Defunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
Defunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
Street Talk Nov 29, 2023 6.51pm Slide decks filled with bikini bods and colourful sarongs are back in the hands of interested buyers as a lengthy pitch for iconic swimwear brand Tigerlily hits inboxes just in time for summer. Deloitte was appointed to sell the business by private equity owner Crescent Capital in October, three…
A general view of the business district in Colombo, Sri Lanka, Sept 9, 2020. REUTERS/Dinuka Liyanawatte COLOMBO Sri Lanka has been informed that a debt-restructuring agreement with creditor nations has been reached but is yet to receive a letter of confirmation from the official creditor committee, a government source told Reuters on Wednesday. Sri Lanka,…
The National Company Law Tribunal (NCLT), Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr Binod Kumar Sinha (Technical Member) has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be initiated against a company struck off by Registrar of Company (RoC) and the power…
TOKYO, Nov 29 (Reuters) – A group of Sri Lanka’s creditor nations are likely to reach an agreement on debt relief and an extension of repayment deadlines for the South Asian nation, Japan’s Jiji News reported on Wednesday, without naming a source or giving any details. Japan co-chairs this group, together with France and India.…
The National Company Law Appellate Tribunal (NCLAT), Delhi Bench, comprising Justice Ashok Bhushan (Chairperson) and Mr Barun Mitra and Mr Arun Baroka (Technical Members) has dismissed an appeal and held that distribution to Secured Creditor must be made as per admitted claim and not as per Security interest over assets of the Corporate Debtor. The…
Defunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…