A major childrens retailer has gone bust after a bank appointed receivers to recoup their money. Last Tuesday, New Zealand business Bobux, which sells shoes for young children, collapsed. Conor McElhinney and Andrew Grenfell of insolvency firm McGrathNicol have been appointed as receivers and managers of Bobux and related its companies. They are acting on…
Safe Harbour aims to encourage directors to take reasonable risks to save a company from financial distress without exposing themselves to personal liability for insolvent trading. The statutory provision provides relief from potential personal liability for directors in situations where the company is experiencing financial difficulties and the directors meet strict criteria. Amongst other things,…
Several home builders in Victoria have been failing to take out the necessary insurance before taking deposits, exposing customers to thousands of dollars in potential losses. The Age has confirmed several examples of builders being fined for insurance breaches and obtained contracts showing a major home builder delayed taking out insurance on two occasions. Protesters…
Tea major McLeod Russel India Ltd and IL&FS are currently engaged in negotiations towards an out-of-court settlement, which is expected to be reached within the next two weeks. The Brij Mohan Khaitan group company is attempting to avoid insolvency through an out-of-court settlement. IL&FS Infra Asset Management is an asset management company which manages IL&FS…
High Court’s Landmark Decisions Clarify the Position for Creditors and Liquidators in Insolvency Proceedings The High Court has had a busy start to the year, handing down two landmark decisions that have significant implications for insolvency practitioners. These decisions clarify the operation of important aspects of Australias insolvency regime and put to rest two questions…
Companies Gazprom Austria GmbH Follow Uniper SE Follow Gazprom PAO Follow VIENNA, April 14 (Reuters) – Russian gas group Gazprom’s (GAZP.MM) Austrian business has filed for insolvency and hopes to restructure, a lawyer for the company said on Friday, blaming a halt to Russian gas deliveries that he said resulted from a dispute with Germany’s…
Debt-laden Future Retail has received approval from the bankruptcy court to extend the date to complete its resolution process by another 90 days to July 15. The current deadline is April 16. The Mumbai bench of the National Company Law Tribunal (NCLT), which heard the petition filed by Futture Retails resolution professional on Thursday, granted…
PETALING JAYA, April 12 Tan Sri Lee Kim Yew, founder and adviser of Country Heights Holdings Berhad (CHHB) has been allegedly declared bankrupt by the High Court. Free Malaysia Today said checks on the e-Insolvency website found that Lee was allegedly declared bankrupt by the Shah Alam High Court on January 26 this year. On…
After more than two years after its cease of operations, the Mexican airline Interjet was declared officially bankrupt on Monday, putting an official end to its history. The judge ordered Interjets assets to be sold to pay the companys debts to its former employees. Interjet is officially over No one was expecting Interjet to rise…