Guarantee as a form of collateral security is popular in financing deals as the liability of a guarantor and the principal debtor are coextensive. Thus, the creditor has a remedy against both the principal debtor and the surety without the having to exhaust the remedy against one of the parties before proceeding against the other.…
Call to end asbestos waste levy Eighth person charged in baby formula smuggling ring Creditors of the crushed Payless Shoes will meet this month to decide whether to give the final boot to the Parramatta-based company after it collapsed two years ago with debts of more than $18 million. Administrators Ferrier Hodgson has confirmed total…
Axsesstoday has entered into voluntary administration after senior lenders revoked their support for the business. Axsesstoday, a publicly listed SME lender, went into voluntary administration after senior lenders said they were unable to continue supporting the business with ongoing waivers of breaches of loan terms. The lenders disclosure to the Australian Securities Exchange (ASX) states:…
THE director of a failed Sunshine Coast shopfitting company will make a settlement offer to creditors next month. The business, KDH Enterprises which operated as KDH Design, went into liquidation in February 2017. It employed 30 staff and had clients throughout Australia and New Zealand such as Jeanswest, Bras N Things, Billabong and Surf Dive…
THE director of a failed Sunshine Coast shopfitting company will make a settlement offer to creditors next month. The business, KDH Enterprises which operated as KDH Design, went into liquidation in February 2017. It employed 30 staff and had clients throughout Australia and New Zealand such as Jeanswest, Bras N Things, Billabong and Surf Dive…
In a first, the Department of Telecommunications (DoT) has constituted an Insolvency Issues Committee to examine how it can protect its interest in cases where telecom operators are undergoing insolvency proceedings. The moves comes as two operators Aircel and Reliance Communications (RCom) are undergoing bankruptcy proceedings. As per rules under the Insolvency and Bankruptcy Code…
Subject: Disclosure under Regulation 30(2) read with Schedule III of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 – Post – facto intimation of the First Meeting of Committee of Creditors of Punj Lloyd Limited Dear Sir/Madam, Pursuant to Regulation 30 (2) of Securities and Exchange Board Of India (Listing…
Sub: Notice of 13th Meeting of Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you that the 13th…
Offshore Marine Management Limited has engaged insolvency practitioner Smith & Williamson to seek creditors voluntary liquidation. OMM director Rob Grimmond has proposed creditors of the company nominate Richard John Lewis and Gilbert John Lemon of Smith & Williamson to act as joint liquidators. The appointment will be made following a resolution to wind-up the company…
History: Muradel refocuses biofuel venture Adelaide scientists on the cup of biofuel breakthrough A regional energy start-up, which attracted millions from the Federal Government and was supported by local and interstate universities in its quest to develop a new industry creating hundreds of jobs, has been placed in voluntary administration. Whyalla-based Muradel, which described itself…