The loss-making engineering and construction services contractor continues its rebuilding process to return DSI to profitability The company appointed Tawfiq Abu Soud, a former managing director of its mechanical, electrical, and plumbing (MEP), and water and power businesses, as its newest CEO last month, just over a month after his predecessor, Yousef Al Mulla resigned.…
BANKRUPTCY & INSOLVENCY A resolution plan passed under the Insolvency and Bankruptcy Code, 2016 (IBC), binds all stakeholders of the company including any dissenting creditors. Providing a 66% voting threshold by value for approval is a useful tool to ensure that a revival plan is not held to ransom by minority financial creditors. Dhananjay Kumar…
This is crucial since a large sum of lenders capital is tied in such assets, Bansal added. Lack Of Clarity In Relinquishing Or Realising Security Interest The second challenge relates to secured lenders in whose favour assets of the company have been charged as a security for the loan extended. The insolvency code gives secured…
The firm, formerly known as Bosasa, announced on Monday it had opted for voluntary liquidation after banks announced they would close the companys accounts, citing reputational risk. PRETORIA – The liquidation of embattled firm African Global Operations has been broadly welcomed despite the potential loss of more than 4,500 jobs. The firm,…
Dear Sir / Madam, With reference to our earlier disclosure made on 15th February 2019, we would like to inform you that meeting of the 12th Committee of Creditors of Sterling Biotech Limited scheduled to be held on Wednesday, 20th February 2019 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji…
A multimillion-euro facilities management company that has been implicated in a massive public sector corruption scandal in South Africa has gone into voluntary liquidation because local banks have closed all its accounts. On Monday, African Global Operations, which traded under the name Bosasa, said in a statement released by its chairman Joe Gumede that extensive…
Its been just over a year since iconic Australian label Lover, known for its halter-neck-style lace dresses and delicate bridal gowns, entered voluntary administration. The Australian fashion industry shook its collective head at the news of this downfall: another beloved local label had fallen victim to the difficult retail climate, and the industry prepared to…