On April 4, Latvia’s anti-graft squad, the Corruption Prevention and Combating Bureau (KNAB), searched the offices of the public road maintenance company Latvijas Autocelu Uzturetajs. Raitis Nepors, a board member at the company, confirmed to LTV that the company was searched but did not reveal which offices were searched and what the authorities seized. Anastasija Udalova,…
Long established family company, Shearer Contracting Pty Ltd, has been placed in voluntary administration which may see up to 50 local jobs lost. Many of these are long-term employees that have worked with the company for three decades. Rapsey Griffiths Insolvency and Advisory have been appointed administrators of the company. Partner, Chad Rapsey, says they have commenced an…
By Rick Archer Law360 (April 4, 2018, 5:01 PM EDT) — Schulte Roth & Zabel LLP announced Monday that a new restructuring partner is joining the firms New York City office from Clifford Chance. Kristine Manoukian, who had been a partner at Clifford Chance for just under two years, has joined the firms Business Reorganization…
Long established family company, Shearer Contracting Pty Ltd, has been placed in voluntary administration which may see up to 50 local jobs lost. Many of these are long-term employees that have worked with the company for three decades. Rapsey Griffiths Insolvency and Advisory have been appointed administrators of the company. Partner, Chad Rapsey, says they have commenced an…
While home buyers have welcomed the report of the Insolvency Law Committee that property buyers be treated as financial creditors, they feel that to ensure buyers get priority in the liquidation process, they should be classified as both secured and financial creditor. The 14-member panel has proposed to the government that if home buyers are…
A MUSWELLBROOK company refutes union claims that it owes hundreds of thousands of dollars in employee privileges. The Construction, Forestry, Mining and Energy Union (CFMEU) recently stated it was currently working to claw back more than $200,000 in entitlements for ex-staff at BIGLIFT Cranes and Heavy Haulage. The CFMEU alleges the business is more than…
60 jobs go as Hexham firm hits the wall HEXHAM company Total Fabrication Services has gone into liquidation, leaving more than 60 employees owed more than $1.5 million in entitlements. Although the employees should receive some entitlements through the federal governments Fair Entitlements Guarantee scheme, the Australian Manufacturing Workers Union says the company was three months behind with…
Joanne Hardwick (pictured) has joined Piper Alderman’s insolvency and reconstruction team, a move which she says is an exciting opportunity for herself and the future of the firm. Hardwick has worked alongside industry leaders and has both Australian and international experience in commercial litigation, insolvency and reconstruction law. The opportunity to join…
The expected relaxation in bidder norms under the Insolvency and Bankruptcy Code (IBC) could apply to rebids in existing cases, depending on the structure and format of those bids, the government clarified on Wednesday. Also, the threshold to initiate individual bankruptcy cases could be raised from Rs 1,000 to Rs…
Manufacturing and metal fabrication specialist Total Fabrication Services has gone into liquidation, casting doubt on the future of its 60+ employees. As the company enters liquidation, owings total more than $1.5 million, with three months without superannuation payments totalling almost $100,000. Despite assurances that employees are guaranteed some level of compensation under the federal Fair Entitlements…