In a major jolt to liquor baron Vijay Mallya, the Karnataka High Court on Tuesday ordered the winding up of United Breweries (Holdings) Ltd (UBHL), the parent company of the UB Group, for recovering dues payable by UBHL-promoted defunct Kingfisher Airlines Ltd. A report in The Indian Express said it is the change in stance…
Times are tough for independent mobile retailers, not just competing with other businesses in the sector like JB HiFi, Officeworks and the like, but also the carriers and their own-branded stores as well. Today, one of the mid sized independent retailers has called it a day, with Allphones collapsing into voluntary administration. Canadian-owned AMT Group…
Ultrapetrol (Bahamas) Limited (the Company), a Bahamas corporation, announced today that it and certain of its subsidiaries have commenced voluntary cases under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York yesterday (In re Ultrapetrol (Bahamas) Limited, Chapter 11 Case No. 17-22168) in order…
YET ANOTHER fashion retailer is in financial strife, with the maker of Herringbone and Rhodes & Beckett announcing it has gone into voluntary administration. The collapse of the labels has thrown the jobs of 140 employees across 29 retail stores throughout Australia under a cloud. It comes less than a week after Marcs and David…
Dasha Kuprienko / Fairfax NZ The biggest indoor dry slope terrain park and the only one in New Zealand is in liquidation. An indoor ski field terrain park in Queenstown is in liquidation, three months after opening. PowderPak Parks is said to be the world’s largest indoor dry slope terrain park. The company opened its doors in…
Fashion clothing brands Herringbone and Rhodes & Beckett have gone into voluntary administration, joining a growing list of retailers seeing customer support fade. They have 29 stores with 140 employees. Insolvency group Cor Cordis has been appointed administrator. They follow fashion labels Marcs and David Lawrence which last week went into voluntary administration, citing deteriorating…
The Insolvency and Bankruptcy Code in India is unable to realise its potential because its provisions are being notified in bits and pieces and not at one go, say professionals. By not notifying the sections that will make the part of the code on bankruptcies of individuals effective, the interests of the guarantors…
Sixty-nine employees have been made redundant after independent mobile phone retailer Allphones collapsed into voluntary administration on Monday. Phil Carter, Daniel Walley and Mark Robinson of PPB Advisory have been appointed as voluntary administrators of the nine entities that comprise the Allphones Group. The business has 84 stores and approximately 440 staff across Australia. Twenty-five…
The collapse of high profile fashion labels Marcs and David Lawrence can be used by brokers as a way to drive client interest in trade credit cover. The two brands, with debts close to $30 million, announced that they had moved into voluntary administration yesterday with 1,200 workers in Australia and New Zealand facing an…
The Allphones chain of 84 retail stores around Australia have been placed in administration due to insufficient funding to keep stores trading during a sales process. Eighteen of Allphones company-owned branded stores were closed on Monday by the liquidators, PBS Advisory, with 69 employees losing their jobs. The liquidators are reviewing options for the remainder…