Toys “R” Us is closing its only two stores roughly a year after a highly anticipated relaunch of the storied brand. Tru Kids Inc., which bought the retailer in a 2018 liquidation sale, confirmed that its two locations in New Jersey and Texas that opened in late 2019 have permanently closed because of the pandemic.…
Chinese businesswoman Sally Zou was the single highest donor to the SA Liberal Party during the 2019-20 financial year, according to the Australian Electoral Commission’s (AEC) latest donation disclosures. Key points: Sally Zou’s company donated more than $180,000 to the SA Liberals in the past financial year She also made payments of $130,000 to the…
No matter where you are in Australia, you probably spent the majority of 2020 in your own state and in your own bedroom thanks to interstate border restrictions. Limits on domestic travel have still been popping up in 2021 so far; however, if you’re still keen to see more than your own backyard this year,…
SINGAPORE (BLOOMBERG) – HSBC Holdings and other global banks owed US$3.5 billion (S$4.66 billion) by Hin Leong Trading may recoup less than expected from the collapsed Singapore oil trader after a sale process failed to attract bids for the company. Hin Leong’s court-appointed managers plan to file an application next week to wind up the…
Food, transport and building companies were among 25 Queensland firms that collapsed into liquidation or administration in January. That was half the number of companies that failed in December but experts warn that the tally will likely increase in coming months as pandemic-related support measures are withdrawn. Hall Chadwick partner Ginette Muller said there could…
Loading Obviously any return will be a long, multi-year path back for Xinja, the letter said. If shareholders are willing to support it, the business may be able to reset and rebuild shareholder value. Xinja shocked shareholders and customers when it announced plans to close all customer accounts and return its banking licence, 15 months…
Creditors of 22 companies connected to the flagging Dyldam Group are reportedly chasing $500 million in debt, as the company wades through voluntary administration proceedings. According to the Australian Financial Review, minutes of the first creditors meeting held in January and lodged with ASIC show total debt claims of $510 million. McGrathNicol was appointed as…
Dyldam Development boss Sam Fayad is facing the threat of bankruptcy after being ordered by the NSW Supreme Court to pay a debt of $1.6 million. A bankruptcy notice served by Barrak Lawyers on behalf of their client Eid Azzi obtained by The Australian Financial Review orders Mr Fayad to pay $1,638,421.16 within 21 days…
Covid-19 induced economic uncertainties are a reality in the current business landscape. The UAE governments proactive stimulus packages have been successful in limiting its impact, but some companies have fallen prey to the pandemic. Companies such as Sprii and Gulf Greetings Trading closed their operations in the UAE due to cashflow problems. Firms that decide…
The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. The purpose…