NEW DELHI: The Economic Survey 2015-16 invokes the legend of the Charkravyuha from Mahabharata describing the ability to enter but not exit, with seriously adverse consequences. The Indian economy has made great strides in removing barriers to entry for firms, talent, and technology but less progress has been made in relation to exit, says the…
GEORGE HEARD/FAIRFAX NZ While creditors of Stonewood Homes anxiously wait to hear whether they will be paid, the case is being cited as a reminder of directors’ responsibilities. In the wake of the Stonewood Homes collapse directors are being reminded that they face tough financial penalties if they fail to meet their legal responsibilities. Gerard Dale, a corporate…
MUMBAI: Indian government action to increase spending on irrigation and crop insurance is not enough to end a cycle of indebtedness that has led to thousands of farmer suicides, and a complete overhaul of credit and subsidies to farmers is needed, activists said. Drought in many parts of the country has hit rice, cotton and…
GEORGE HEARD/FAIRFAX NZ While creditors of Stonewood Homes anxiously wait to hear whether they will be paid, the case is being cited as a reminder of directors’ responsibilities. In the wake of the Stonewood Homes collapse directors are being reminded that they face tough financial penalties if they fail to meet their legal responsibilities. Gerard Dale, a corporate…
A transport company that has been operating for more than 25 years has been placed into voluntary administration. Longfords Southern Deliveries, which is based on the south coast of New South Wales south coast, appointed external managers on February 18. Sean Wengel and Robert Whitton from William Buck have been appointed as voluntary administrators. Longfords…
At the beginning of this year Dick Smith went into voluntary administration. Today its receivers have announced that all 363 stores across Australia and New Zealand will be closed over the next eight weeks. 2890 staff members will be affected by the closures. According to the receiver James Stewart, offers received simply werent high enough.…
Overall, does claims trading help or hinder the chapter 11 process? Should additional disclosures be required? Claims trading became a big business in the early 1980s. At that time, it mainly involved buying trade creditors claims in order to make a profit under the plan of reorganization. Since then, claims trading has grown exponentially and now involves…
Administrators have moved to sell assets owned by companies belonging to federal MP Clive Palmer, including a Bombardier Global Express aircraft belonging to Palmer Aviation, which owes $26 million. Creditors of Mr Palmer’s aviation company met yesterday in Sydney and decided to put it into liquidation. Liquidators FTI Consulting said the process would start…
McGrath Nicol executive chairman Peter Anderson has been appointed as investigating accountant to the embattled lenders of steel and iron ore group Arrium, sources said on Wednesday. Anderson has specialised in corporate recovery for over 20 years at the restructuring and insolvency firm, assuming operational responsibility for several of Australia’s more prominent listed entities and structured finance projects…