BANKRUPTCY & INSOLVENCY A resolution plan passed under the Insolvency and Bankruptcy Code, 2016 (IBC), binds all stakeholders of the company including any dissenting creditors. Providing a 66% voting threshold by value for approval is a useful tool to ensure that a revival plan is not held to ransom by minority financial creditors. Dhananjay Kumar…
The firm, formerly known as Bosasa, announced on Monday it had opted for voluntary liquidation after banks announced they would close the companys accounts, citing reputational risk. PRETORIA – The liquidation of embattled firm African Global Operations has been broadly welcomed despite the potential loss of more than 4,500 jobs. The firm,…
Dear Sir / Madam, With reference to our earlier disclosure made on 15th February 2019, we would like to inform you that meeting of the 12th Committee of Creditors of Sterling Biotech Limited scheduled to be held on Wednesday, 20th February 2019 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji…
A multimillion-euro facilities management company that has been implicated in a massive public sector corruption scandal in South Africa has gone into voluntary liquidation because local banks have closed all its accounts. On Monday, African Global Operations, which traded under the name Bosasa, said in a statement released by its chairman Joe Gumede that extensive…
Its been just over a year since iconic Australian label Lover, known for its halter-neck-style lace dresses and delicate bridal gowns, entered voluntary administration. The Australian fashion industry shook its collective head at the news of this downfall: another beloved local label had fallen victim to the difficult retail climate, and the industry prepared to…
Time taken to appoint Resolution Professional to be excluded from CIRP: NCLT Varun Marwah February 18 2019 Now time taken from the admission of a case by the NCLT till the appointment of the Interim Resolution Professional (IRP), will also be excluded from the IBC timelines, the Mumbai Bench has held. In the case of…
Trade unions have called on government to absorb Bosasa, now trading asAfrican Global Operations Group,workers after the company announced it would enter voluntary liquidation as a result of FNB and Absa closing its accounts. The company issued a statement on Monday, saying that 4500 workers would lose their jobs. “It is with deep regret that…
In the wake of the Hayne Royal Commission final report, the concept of shareholder primacy is now being examined, writes AICD Communications Executive Shelley Dempsey. Experts and directors react to the report here and discuss how to focus on more long-term non-financial measures. After the findings of the Hayne Royal Commission final report, robust debate…
Outcome of 16th Committee of Creditors Meeting Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg. We give below outcome of the 16th Meeting of the CoC: The Committee of Creditors reviewed the resolution plans submitted by the resolution applicants and decided to give final opportunity to each…
This is to inform you that the public announcement made pursuant to order passed by the Tribunal under Section 13 of Insolvency Code has published in Free Press Journal, Mumbai Edition Newspaper , Navakal Mumbai Edition Newspaper and Janadesh Silvasa Edition Newspaper on Friday February 15, 2019. Copy of Free Press Journal Mumbai Edition Newspaper…