BWX collapsed yesterday as Commonwealth Bank ceased to support the cosmetics group and its operations entered voluntary administration. In light of recent communications from the companys lender, the companys board is considering how to best protect the interests of the company and the group as a whole in the absence of an agreed refinancing, said…
Rebecca McDonald / 01 April 2023 There are fears more companies could go to the wall after a home builder and a civil construction group collapsed on the same day. Work on Porter Davis sites have stopped across Victoria, including in the Geelong region after it went into liquidation. The company has several display properties…
Several major projects in Victoria and New South Wales have been hit after the Melbourne-based construction company Lloyd Group was placed in voluntary administration with Deloitte. The collapse of the construction firm, which mostly specialises in state and local government work, has upended the progress of 59 projects in the two states, and impacted about…
Bankruptcy cases are taking longer to resolve and yielding lower values for lenders, a credit rating agency analysis said on Monday. The average number of days taken to close a case either through a resolution process or liquidation was at its highest at 588 days for financial creditors if one were to look at official…
In ABHISHEK SINGH VERSUS HUHTAMAKI PPL LTD. & ANR. – 2023 (3) TMI 1285 – SUPREME COURT, the Corporate Debtor Manpasand Beverage Limited, is manufacturing and distribution of fruit beverages. The respondent No. 1 Huhtamaki PPL Limited (operational creditor) supplied packaging material to the Corporate Debtor. The Operational Creditor filed an application against the Corporate…
IBC | Application Under Section 12A For Withdrawal Of CIRP Is Maintainable Prior To Constitution Of CoC : Supreme Court Begin typing your search above and press return to search. Read the full article at: https://www.livelaw.in/top-stories/ibc-application-under-section-12a-for-withdrawal-of-cirp-is-maintainable-prior-to-constitution-of-coc-supreme-court-225026
Street Talk Apr 3, 2023 6.25pm Bombed-out beauty and skincare roll-up BWX has landed in voluntary administration, after Street Talk revealed its lender CBAs decision to stop relaxing covenants that expired on March 31. BWX shares are down 97.4 per cent since their peak in January 2018. FTI Consultings Kate Warwick, Joe Hansell and Kelly…
A parliamentary inquiry into the Australian Securities and Investments Commission (ASIC) has revealed startling evidence about some of its operations, including liquidator workforce issues and a not-so fast-track insolvency program. Worst of all, ASIC is using artificial intelligence to auto-reject reports containing evidence of serious corporate crime. See also Since 1991 ASIC has been the…
Member Article Christmas Fails To Sparkle With Latest Corporate Insolvency Rate Rise North East business owners Christmas wish for a festive trading boost appear to have been left unfulfilled after the latest official insolvency figures showed a continuing rise in the number of corporate insolvencies across England and Wales. Thats the view of Chris Ferguson,…
Jelle Barkema How concerned should policymakers be as UK business insolvencies have soared to 60-year highs? This phenomenon has been extensively covered in the media; with media outlets attributing the record-breaking numbers to a perfect storm of energy prices, supply-chain disruptions and the cost of living squeeze. Insolvencies are a popular measure of economic distress…