BASIC FLAW:Unwittingly the Code, as it is, would facilitateease of undoing business. The government has brought in this Code, largely modelled on the U.S. Bankruptcy Law, with the good intention of facilitating timely resolution of corporate bankruptcy. However, a critical reading of the legislation reveals that unless necessary changes are made to it, the legislative…
Practitioners have welcomed a proposed shakeup of the UKs corporate insolvency regime which would introduce a three-month moratorium on pursuing legal action against struggling businesses looking at rescue options. Measures are also proposed to help businesses continue trading through the restructuring process by preventing them from being ‘held hostage by key suppliers, and to develop a…
After more than 30 years, the Perth Theatre Company has gone into voluntary administration. The theatre said the company’s business and financial model was un-sustainable in the current economic environment. Company chairman Dr Saliba Sassine said the theatre had not been successful in finding a solution to its financial problems and had now decided…
A company that owned a wine bar in Lancaster where a teenager drank a nitrogen cocktail and had to have her stomach removed has gone into liquidation. Oscars Wine Bar Limited was prosecuted by the Health and Safety Executive after Gaby Scanlon from Heysham drank a near lethal Nitro-jagermeister cocktail during her 18th birthday celebrations…
Last-minute bid for BHS as liquidation threat looms 25 May 2016 From the section Business Image copyright Getty Images A consortium led by a former Mothercare boss is thought to be the frontrunner to rescue BHS. Greg Tufnell, brother of former England cricketer Phil Tufnell, is leading Richess Group, a newly formed vehicle. Other bidders,…
DENVER — Sports Authority, the nation’s fourth-largest sporting goods retailer, will begin going-out-of-business sales this week, having failed to secure a buyer in bankruptcy court last month. According to court documents, the privately held, Colorado-based chain will shutter all of its 463 stores by the end of August. Expect discounts to begin at relatively tame levels…
Wednesday, 25 May 2016, 4:52 pmArticle: BusinessDesk Wednesday 25 May 2016 04:40 PM $100 million later, Woosh Wireless goes into voluntary adminstration By Edwin Mitson May 25 (BusinessDesk) – Woosh Wireless, the Auckland-based wireless broadband operator, has gone into voluntary administration. The company was founded in 1999 and has burnt through more than $100 million…
The Sports Authority will begin its going-out-of-business sales at all 463 of its stores on Wednesday after failing last month to find a bidder in a bankruptcy auction willing to keep it going as a smaller retailer, according to court documents filed this week. The debt-laden retailer filed for Chapter 11 protection in federal bankruptcy…
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Business advisory firm Ankura Consulting Group added four hires to the turnaround and restructuring practice in its New York office. Joining Ankura are M. Benjamin Jones and Roy Messing as senior managing directors, and Kasey Rosado and Jerome Davis as managing directors. Press Release Ankura Consulting Group (Ankura), a business advisory and expert services firm, announced today the appointment of M. Benjamin…