enters administration, all control…
MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) is expected to step up its drive against defaulters by allowing lenders to act against high-profile individuals, including promoters of many companies, who have given personal guarantees to corporate loan defaulters. The eight-member body will meet on Friday to discuss changes in regulations that will allow…
The problem of personal debt can seem intractable. But there are ways out of it – The National x Abu Dhabi, UAEThursday 30 November 2017 Read the full article at: https://www.thenational.ae/opinion/editorial/the-problem-of-personal-debt-can-seem-intractable-but-there-are-ways-out-of-it-1.679987
PROCEEDINGS have been launched against key figures in the 2013 collapse of Walton Construction which left Sunshine Coast subcontractors unpaid $3 million. Liquidator Grant Thornton has launched breach of directors’ duties actions including aiding and abetting against the company’s sole director Craig Walton and Pat McCurry and Phillip Spry of business advisor Mawson. The liquidator…
Section 29A of the Insolvency and Bankruptcy Code bars ousted promoters of an insolvent company from regaining control. It has not specifically disarmed any class of participants, but disallowing wilful defaulters from participating in asset-bids would mostly hurt promoters of debt-ridden companies, experts opine. ET spoke to industry watchers to gauge their views. Leave aside…