Operator of the Peko iron ore and gold project in the Tennant Creek region of the Northern Territory, Elmore, has entered voluntary administration. Elmore has entered all eight of its subsidiaries into voluntary administration, prompting questions over whether the mine is to be saved or permanently closed. The announcement was made via a notice from…
A music company which has denied claims of using artists music without permission is now facing the possibility of being ordered to go into liquidation. News.com.au previously revealed that Blue Pie Records, a multimedia company involved in music production, licensing, publishing and distribution headquartered in Moss Vale, in NSWs Southern Highlands, had left an unhappy…
Independent cinema chain Majestic Cinemas, which operates nine sites across northern NSW and south-east Queensland, has entered voluntary administration, citing reduced box office due to the impact of COVID-19 and the US strikes on production and release schedules, as well as rising costs and natural disasters, including floods and fires, in the region. The cinemas…
Beaurepaires, Australias oldest tyre retailer, is the latest business set to close its doors this year and an expert has warned it wont be the last. The iconic retailer is set to close 100 stores and lay off 700 workers after plans to sell the business to rival Bob Jane Corporation were reportedly unsuccessful. Its…
Gitanjali Gems was admitted into the Corporate Insolvency Resolution Process (CIRP) on October 8, 2018 with an admitted liability of over 12,000 crores. Resolution professional (RP) Vijay Kumar Garg informed the NCLT that on account of fraud allegedly perpetrated by the company, its affairs were being probed by multiple law enforcement agencies like the Central…
By Violet Li Affected families by the collapse of the Victorian builder Montego Homes are reeling from losing their deposits and their dream houses in the Casey South region. South Melbourne builder Montego Homes went into voluntary administration in January, with Sam Kaso and Shaun Matthews of insolvency service Cor Cordis appointed as administrators to…
The full impact of the financial collapse of a key arm of Department of Defence construction supplier St Hilliers remains unclear after the local firm called-in financial administrators for the second time in a decade after hitting the wall. Whatever the outcome, its not great. Construction firms across the nation are buckling under the pressure…
A new cooperation arrangement for mutual recognition of and assistance to cross-border corporate insolvency and debt restructuring proceedings has been established between Mainland China and Hong Kong (the Cooperation Arrangement). The Cooperation Arrangement is provided in a Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) proceedings between the Courts of the…
From afar, China Evergrande Group had all the makings of a killer distressed-debt trade: $19 billion in defaulted offshore bonds; $242 billion in assets; and a government that appeared determined to prop up the countrys faltering property market. So US and European hedge funds piled into the debt, envisioning big payouts to juice their returns. What they got instead…
The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of fugitive diamantaire Mehul Choksi-promoted firm Gitanjali Gems. The tribunal has also appointed Santanu T Ray as the liquidator.The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018. It has admitted liabilities of over Rs 12,558 crore.…