Data from the Insolvency and Bankruptcy Board of India (IBBI) shows that as of June 30, 2023, over 65 per cent of the ongoing corporate insolvency resolution cases have extended beyond 270 days. In the previous quarter, the IBBI reported that 64 per cent of the ongoing corporate insolvency resolution cases had extended beyond 270…
Member Article R3 responds to July 2023 insolvency statistics Corporate insolvencies decreased by 20.4% in July 2023 to a total of 1,727 compared to Junes total of 2,169, and decreased by 5.7% compared to July 2022s figure of 1,831. o Corporate insolvencies also increased by 57.6% compared to July 2021 and increased by 19.9% compared…
All 14 employees at a plumbing company have lost their jobs on the spot just weeks before the firm appointed liquidators. News.com.au can reveal that JL Plumbing & Drainage (VIC) Pty Ltd went under last Friday. Liam Bellamy of insolvency firm RRI Advisory was appointed as the liquidator. The business, based in Victorias Mornington Peninsula,…
Over 65 per cent of the ongoing corporate insolvency resolution cases have been continuing for more than 270 days as on June 30, according to data with the Insolvency and Bankruptcy Board of India. This is a notch higher than 64 per cent of ongoing cases continuing beyond 270 days in the previous quarter. As…
Victorian home builder Harmac Group has today joined the long list of construction companies in financial strife in 2023, with Shaun Matthews and Barry Wight of restructuring advisory firm Cor Cordis appointed as voluntary administrators. The appointment relates to four of the group’s subsidiaries – Harmac Homes, Harmac Constructions, Harmac Urban Living and Ridge Homes. Other entities in the…
Simon Maude/Stuff NZME has pursued a bold paywall strategy, making most of the content on its NZ Herald website only available to subscribers. NZME, publisher of the New Zealand Herald, is restructuring its newsroom. The NZX-listed media company is intending to separate out its print and digital operations. The New Zealand Herald reported that the…
In this edition of Gilbert + Tobin’s Corporate Advisory Update, we focus on key legal developments over the last month which are particularly relevant to in-house counsel. The ACCCs recommended merger reforms: a deeper dive The ACCCs recommended reforms have several significant implications for merging parties: Regulatory conditions precedent will be required, on introduction of…
All 14 employees at a plumbing company have lost their jobs on the spot just weeks before the firm appointed liquidators. News.com.au can reveal that JL Plumbing & Drainage (VIC) Pty Ltd went under last Friday. Liam Bellamy of insolvency firm RRI Advisory was appointed as the liquidator. The business, based in Victorias Mornington Peninsula,…
Building project management company Exel Infragroup Pty Ltd collapses: Lead contractor on a multimillion dollar Victorian government project goes into liquidation Construction company Exel Infragroup Pty Ltd has collapsed Victorian-based business owes over $4.2million to 83 creditors By Olivia Day For Daily Mail Australia Published: 11:41 AEST, 21 August 2023 | Updated: 16:22 AEST, 21…