An estimated 3,633 companies entered insolvency in Q3 2016, which was 2.2% higher than Q2 2016 and 1.1% up on the same period in 2015. The worst affected sector was construction with 2,450 company collapses, although this was slightly better than 2015 equivalent figures. Next worst hit was the wholesale trade and vehicle repairs sector,…
NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) is scheduled to hold a meeting around November to discuss and finalise draft rules under the Insolvency and Bankruptcy Code, 2016.These draft rules were notified earlier this month and put out for public comments till 31 October. The Centre has, till now, notified six draft…
CHARLIE GATES JOSEPH JOHNSON/FAIRFAX NZ Then office manager Mary Sangster, left, and former owner Sheila Sinclair in 2012. CARYS MONTEATH/FAIRFAX NZ The Children’s Bookshop employee Liz McCracken fills shelves after the move to Riccarton in 2011. Relevant offers The Original Children’s Bookshop has gone into liquidation after nearly 37 years of trading in Christchurch. The…
JOSEPH JOHNSON/FAIRFAX NZ Then office manager Mary Sangster, left, and former owner Sheila Sinclair in 2012. The Original Children’s Bookshop has gone into liquidation after nearly 37 years of trading in Christchurch. The bookshop, which traded on Victoria St for about 35 years before moving to Riccarton after the 2011 earthquakes, went into voluntary liquidation…
Appointments Draft rules and regulations Following the establishment of the Insolvency and Bankruptcy Board of India, the government has taken two concrete steps to expedite the implementation of the Insolvency and Bankruptcy Code 2016 in particular, the government has: appointed members to the Insolvency and Bankruptcy Board; and released draft rules and regulations.…
Embattled childrens retailer Pumpkin Patch has collapsed, with receivers appointed for the company and its subsidiaries yesterday. Last week the business, listed on the New Zealand stock exchange, entered a trading halt while it started conversations with stakeholders about how to proceed with its $NZ46 million ($40.7 million) in debts, with a meeting with its…
The administrators of embattled steelmaker Arrium say the company may have traded while insolvent. In a report to creditors, KordaMentha stated it had identified a “number of transactions” entered into by Arrium prior to its collapse that warrant further scrutiny. “There is evidence which warrants further investigation as it suggests that the Arrium group…
JOHANNESBURG – The controversial Gupta family may lose its recently-acquired Optimum Coal Mine. A multinational company is threatening the mine with liquidation, claiming it is owed money for goods and services. Barely a week ago, reports emerged that R1.3-billion of Optimum Coals rehabilitation funds, were transferred from a Standard Bank account to the…
LWP Capital Inc. Provides Update on Liquidation Proceedings LWP Capital Inc. October 26, 2016 10:36 ET TORONTO, ONTARIO–(Marketwired – Oct. 26, 2016) – LWP Capital Inc. (formerly “Legumex Walker Inc.“) (“LWP” or the “Company“), by KSV Advisory Inc. in its capacity…
Sian Aitken Sian Aitken and Graeme MacLeod look at a case confirming the precedence of domestic administration proceedings in a multi-jurisdictional winding-up, marking the first time modified universalism has been recognised in Scots law. The Court of Session has confirmed that the administration in Scotland of a Scottish company will take priority over an Indian liquidation…