Category Archives: Liquidation

AFL, Cricket Australia, Greens, Movember caught up in alleged ad fraud – The Sydney Morning Herald

Leading Australian businesses, brands and charities including the AFL, Cricket Australia and Movember may have been defrauded as part of an alleged systemic rort by collapsed leading agency, Ambient Advertising. An investigation by a NSW Supreme Court-appointed special purpose liquidator into Ambient Advertising is examining allegations the firm may have routinely and deliberately overcharged some…

Sahoo takes charge as Insolvency and Bankruptcy Board chief – Zee News

New Delhi: M S Sahoo on Saturday took charge as Chairperson of the Insolvency and Bankruptcy Board of India (IBBI). The oath of office was administered by Finance and Corporate Affairs Minister Arun Jaitley here. Sahoo, a financial markets expert, was appointed as IBBI Chairperson for a period of five years last month. The Finance…

Altfin placed under liquidation – Chronicle

Bianca Mlilo, Business ReporterALTFIN Life Assurance has been placed under liquidation on insolvency basis after it failed to pay out claims to its clients. Liquidation occurs when a company is insolvent, meaning it cannot meet its obligations as and when they are due. Upon liquidation, the company ceases operations and its assets are divided up…

Corporate insolvencies rise in the third quarter – Business World (press release) (blog)

The total number of corporate insolvencies to the end of Quarter 3 2016 have totalled 765, according to the latest analysis from Deloitte. This represents a 3% increase on the same period in 2015 and is a reversal of the decreases seen in the first half of 2016. The total number of insolvencies…

Draft insolvency ecosystem rules being finalized – Livemint

New Delhi: Draft rules for various aspects of the infrastructure and ecosystem required to manage insolvencies will be ready soon and shared in the public domain to seek comments, an official at the corporate affairs ministry said. The government set up four working groups to look at various aspects of this and they are expected…

Plans for temporary moratorium for corporate insolvency regime – CCH Daily inc Accountancy Live (subscription) (blog)

The consultation ran between May and July and looked at four broad areas. These were: introducing a moratorium for distressed businesses to benefit from protection against legal action while considering their options for rescue; widening the definition of essential supplies; developing a new restructuring plan would enable (for the first time in the UK) a…

Clive Palmer loses legal bid against QN liquidators – The Sydney Morning Herald

Allowing Clive Palmer to launch a bid to claw back assets held by failed company Queensland Nickel would have been a “startling affront to justice”, the Supreme Court has ruled. The former politician, through some of his other companies, had sought leave to proceed with a claim for all assets held by the Townsville refinery’s…

The Complete Guide to Understanding Equity Compensation at Tech Companies – Fortune

Ive hired hundreds of tech employees, and recently started Comparably to make workplace compensation and culture more transparent. Most private tech companies offer equity as part of team members compensation package, but employees rarely understand the value and most important aspects of this arrangement. Stock compensation is complex, and there are many hidden rules. This…

McAleese goes into voluntary administration – The West Australian – The West Australian

Nick Evans and AAP – The West Australian on August 29, 2016, 9:48 am Embattled mining services group McAleese has gone into voluntary administration after failing to secure a lifeline from Hong Kong-based debt trader SC Lowy. Trading in the company’s shares was suspended this morning, with the collapse coming just hours ahead of a…

CLIQ promoters seek EGM to stop liquidation – The Star Online

They also want extension of time period to complete QA KUALA LUMPUR : CLIQ Energy Bhds promoters have moved to apply for a general meeting to stop the liquidation of the companys assets and to extend the time period for completing a qualifying acquisition (QA). In an exchange filing, the board of directors of CLIQ…