FTI Consulting, administrators of ailing Australian etailer Surfstitch, has released an update of the second creditors meeting, where the fate of the company will ultimately be decided. In a statement to the market, the administrators stated the creditors will determine the future of the company and the outcome of the voluntary administration at the meeting.…
THE company overseeing The Outdoor Furniture Specialists chain has gone into administration amid increasingly tough times for the retail sector. The Brisbane-based company is the head franchisor for 46 stores across Australia and claims to be the largest specialist outdoor furniture retailer in the country. Franchise store operators contacted yesterday said they were continuing to…
New Delhi: Bankers have decided that they will negotiate only with the highest bidder when resolving cases of corporate insolvency. The decision was taken at a meeting held by the Indian Banks’ Association on Monday following consultations with the Insolvency and Bankruptcy Board of India and resolution professionals. The Insolvency and Bankruptcy Code (IBC) hasn’t…
In September 2017, the Insolvency and Bankruptcy Board of India (IBBI) registered NeSL as the first information utility (IU). Photo: Mint Mumbai: State Bank of India (SBI) on Tuesday signed an agreement with National E-Governance Services Limited (NeSL) to share information under the insolvency regulation. In September 2017, the Insolvency and Bankruptcy Board of India…
PTI | Updated: Jan 30, 2018, 10.31AM IST NEW DELHI: Japanese imaging and electronics majors Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities. The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said. “The company has…
DARLING Downs grain trader, A&B Grains, has gone into liquidation, according to a notice published by the Australian Securities and Investments Commission. The notice says a general meeting of the members of the company held last Wednesday resolved A&B Grains be wound up, and that Gavin Charles Morton of Mortons Solvency Accountants, Brisbane, be appointed…
THEY knew there was a problem, but Linc Energy just “kept going” with devastating coal gasification activity. That is what a prosecutor has claimed as Linc faces five counts of causing serious environmental damage in Chinchilla.The energy company, in liquidation, is not in Brisbane District Court to defend the charges. Jurors on Tuesday heard allegations…
By Chris Thomson | posted on January 25, 2018 A RECENT purchase by Albanys Mount Romance sandalwood plant of a $3 million cache of wood has failed to stop the subsidiary that runs it, and parent company Quintis Ltd, going into voluntary administration. On Saturday, Quintis revealed that US hedge fund…
Japanese imaging and electronics major’s Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities. The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said. “The company has come to a position where it is unable to meet…
Bidders looking to buy select assets of a distressed corporate under the Insolvency and Bankruptcy Code (IBC) process may be in for a disappointment. A recent ruling by the Mumbai Bench of the National Company Law Tribunal (the Adjudicating Authority under the Code) makes it plain that bidders have to acquire all the assets of…