Debenhams sole Australian store is set toclose after Greenlit Brands subsidiary, PSEA Dept Store confirmed itsDebenhams Australia franchise terminated. Bothfranchise and brand agreements to operate the Melbourne outlet will be terminated putting an end to the embattled UK retailers Australian venture. The announcementcomes roughly three months after shareholders voted for a Company Voluntary Arrangement (CVA).…
The Committee of Creditors (CoC) of BS Ltd has requested resolution plan applicant United Trade Co to improve its offer and modify its terms. Formerly known as BS TransComm Ltd, BS is an infrastructure and engineering, procurement and construction (EPC) firm operating in the segments of power transmission & distribution and telecom. In its ninth…
What happens when a Saudi company goes bust What happens when a company gets into difficulties and has no option but to cease trading? Often, the answer is that it goes into liquidation.This may be simply defined as the process by which a companys operations are brought to an end, and its property and assets…
Over the last decade, we have witnessed an enormous increase in the ordeal faced by homebuyers at the hands of developers. Till a couple of years ago, homebuyers had only one option, which was to approach the consumer courts to complain against the developers and request a refund of their investment and demand compensation. But…
The Australian Competition and Consumer Commissions (ACCC) case against embattled franchise JUMP! Swim Schools is mounting. In a pre-trial case management hearing in Federal Court, the watchdog called for greater sanctions and a JUMP! asset freezing extension. In June, the Federal Court issued freezing orders against the company and founder Ian Michael Campbell. The move…
Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly note that the eighth meeting of CoC of Kwality Limited was convened and conducted as per the provisions of the Insolvency and Bankruptcy Code, 2016 (Code) on 29th June, 2019 at 12:00 PM at Regal Hall, Royal Plaza, 19,…
Last week, the High Court dismissed an appeal in Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth of Australia and Others[2019] HCA 20. Amerind Pty Ltd became insolvent in 2014, with $21 million in debts repaid to Bendigo and Adelaide Bank, leaving a receivership surplus of about $1.6 million. The Commonwealth of Australia…
Lenders of Asian Colour Coated Ispat Ltd. (ACCIL) have approved the JSW Groups 1,550-crore bid to acquire the debt-ridden steel firm, sources said. ACCIL went into insolvency in July last year after the National Company Law Tribunal (NCLT) admitted an application by State Bank of India (SBI) to initiate the Corporate Insolvency Resolution Process (CIRP)…
Lenders of Asian Colour Coated Ispat Ltd (ACCIL) have approved the JSW Groups 1,550 crore bid to acquire the debt-ridden steel firm, sources said. ACCIL went into insolvency in July last year after the National Company Law Tribunal (NCLT) admitted an application by SBI to initiate Corporate Insolvency Resolution Process (CIRP) for the company. The…
The committee of creditors (CoC) of the Corporate Debtor, pursuant to the meeting held on May 30, 2019 and in terms of Section 22 (2) of the Code, resolved, with requisite voting share, to replace the existing Interim Resolution Professional with Mr. Anish N. Nanavaty as the resolution professional (RP) for the Corporate Debtor. Accordingly,…