Hyderabad: In a setback for city-based infra player Lanco Infratech, that has been saddled with a humungous debt of around Rs 43,000 crore, the National Company Law Tribunal (NCLT) has given its nod for initiating insolvency and bankruptcy proceedings against the company. Lanco Infratech on Wednesday informed the bourses that the NCLT, Hyderabad Bench, vide…
AdvertisementThe U.S. Bankruptcy Court issued an order converting Westech Capitals Chapter 11 reorganization to a liquidation under Chapter 7. The order states, The Court finds that it is in the best interests of the estate and creditors for this case to be converted to one under chapter 7 and that no party in interest objected.…
Golf course produces less of a loss | Poll exit IT WASNT a profit, but it was less of a loss. Leeton Shire Council has released its 2016-17 financial year figures for the towns golf course. While the facility still isnt close to turning a profit, in fact not many in the state do, the…
Telstra partner, Interactive Telecoms, has gone into voluntary administration after the company was hit by financial difficulties arising from ongoing changes in the way Telstra structures its commissions for licensed retailers. According to the companys former business development manager, Andrew Wulff, the changes to the commission structure – which sees the telco remunerate licensed retailers…
FASHION SAVVY: Hilton Seskin, left, is a veteran retailer behind Glue, Topshop and JD Sports outlets. Picture: Louie Douvis, Priscillas modelling agency A retail mogul who brought the Topshop label to Australia has been revealed as the mystery buyer of a historic building in Hunter Street mall. The Newcastle Herald has confirmed Hilton Seskin, a fashion industry veteran and…
HDFC Banks senior official has cautioned on use of the Insolvency and Bankruptcy Code (IBC) as various banks rush in to file large corporate non-performing loan accounts to the insolvency courts. “In general, the Code is good and one more resolution mechanism that has timeline around it. However, it should be used with prudence and…
LONDON (Reuters) – An alleged million-dollar pyramid scheme which is registered in Britain has gone into liquidation, the first step in the process of recovering its assets and distributing them to creditors. Reuters reported last year how the venture, known as EuroFX, allegedly scammed thousands of investors in China and other countries. EuroFX had a…
Too big, too expensive: Six reasons why Topshop flopped MELBOURNE, AUSTRALIA – JULY 30: People walk past the exterior of the new Top Shop multi-storey retail store at Emporium Melbourne on July 30, 2014 in Melbourne, Australia. (Photo by Scott Barbour/Fairfax Media via Getty Images) exit Six years after entering the Australian market with much…
Investigations Remgro responds to allegations of contrived liquidation. Thelo Wakefield (left) and Paul Zacks (right). Picture: Moneyweb Western Province Rugby was rocked by news over the weekend that its erstwhile minority shareholder, Remgro, had declined to take up a shareholding in the unions new commercial arm following the successful liquidation of Western Province Rugby (Pty)…
NATIONAL transport and logistics specialists Centurion are helping to reshape the Central Queensland landscape. The township has become one of three locations, including Mackay and Brisbane, where the family-owned Western Australian company have expanded in recent months. The timely move follows the liquidation of unassociated transport company McAleese in August last year, and its reincarnate,…