On 10 November 2020 we held a webinar as part of the IHL series looking at the Corporate Insolvency and Governance Act which came into force in the summer. During the session our panellists outlined the new rules and gave some practical tips for contracts, and other useful steps to think about. You can watch…
One of Australias largest construction companies, Grocon, has gone into administration, leaving thousands of subcontractors at risk of unpaid contracts. Grocon is known for developments such as Melbournes casino, Eureka Tower and the Rialto Towers. Grocons chief executive, Daniel Grollo, blamed its administration on Infrastructure NSW for its handling of the Central Barangaroo project. It…
My desire is to pay the creditors in full. I believe we will ultimately win the case against INSW and when we do so, the creditors will be the first in line to be compensated. Once a powerhouse in the construction industry, Grocon has been struggling for some time with a number of legal stoushes…
The Supreme Court on Thursday held that “any creditor of a company in liquidation” can become a party to the winding up petition against the defaulting firm and seek transfer of the plea from a high court to a National Company Law Tribunal (NCLT), set up under the new law on insolvency and bankruptcy. A…
A pharmacy embroiled in an ongoing PBS fraud case has unsuccessfully tried to pay its liquidators using funds confiscated by the Australian Federal Police Pharmacy Depot Hurstville has had a motion to allow debts incurred by its liquidators to be met out of funds restrained by the Australian Federal Police (AFP) rejected. The pharmacy and…
Lubys, which operates Lubys Cafeterias and Fuddruckers restaurant chains, has received approval from its stockholders for the liquidation and dissolution of the company. The approval enables the sale of the companys assets and distribution of the net proceeds to the stockholders before completing the remaining operations. Lubys said that 99% of its shareholders voted in…
Virgin Australias sale to US private investment company Bain Capital is officially complete. It comes after the airline went into voluntary administration amid the coronavirus pandemic, appointing Deloitte as administrators. Virgin Australia has also appointed a new CEO, former Jetstar boss Jayne Hrdlicka, and outlined its new direction under her leadership. Visit Business Insider Australias…
HOUSTON, Nov. 17, 2020 /PRNewswire/ –Luby’s, Inc. (“Luby’s” or the “Company”) (NYSE: LUB), announced that at a special meeting of stockholders held earlier today, stockholders approved the Company’s plan of liquidation and dissolution (the “Plan of Liquidation” or the “Plan”) that provides for the sale of the Company’s assets and distribution of the net proceeds…
Virgin Australia will become a “mid-market” airline complete with three levels of in-cabin seating under a plan unveiled by the airline’s new CEO. Just a day after the sale of the airline was completed to American investment firm Bain Capital, incoming CEO Jayne Hrdlicka took the sheets off what will be Virgin’s new strategy. Under…
MANCHESTER A company that handles business liquidations has listed the Sears store by Buckland Hills in Manchester as closing. No timeline is included in the listing by SB360 Capital Partners, which includes six other Sears stores nationwide. A representative of SB360 could not be reached and Sears did not respond to requests for more information,…