A construction firm in Queensland has collapsed owing $7 million and leaving nearly 50 projects unfinished. LDC Pty Ltd, based in Brisbane, went into liquidation on Friday and becomes the first casualty in the construction industry in 2023. The company owes creditors and subcontractors $7.03 million, the Courier Mail reported. Liquidator Bill Karageozis, of Mcleods…
LegalPay, a third-party litigation funder and interim financier said it has launched interim financing bonds where retail investors can invest through its platform with a minimum investment of Rs 10,000 and earn high-yielding returns. The tech-based fintech firm, which also invests in commercial litigations and insolvent companies, said that the first-of-its-kind bonds are fixed-income instruments…
Major Queensland building company LDC has become the latest in the field to enter voluntary administration, with creditors owed more than $7 million. The home builder went into liquidation on Friday. The construction industry has been rocked by a number of company collapses in recent months, with a skills shortage, high materiel costs and a…
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Australian sustainable eco-friendly retailer Ecolateral has collapsed into voluntary administration after a challenging 12-month period. Jamie Stott, CEO of Ecolateral, said in a LinkedIn post that the current economic climate and future outlook have led to this heartbreaking decision to call in administrators. I regret to announce following the closure of our Blackwood store two…
Australian sustainable eco-friendly retailer Ecolateral has collapsed into voluntary administration after a challenging 12-month period. Jamie Stott, CEO of Ecolateral, said in a LinkedIn post that the current economic climate and future outlook have led to this heartbreaking decision to call in administrators. I regret to announce following the closure of our Blackwood store two…
The Indian Performing Right Society (IPRS) Ltd has moved the insolvency tribunal NCLT against Zee Entertainment Enterprise Ltd, claiming a default of Rs 211.41 crore, the media major said in a regulatory filing. However, Zee Entertainment Enterprise Ltd (ZEEL) added that it “will be filing its reply rejecting the claim on, inter alia, the ground…
Zee Entertainment Enterprises Ltd. has contested the maintainability of the insolvency process initiated by IndusInd Bank Ltd. before the National Company Law Tribunal. The company has claimed that the default in question occurred in October 2020, when the Insolvency Code was suspended, and so the bank’s application should be dismissed.In light of the Covid-19 pandemic,…
The bankruptcy court has admitted Marvel Realtors & Developers Ltd under the corporate insolvency resolution process (CIRP) and appointed Manoj Kumar Mishra as the interim resolution professional for the Pune-based realty firm. The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the petition filed by companys lender IDFC First Bank to initiate the…
A multi-million-dollar project to improve ship loading capacity and export opportunities in regional Queensland remains on track, despite the contractor’s parent company plunging into financial turmoil. Key points: The contract was award to Clough Projects Queensland, but its parent company Clough went into voluntary administration earlier this month The project to build a multi-purpose bulk…