A writ petition has been filed in the Bombay High Court challenging the constitutional validity of the Insolvency & Bankruptcy Code, more particularly, Section 7 of the Code. Section 7 allows the initiation of a corporate insolvency resolution process by a financial creditor, that could be any person to whom a debt is owed. This…
Judges in Delaware and Canada approved on Tuesday a plan to pay more than $7 billion to creditors of Nortel Networks, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009. The rulings by U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware and Frank Newbould of the Superior Court of…
The security of payments for subcontractors in the building and construction sector are again in the spotlight after Western Australian builder BuiltonCorp collapsed into voluntary administration on Monday. The companys administrators are advising clients with homes under construction by the company that its likely they will have to find new builders to complete projects their projects. Dino…
A gold mine north of Katherine has started deliberately discharging contaminated water into a river due to the heavy rainfall in the area. Mount Todd mine, 45 kilometres north of the town, has not been active since 2000 after its original owner went into voluntary administration. It was sold to Vista Gold in 2006…
Homeowners, creditors and staff could be left out of pocket after building company Builton Group collapsed owing about $16 million and leaving about 110 residential projects unfinished. Administrators from Cor Cordis, Dino Travaglini and Jeremy Nipps, delivered the distressing news to the media this morning, saying it was clear that Builton and its subsidiaries Platinum…
Related Story: Slump leaves WA in last place in economic rankings Work has stopped on about 110 residential home building sites as Perth builder BuiltonCorp is placed into voluntary administration. Administrators Con Cordis have announced the company owes about $16 million to 350 unsecured creditors, mostly subcontractors. They also said 38…
The wife of a man jailed for life for the murder of their two young sons has obtained a High Court judgment of 77,690 against her husband over the deaths of the boys. Kathleen Chada leaving the Four Courts yesterday after she sued her husband Sanjeev Chada, for causing the death of their two sons.…
ShareTweet Is Gambling a Problem in Sport? There are many types of people that engage in gambling activities, but some may find it surprising that the majority of athletes that earn money for playing sports are some of the top gamblers in the world. Athletes are competitive individuals and earn millions from professional sports. One…
AFTER 25 years of trade, Thorps Jewellers is closing down its Kingaroy Shoppingworld store. Co-owner Jan Thorp said she and husband Allen did not renew the lease because they wanted to have a break and decrease their workload. “We just wanted to downsize, we’re not getting any younger and haven’t had a break since 1999,”…