NEW DELHI: The ordinance aimed at keeping promoters who are wilful defaulters from bidding for their companies during the insolvency process was the result of lengthy deliberations and will improve the lending and borrowing culture in the country, corporate affairs secretary Injeti Srinivas told ET. Further changes to the Insolvency and Bankruptcy Code (IBC) will…
The well-known Australian handbag and accessories retailer Oroton has gone into voluntary administration. Key points: Oroton says no jobs in jeopardy at this stage Company reported a loss of $14.2m for the 2016-17 financial year Pumpkin Patch, Marcs, David Lawrence, Herringbone also went under in the past 18 months In a statement to the…
MUMBAI: In what could set a judicial precedent against errant borrowers trying to game the system, the National Company Law Tribunal (NCLT) in a recent order has held that transfer of debt by a related party to a non-related party cannot lead to dilution of voting rights of the financial creditors while the insolvency resolution…
Iconic handbag retailer OrotonGroup has gone into administration, becoming the latest casualty in Australia’s retail bloodbath. The company said on Thursday morning that an eight-month strategic review failed to find a viable option to secure its future. Its 59 Oroton stores will continue to trade as usual while administrators Deloitte Restructuring Services pursue a sale…
November 30, 2017 Simon Mundy in Mumbai Experimental feature Listen to this article Play audio for this article Pause 00:00 00:00 Experimental feature Give us your feedback Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use it … Read the full article at: https://www.ft.com/content/f53914de-d4ed-11e7-a303-9060cb1e5f44
Australia’s 79-year-old luxury handbag retailer Oroton has collapsed into voluntary administration after failing to find a buyer. The company says it was unable to find a viable option for recapitalising or selling the business following a seven-month strategic review. Interim chief executive Ross Lane said there was no other solution that could achieve a better…
THE futures of more than 200 Ostwald Bros workers will be decided today in Toowoomba, with the liquidation of the struggling civil construction firm likely after no buyer was found. Ostwald Bros Pty Ltd, which is one of three entities that make up the company, will be voted on by hundreds of unsecured creditors this…
Australia’s 79-year-old luxury handbag retailer Oroton has collapsed into voluntary administration after failing to find a buyer. The company says it was unable to find a viable option for recapitalising or selling the business following a seven-month strategic review. Interim chief executive Ross Lane said there was no other solution that could achieve a better…
OROTON stores will continue to trade and employ staff on a business-as-usual basis while administrators attempt to find a buyer for the struggling luxury handbag retailer. The company was placed into voluntary administration on Thursday, following a series of shock earnings downgrades earlier this year amid challenging trading conditions, prompting a strategic review of the…
WHOLESALER P&H has become the latest company to go into administration leaving employees out of a job. The company, which provides tobacco to some of the UK’s largest supermarkets, has been crippled by debts and 2,500 jobs have been lost. PA:Press Association What does going into administration mean? When a company enters administration, all control…