Ahmedabad, Jul 13 () The State Bank of India today told the Gujarat High Court that Essar Steel had “suppressed facts” while challenging the RBI’s directive to lender banks to initiate insolvency proceedings against the company. SBI counsel Ravi Kadam told the bench of S G Shah that Essar Steel had accepted a decision by…
Brisbane IT solution provider Tech Project has pulled itself out of administration after creditors approved the director’s deed of company arrangement (DOCA). Creditors have accepted an arrangement where the directors will pay back $375,000, which works out to be 11-15 cents in the dollar, according to a report to creditors. Tech Project’s claimed debts amounted…
Myer has closed its 17 Topshop concessions as negotiations continue to save the Australian arm of the UK fast-fashion business from total collapse. Visitors to Myer stores hoping to pick up a Topshop garment this week would have likely been met with scant signage and zero trace of the brand on the shop floor. Play…
Top lender SBI and other creditors have moved insolvency proceedings against Kolkata- based Electrosteel Steels at the National Company Law Tribunal (NCLT). State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said…
MATISSE, the beach club which tried to add some glamour to Scarborough, has gone into voluntary administration. The beachfront venues sole director, Sean Reid, called in administrators Rob Kirman and Rob Brauer from restructuring and insolvency firm McGrathNicols local office on Friday. media_cameraMatisse Beach Club in Scarborough posted on Instagram by user: @jorjamei Mr Reid…
Goshen Holdings owed more than $200,000 at the end of its liquidation. A former driver for a failed logistics company is among those out of pocket after the company went under. Palmerston North-based Goshen Holdings was placed into liquidation in 2013. According to Companies Office documents, Goshen had traded since 2001, providing chilled freight and…
Store Twenty One has been forced into compulsory liquidation resulting in the loss of over 900 jobs and the closure of stores across the country, including on the Isle of Wight. On Friday afternoon a sign was erected in the window of the Regent Street store in Shanklin saying this store will be closed until…
Fashion retailer Store Twenty One – which has a number of sites in the North East – has gone into liquidation, resulting in the loss of 900 jobs. Its owner, Indian manufacturing giant Alok Group, failed to secure investment for the chain following a Company Voluntary Arrangement (CVA) in 2016. As a result, corporate recovery…
LIQUIDATION is possible for a collapsed central Queensland coal miner, a creditors’ report has revealed. Winding up Caledon Coal was recommended by administrator PPB Advisory at the last creditors’ meeting. The Cook Colliery mine owner and Wiggins Island Coal Export Terminal part-owner was placed into administration earlier this year with a debt of about $4billion.…
Store Twenty One, the discount fashion chain, has gone into liquidation, resulting in the loss of 900 jobs. The retailer has been on the brink of collapse for a number of weeks after it failed to raise any extra cash from its main lender, State Bank of India. In a rush to raise funds its owner,…