RYAN ANDERSON/Stuff The Auckland High Court Russians, Italians, and the former owner of the Leeds United Football club want their $17m back from a small Auckland company. NF Global, directed by Auckland resident Claude Oberto, has been given until April by the High Court in Auckland to repay entities connected to the international businessmen. Associate…
The Kingdom of Saudi Arabia overhauled its corporate insolvency framework in 2018 with the introduction of a new bankruptcy law. In this client alert we examine the new Bankruptcy law in detail. Executive Summary The bankruptcy law that came into effect in the Kingdom of Saudi Arabia in 2018 reshaped the legal landscape with regards…
Photo by Tim Mossholder on Unsplash Abstract Entertainment is winding up after entering voluntary liquidation. The promoter and event planning business owes close to $700,000 to 95 individual creditors spanning ticketing companies, musicians, radio networks, venues and promoters. Its related entity, Abstract Touring, is still trading, and recently announced the Belinda Carlisle Tour of Australia…
The founder and CEO of an Australian restructuring advisory is urging struggling travel companies to urgently seek financial advice before JobKeeper is wound back. Last month, Mackay Goodwin was appointed to handle the voluntary administration process of JMW Travel, which traded as Victorian travel agencies Helloworld Monbulk and Helloworld Bentleigh, as well as Nexus Business…
Australian Fashion Labels has been acquired by a group of private investors, the company has shared. Australian Fashion Labels entered voluntary administration on January 6th 2021. The purchase includes the collective view to bring back employees, who were the heart of the company and grow further jobs in the fashion industry. This acquisition includes the…
by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Inland Revenue Authority of Singapore has updated its guidance on the tax requirements for companies being liquidated and those under receivership. Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. The liquidator is required to…
Greensill Capital, the once high-flying financial company that counts former prime minister David Cameron as an adviser, is preparing to file for insolvency in the UK. People familiar with the matter said that the filing will allow private equity firm Apollo Global Management to buy parts of the business out of administration, in a prepack…
Australian Fashion Labels has emerged from voluntary administration, the business has posted to its social media accounts. The business has been purchased by a new owner, the identity of which is being sought out byRagtraderat the time of writing. As reported by Ragtrader, Australian Fashion Labelswas placed into administration on January 06 with $12 million…
Court documents from a mid-February hearing in New Zealand’s High Court have revealed the financial position of Pacific Aerospace Limited (PAL) and concerns that the Civil Aviation Authority would revoke the companies certifications. The hearing was to consider the application of parts supplier International Aviation Support to have a liquidator appointed to PAL over unpaid…
The options open to landlords in Northern Ireland differ to those in England and Walesor in Scotland.These are addressed in our separate guides. Restrictions on forfeiture for arrears in Northern Ireland have been extended to 31 March 2021 for all commercial leases under section 83 of the Coronavirus Act 2020. Restrictions on statutory demands and…