The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held…
Two top restaurants in Melbourne have gone into administration after struggling to make ends meet amid the cost of living crisis and crippling lockdowns. Calia Australia, which serves modern Asian-inspired cuisine, called in insolvency experts on June 28. The business was opened in 2016 and was popular with well-heeled Melburnians who adored its Michelin-starred inspired…
NSW Fair Trading Antony Resnick and Suelen McCallum of DVT Group were appointed voluntary administrators (Administrators) of Toplace Pty Ltd (Toplace) on 7 July 2023. For the duration of the administration, the Administrators have exclusive authority to deal with the property, assets and liabilities of Toplace. NSW Fair Trading understands this event will create uncertainty…
DSK Legal advised and assisted Manoj Kumar Agarwal, Resolution Professional of DSKDL with respect to the corporate insolvency resolution process. The Firm advised the resolution professional right from the commencement of CIRP till the final approval of the resolution plan. Given that the CIRP has been ongoing for nearly 4 years, there have been changes…
The Pialligo Estate property on the day the failed businesss financier took possession. Photo: Ian Bushnell. Another Pialligo Estate company has been placed in liquidation, triggering a report to the corporate regulator that director John Russell has been involved in two failed businesses. Liquidator Frank Lo Pilato from RSM Australia notified the winding up of…
NSW Fair Trading Antony Resnick and Suelen McCallum of DVT Group were appointed voluntary administrators (Administrators) of Toplace Pty Ltd (Toplace) on 7 July 2023. For the duration of the administration, the Administrators have exclusive authority to deal with the property, assets and liabilities of Toplace. NSW Fair Trading understands this event will create uncertainty…
The company owned by Sydney developer Jean Nassif has gone into administration, weeks after a warrant was issued for his arrest over alleged fraud offences. Key points: Police are seeking to speak with Jean Nassif regarding an alleged fraud His company, Toplace, is one of the largest developers in Sydney Defects have been identified at…
The company of a fugitive Sydney property developer has collapsed into administration. At the end of last week, Jean Nassifs massive building firm Toplace Pty Ltd filed papers with ASIC that showed it had appointed administrators. Mr Nassif founded the business but last month NSW Police issued an arrest warrant for him in relation to…
Business bankruptcies are surging around the world, in some countries reaching volumes not seen since the aftermath of the 2008 financial crisis. Its likely just the start of a wave of corporate defaults: A decade of cheap money instilled a false sense of invincibility in business executives and private equity managers who forgot that bust normally follows…
Three more Australian building companies have collapsed, entering liquidation or voluntary administration. It is not yet clear how many homes across the country will be impacted. WATCH THE VIDEO ABOVE: Another Victorian building company collapses. Looking for a new job or job candidate? Post jobs and search for local talent on 7NEWS Jobs >> Millbrook…