The bankruptcy court has allowed a 180-day extension for corporate insolvency resolution process (CIRP) of VOVL, an oil and gas exploration company owned by Venugopal Dhoot, giving its lenders time until May 22, 2023, to finalise a resolution plan for the company. The Mumbai bench of the National Company Law Tribunal (NCLT) has also allowed…
Content published under the media release byline is promotional content produced by the business(es) named in the media release and remains unedited by Brews News Award Winning Queensland Craft Beers will continue to flow through the taps in Woolloongabba much to the delight of locals and sports fans at the iconic Gabba. The Voluntary Administration…
Brisbane-based rapid COVID-19 test maker Ellume has been plucked out of administration by competitor Hough Consolidated in a USD$38 million (AUD$57 million) deal, which will also give the buyer ownership of a fast-growing US subsidiary. The deal also gives Hough access to Ellume’sfluorescent immunoassay technology that can generate results in the space of 15 minutes,…
Fresh doubt has been cast over the future of a half-a-billion-dollarNorthern Territory government project after the collapse of one of the major companies involved. Key points: A major contractor on the $515 million ship lift facility has entered administration The project has already faced delays and a $115 million cost blowout Critics of the projectare…
There are concerns that lenders have had to take largehaircutson firms that go through the Corporate Insolvency Resolution ProcessorCIRPunderthe Insolvency and Bankruptcy Codeor IBC. The unease over low recoveries resulted in the National Company Law Appellate Tribunal, orNCLAT,orderingrestartingof aconcludedresolution processof Videocon Industries in January this year. Revisitingcommercial decisions taken by the Committee of Creditors (CoC)…
MARK TAYLOR/Stuff Darren Mills of Waikato Explorer Ltd at the city jetty in Hamilton earlier this year. Hes now working for wages in Wellington. Hamiltons river ferries firm is sunk financially, and had no other choice but voluntary liquidation after it failed to sell, raising questions about recent ratepayer-funded jetty upgrades. Waikato Explorer Ltd has…
Mark Lloyd (Optic Security Group) Credit: Supplied Optic Security, a trans-Tasman cyber security firm created in 2018 by rolling up existing businesses, has been sold out of voluntary administration. Optic Security Group Ltd was the 100 per cent shareholder of Optic Security Finance Group which in turn owned four New Zealand and two Australian subsidiaries.…
The collapse of century-old builder Clough has hit headlines this week, and the news appears to be weighing on the Beach Energy Ltd (ASX: BPT) share price. The oil and gas stock plummeted 4% yesterday and its down another 7.28% today, trading at $1.68 at the time of writing. For comparison, the S&P/ASX 200 Index…
The fall of Perth builder Clough into voluntary administration after more than a century in business marks the latest in a string of local builders to hit troubled waters. Key points: WA building giant Clough has entered voluntary administration The administration is being overseen by Deloitte The delivery of several bigprojects is now in doubt…
A proposed disposal by Murray & Roberts (M&R) of its Clough unit to Webuild was terminated on Monday and Clough and its subsidiaries placed into voluntary administration in Australia with immediate effect, together with the JSE-listed groups Australian holding company, MRPL. The announcement triggered a sharp decline in M&Rs shares, which were trading about 13%…