Brisbane fintech Digital Surge is the latest cryptocurrency exchange to be placed in voluntary administration in the wake of the collapse of US exchange. Scott Langdon, John Mouawad and David Johnstone from KordaMentha Restructuring were appointed voluntary administrators on Thursday, after the fintechs directors made the decision to put the business in VA on Wednesday.…
An embattled energy company in WA’s Kimberley region has gone into liquidation, ending a 10-year decline and leaving significant questions over who will pay their rehabilitation and decommissioning costs. Key points: Liquidators have only been able to recover $17,000 in bank accounts and have not been able to contact the company DMIRS says one of…
CALGARY, AB, Dec. 5, 2022 /CNW/ – MNP Ltd., the insolvency subsidiary of national professional services firm MNP LLP, is pleased to announce that it has merged with The Bowra Group, effective December 1, 2022. The Bowra Group is a boutique financial advisory practice based in Vancouver with an additional office in Edmonton. Established in…
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.…