Catching up with online surfwear retailer Surfstitch.com recently was an eye opener to what the business has been going through following the recent announcement that its holding companies had gone into voluntary administration. On 24th August 2017, SurfStitch Group Ltd announced it had gone into voluntary administration having been beleaguered with several legal issues, including…
A Moray engineering company has gone into liquidation with the loss of more than 30 jobs. Brown Engineering of Fochabers was established in the 1970s. It specialised in the manufacture, installation and maintenance of plant and machinery and pipework for the distilling and malting and oil and gas industries. Liquidators KPMG said 32 of the…
IU will provide one-stop shop for details on all financial transactions Mumbai, September 26: Indias first information utility (IU), a one-stop shop for details on all financial transactions of lenders, information utilities under the insolvency and bankruptcy, has got a go-ahead. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) granted it a renewal…
FEDERAL MP David Littleproud has called out the region’s CSG companies, demanding they outline to him their local procurement practices and employee recruitment. Mr Littleproud has taken the hardline stance because he does not want the Maranoa to be seen as the hub for fly-in, fly-out (FIFO) gas workers and has called for greater transparency.…
Thirty jobs lost as Moray engineering firm goes into liquidation 26 September 2017 From the section NE Scotland, Orkney & Shetland A Moray engineering company has gone into liquidation with the loss of more than 30 jobs. Brown Engineering of Fochabers was established in the 1970s. It specialised in the manufacture, installation and maintenance of…
The 123 Mart was opened in 1995 by Joseph Choi and has gone into liquidation. Discount store chain 123 Mart Limited has gone into liquidation after failing to pay tax debt. Jared Booth and Tony Maginness from Staples Rodway have been appointed liquidators. The company owns 60 stores throughout New Zealand. Booth said the liquidators were in discussions and negotiations…
Provisions of the Limitation Act, 1963, should apply to the proceedings under the Insolvency and Bankruptcy Code, 2016 by virtue of Section 433 of the Companies Act, 2013, since the NCLT and the NCLAT are the creation of the Companies Act, 2013 Recently, in the case of Neelkanth Township and Construction Pvt Ltd vs Urban…
THE LIMERICK based oil and gas exploration company Circle Oil Plc, which once had a net worth of 231 million, has gone into voluntary liquidation. Declan McDonald and Brendan Lynch, of Pricewaterhouse Coopers, have been appointed joint liquidators to the company. Creditors have been advised to send particulars of their debts and claims to PwC by October 31…
By Peter Egwuatu Investors in the nation’s capital market are strategizing on how to rescue their investments estimated at N10 billion which were trapped in the troubled Partnership Investment Company, PIC Plc and Partnership Securities Limited, PSL. Financial Vanguard checks with some of them reveal that while some are considering joint liquidation action that entitles…
Bhushan Steel, which owes banks a whopping Rs 44,447 crore, had initially objected to the insolvency proceedings alleging SBI had inflated the dues by around Rs 100 crore. The committee of creditors to Bhushan Steel is reluctant to sanction fresh interim funding of around Rs 500 crore as part of the corporate insolvency process, senior…