Category Archives: Liquidation

Black Sand Windows Pty Ltd: Construction company suddenly collapses into liquidation owing almost $900k: Custo – Daily Mail

By Olivia Day For Daily Mail Australia Published: 15:30 AEDT, 13 November 2023 | Updated: 16:11 AEDT, 13 November 2023 A construction company specialising in bespoke aluminium doors and windows has collapsed, owing almost $900,000 to creditors. Black Sand Windows Pty Ltd, based … Read the full article at: https://www.dailymail.co.uk/news/article-12740987/Black-Sand-Windows-Pty-Construction-company-suddenly-collapses-liquidation-owing-900k-Customers-complain-unfinished-work.html

Sun Cable sounds out federal government fund for Tasmania solar … – The Australian Financial Review

Nov 12, 2023 3.39pm Mike Cannon-Brookes Sun Cable venture has begun discussions with the federal governments $15 billion National Reconstruction Fund about support for a cable-manufacturing plant in Tasmania. The venture, owned by the software billionaires Grok Ventures since an ownership shake-up forced by a decline into voluntary administration, is proposing to manufacture the specialist…

Keep your promise: SC does well backing personal guarantees in IBC cases – Times of India

Indian banks have traditionally used personal guarantees of company promoters as insurance to offset limited institutional recourse to debt recovery. A personal guarantor stands surety through a legal contract. Based on early experience of the Insolvency and Bankruptcy Code, GOI in 2019 brought personal guarantors into its ambit. It allows financial creditors to invoke personal…

IBBI tightens insolvency process on corporates | India | Law.asia – Law.asia

The Insolvency and Bankruptcy Board of India (IBBI) on 18 September notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023. This introduces a set of amendments to the regulations governing the insolvency resolution process for corporate entities in India. To facilitate smooth conduct of corporate insolvency…

GJ Gardner Perth West collapses into liquidation, customers furious at franchise's head office | news.com.au … – news.com.au

Customers of a collapsed building firm have been left fuming after airing out their concerns to the master franchisor months ago but being turned away. Last Friday, news.com.au reported that Western Australia-based RPH Australia Pty Ltd with the trading name GJ Gardner Perth West had gone into liquidation. The exact amount of its liabilities remains…

Shock email amid $4.2m company collapse – news.com.au

A victim of a collapsed building firm is furious because the liquidators are chasing his business for money even though hes already thousands out of pocket. Callum Phillips traffic business, Synergy Traffic Management, is currently facing a $63,000 loss due to the liquidation of a contractor on a major railway project in regional Victorian. But…

TGIF 10 November 2023 – Administrators put on notice to validate … – Corrs Chambers Westgarth

In the matter of Premier Energy Resources Pty Ltd [2023] NSWSC 1185, the Administrator unsuccessfully sought an order validating his appointment where he failed to investigate allegations that his appointment documents included a directors forged letter of resignation. Key takeaways Administrators must investigate any doubts or allegations concerning the validity of their appointment and bring…

Popular Melbourne craft beermaker Bad Shepherd Brewing successfully emerges from administration after battling – Daily Mail

By Brett Lackey For Daily Mail Australia Published: 16:37 AEDT, 9 November 2023 | Updated: 19:30 AEDT, 9 November 2023 In a positive sign for Australia’s cultural capital of Melbourne, a popular craft brewery will remain in business after scraping through a brutal few years of… Read the full article at: https://www.dailymail.co.uk/news/article-12728343/Melbourne-craft-beer-Bad-Shepherd-Brewing-successfully-administration-lockdown.html

Experts welcome Supreme Court ruling on IBC, to further strengthen … – Business Today

The Supreme Court ruling on Thursday upholding the constitutionality of the Insolvency and Bankruptcy Code (IBC) is expected to help lenders of companies under resolution and facilitate hearings in insolvency petitions against personal guarantors, according to experts.  The judgment passed by the Supreme Court would further strengthen the financial sector as the personal guarantors to…

Highest third quarter of corporate insolvencies for two decades – Bournemouth Echo

It comes after a perfect storm” of economic issues led to the highest third quarter (Q3) of corporate insolvency figures in more than two decades. Garry Lee, regional chair of the UKs insolvency and restructuring trade body R3, said: Trading conditions are tough right now. People are worried about money and reluctant to spend on…