Distressed micro and small companies will be able to restructure their debts quickly to deal with the economic impact from the pandemic, with help from a new scheme. The Simplified Insolvency Programme (SIP), which also includes processes to help companies which are no longer viable to wind up efficiently while maximising returns to creditors and…
By Fanny Zhang, Business Advisory Services, Dezan Shira & Associates Beijing Office In order to further improve the efficiency of social resources utilization, reduce the exit cost of market entities, optimize the business environment, and continue to stimulate market vitality, China has continuously promoted reforms to its system of enterprise deregistration. As the COVID-19 pandemic…
“The department is continuing its work on the wider decommissioning review including the recommendations and findings of the Independent Review into the Circumstances leading to the Administration and Liquidation of the Northern Oil and Gas Australia (the Walker Review),” Mr Pitt told The Australian Financial Review. He said the department intends to publicly consult on…
Staff at Lithgow company Fairview got good news last week, after Creditors endorsed a business rescue package for the firm. In recent months, the business had entered voluntary administration after some challenging commercial headwinds. The highlights of the recommended business rescue package include: At a meeting trade creditors voted overwhelmingly to accept the independent resolution…
Japanese apparel maker Renown Inc., which had sought court protection to revive its century-old business, will go into liquidation amid plunging sales due to the novel coronavirus pandemic, its lawyers said Monday. The Tokyo District Court last Friday decided to discontinue court protection after a sponsor could not be found. The liquidation procedure is expected…
[ Routes ]November 2, 2020 6:00 am ET By Benjamin Pham Virgin Australia Prepares For Upcoming Holiday Season The holidays are approaching, and despite COVID-19, more passengers continue to consider air travel for leisure and participation in the holiday festivities. Virgin Australia officially announced its schedule ahead of the upcoming holiday season when travel demand…
By Wayne Robinson | 30 October 2020 128950489 Pty Ltd (formerly known as Express Print & Mail Pty Ltd) owner Matthew Chadwick sold the business, assets, and brand to a new company owned his mother Wendy Chadwick for $177,000 a month before putting the company that owned the business into liquidation. Express Print & Mail…
Link copied toclipboard *The story has been updated with corrected details about the Gascoyne Resources recapitalisation process This week, debt-laden lithium producer Altura Mining (ASX:AJM) went into voluntary administration. When it comes to recovering any money, Alturas shareholders are at the bottom of the heap. Secured creditors, like banks, are at the top. The key…
Khaitan & Co advised Resolution Professional and PwC. Payne Realtors Private Limited completed a corporate insolvency resolution process. The resolution plan submitted by City Gold Entertainment Limited has been approved by the NCLT and being implemented. Payne Realtors Private Limited provides civil engineering services. The Khaitan & Co team was led by Partner Siddharth Srivastava…
While many Western Australian businesses have re-opened and returned to business as usual, there are fears some will not survive the financial impact of the COVID-19 coronavirus pandemic. When a business closes its doors, consumers often call Consumer Protection with concerns about money paid for goods or services that are yet to be received, or…