Australians left thousands of dollars out of pocket after booking plane tickets that never arrived say they feel robbed and cheated. Queensland-based booking site Bestjet and its subsidiaries went into voluntary administration days before Christmas last year. Would-be travellers who had booked tickets via Bestjet were left in limbo after the collapse and are now…
Out-of-pocket Bestjet customers are demanding answers at a creditors meeting in Brisbane today including why the husband of the companys former boss is first in line to be paid off. It comes as the corporate watchdog revealed it is closely monitoring the administration of the failed online travel agency. Creditors will meet at 12pm (local…
… Read the full article at: https://www.chron.com/news/article/Sears-Kmart-could-be-liquidated-with-no-bid-to-13494172.php
Organic food retailer About Life has fallen into voluntary administration after a series of legal disputes with suppliers over the last 18 months. The independent grocer is understood to have closed all of its eight stores recently and on Wednesday morning had shut down various social media accounts and sections of its website. It is…
… Read the full article at: https://www.timesunion.com/news/article/Sears-Kmart-could-be-liquidated-with-no-bid-to-13494172.php
The year 2018 also witnessed major changes in the field of Insolvency and Bankruptcy Code(IBC). While the year 2017 witnessed SC explaining the basic concepts of the nascent legislation, the year 2018 saw SC addressing more complex issues in relation to it. The significant decisions of 2017 wereInnoventive Industries v ICICI LtdandMobilox Innovations Pvt Ltd…
Mumbai: The central bank has called for strengthening the infrastructure at the National Company Law Tribunals (NCLT) to ensure time-bound resolution of stressed-asset loans in the banking sector, where the problem of mounting bad debt has prompted curbs on the normal operations at several high-street lenders. In its Trends and Progress in Banking for 2017-18…
The Reserve Bank of India has called for strengthening the National Company Law Tribunal(NCLT) infrastructure to ensure time bound resolution of stressed assets of the banking sector. Better resolution will also depend on the future of loan repayment culture, it said In its ` Trends and Progress in Banking for 2017-18 released on Friday, in…
Sears, the 125-year-old icon, has 24 hours to survive. The employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party…
THE COMPANY behind the renovation of a historic Richmond hotel is set to be liquidated with debts of more than 230,000. Best Friend Limited, the trading name for The Fleece Hotel, is to be placed in a creditors voluntary liquidation. The papers reveal there are 71 creditors, including members of staff, suppliers, directors and others,…