Russias battle against Western technology giants continues, with the news that Googles Russian subsidiary has been declared bankrupt. Reuters cited the RIA news agency as reporting the development on Wednesday, with a Moscow court making the bankruptcy ruling after more than a year of proceedings. In May 2022 Russian bailiffs had seized 7.7bn roubles from…
Byju’s plans to cut as many as 5,000 jobs in the coming weeks, a person familiar with the matter said, as the Indian edtech giant looks to pare down costs amid a broader restructuring of its business following a delayed IPO and pressure from lenders. The Bengaluru-headquartered startup, which recently appointed a new head for…
Reuters. The Supertech ORB project, managed by the indebted Supertech group, has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the Prayagraj National Company Law Tribunal (NCLT). This decision follows a plea from Assets Care and Reconstruction Enterprises Limited (ACRE) regarding a defaulted debt repayment of Rs. 482 crore, including both principal and…
Vital Metals, Canadas only rare earths producer, declared bankruptcy at its Canadian subsidiary following a review of its semi-finished processing plant in Saskatoon, which worth $55 million. The company suspended construction of the Saskatoon plant in April, citing rising plant costs and falling rare earth prices that reduced the viability of refining ore at the…
(l-r): Lizzy Wood, Craig Scott (Business Group leader), Lemi McAuley, Molly Rowell (Image credit: Hill Dickinson) Law firm Hill Dickinson has established a full restructuring practice at its Leeds office following a double appointment. Lizzy Wood and Molly Rowell have reunited with restructuring partner Lemi McAuley, who joined the firm earlier this year, completing a…
SMSF members facing bankruptcy have the potential to seek permission from the Federal Court to retain their roles as directors of an SMSF corporate trustee, provided the funds administration remains in good standing, according to an SMSF legal expert. Traditionally with bankruptcy there was really only two choices: if the member of an SMSF went…
If a business experiences financial difficulty and becomes insolvent, the appointed officeholder scrutinises the companys financial affairs to identify whether antecedent transactions have been made. These are transactions conducted before, or at the time of insolvency, and are typically associated with fraudulent activity or attempts to avoid repaying the companys creditors the monies they are…
Dessert brand Sara Lee has entered voluntary administration, only a year after celebrating 50 years in Australia. Vaughan Strawbridge, Kathryn Evans, and Joseph Hansell of FTI Consulting were appointed as receivers. The appointment aims to seek restructuring and sale of the business while continuing its operations in the country. While it has not been stated…