Future Retail lenders reject Space Mantra’s bid; NCLT extends insolvency period for 15 days The lenders of Future Retail Ltd have rejected the bid submitted by Space Mantra for the debt-ridden firm, which is currently going through Corporate Insolvency Resolution Process (CIRP). The Resolution Plan submitted by Space Mantra for Future Retail Ltd (FRL), failed…
Another Aussie builder has fallen victim to the construction crisis seizing the country. Zadro Constructions had to lay off all seven of its staff as it went into voluntary administration last month. Grant Thornton Australia was appointed as administrator for the western Sydney-based outfit on September 15. The companys website was no longer operational on…
The Pop-up Globe might be returning to the stage, but not everybodys happy about it. Sam Brooks talks to some creditors left in the dark after the companys liquidation about its shock 2023 return. On September 15, the Pop-up Globe announced it would be making an audacious return to Auckland, with a remounting of its…
The digital economy has broadened the scope and quality of forensic evidence, but it has also presented new challenges. Forensic accountants used to take a copy of the contents of a companys server for analysis. Today, data is often stored on a remote server managed by a third-party vendor, and Hawkes says there may be legal…
Building company Zadro Constructions goes into voluntary administration Construction company collapses after 51 years Zadro Constructions went into voluntary administration READ MORE: By Peter Vincent For Daily Mail Australia Published: 16:21 AEDT, 2 October 2023 | Updated: 16:58 AEDT, 2 October 2023
Mumbai: Deloitte-backed resolution professional Vijaykumar Iyer sought a fresh opportunity to seek new bids for Future Retail, springing a surprise for the lenders that rejected Space Mantra‘s Rs 550-crore buyout offer Saturday evening, people aware of the development told ET. Instantly and unanimously, lenders rejected his proposal to restart the process, the people said.Voting results…
Western Sydney construction company Zadro Constructions entered voluntary administration last month, and is unlikely to resume trading in the future. All seven staff members were made redundant as the Penrith company joined a growing number of the industrys businesses going bust. Grant Thornton administrators John McInerney and Cameron Crichton were appointed on September 15, and…
By Fay Simmons Tribune Business Reporter [email protected] The Attorney General yesterday branded The Bahamas corporate insolvency regime as a joke and pledged to reform outdated laws and regulations that continue to undermine the financial services industrys competitiveness. Ryan Pinder KC renewed his promise to make The Bahamas a near shore Delaware through overhauling the bankruptcy…
Customers of a Victorian builder will pay more to have their home builds completed, as part of efforts to help the financially pressured company avoid liquidation. Key points: Victorian home builder Harmac Homes was placed in voluntary administration in late August A majority of creditors and customers have voted to have the directors take back control of…
Insolvency and Bankruptcy Code, 2016 (IBC) does not provides for remedies against third party, though section 66 of IBC deals with fraudulent trading or wrongful trading done in the course of corporate insolvency resolution process or any liquidation proceedings. Section 66 of IBC specifically provides for fraudulent trading or wrongful trading. It provides as follows:…