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…
Directors of companies facing the insolvency process cannot go unscathed while the companies they ran are hauled over the coals. For the first time ever, insolvency regulator IBBI has warned of action under the Insolvency and Bankruptcy Code (IBC) against those directors who failed to discharge their duties in the interest of the creditors during…
In a critical twist to the use of the Insolvency and Bankruptcy Code (IBC), concerns are being raised on promoters trying to escape loan repayments by claiming bankruptcy and going to the insolvency courts. Educomp Solutions (ESL), which was once a promising player in the private education space, defaulted on loans. With lenders staring at losses…
Irish drinks company C&C has bought the wholesale business of Conviviality, after the ailing alcoholic drinks retailer and supplier appointed administrators on Wednesday. Following advanced discussions with Conviviality, which owns brands such as Wine Rack and Bargain Booze, C&C said it had agreed to buy Conviviality brands Matthew Clark, Bibendum, Catalyst, Peppermint, Elastic and Walker…
The Insolvency and Bankruptcy Code (IBC), which was introduced in 2016 to help financially-troubled corporates, is in fact giving banks a run for their money when it comes to subversion of processes. In June 2017, the Reserve Bank of India (RBI) identified 12 non-performing accounts or assets (NPAs), totaling 25 percent of India’s gross NPAs,…
Bucharest Film Studios, the former Media Pro Studios, a company that operates an important film studio at Buftea, near Bucharest, has filed for insolvency. The company filed its request to the Ilfov Court on March 28 and the court will analyze it on April 5, local Paginedemedia.ro reported. The companys request came after a creditor…
THE group behind Junk, The Chelsea Bar, The Office have called in liquidators to carve up their assets. Worldwide Hospitality Group flagged the end of its southeast Queensland food empire with the recent sale of its three thriving Toowoomba restaurants. The latest move comes as its Brisbane and Gold Coast Junk restaurants were closed down…
New Delhi: With a high-level panel suggesting a slew of changes to the insolvency law, Corporate Affairs Secretary Injeti Srinivas said on Wednesday that the amendments, as and when implemented, would be prospective in nature. However, he indicated that revised bids which are submitted under the insolvency resolution process after the amendments are in force…
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court. While Jyoti Structures, one of the 11 companies referred to the National Company Law Tribunal (NCLT) last year, has already overstepped its liquidation…