New Delhi: The corporate affairs ministry on Monday evening issued final rules for registering and regulating insolvency professional agencies, which will be critical cogs in the introduction of Indias bankruptcy code. The Insolvency and Bankruptcy Code, 2016, passed by Parliament in May, aims to improve the ease of doing business in India by facilitating smoother…
Payless Shoes Store. DISCOUNT shoe chain Payless Shoes has entered voluntary administration for the second time in three years. Administrators Ferrier Hodgson say the reason for the problems at the 36-year-old Australian independent retailer is not yet clear and it will continue to trade as usual as they seek potential buyers. Payless Shoes, which has…
CLOSE to 1600 Pumpkin Patch workers will be out of a job by early next year after a buyer failed to emerge for the loss-making kids fashion brand. In a bleak day for the retail sector, discount shoe store Payless Shoes also announced it had entered voluntary administration, putting 870 jobs across 131 stores as…
Shoe retail chain Payless Shoes has collapsed into voluntary administration but its stores are continuing to trade on a business as usual basis. Payless Shoes was established in 1980 and survived a previous voluntary administration three years ago. However, the 131-store chain is once again in financial trouble. Voluntary administrators from Ferrier Hodgson were appointed…
In late 2005, Andrew Binetter, the then chief executive of Australian juice business Nudie, described to officers working at Israel Discount Bank (IDB) how the family venture had taken off. Binetter, who was a co-founder and appointed CEO of Nudie in 2005, told the bank: “We are getting a lot of good financial press in the Australian business media.” Nudie juice was…
Discount shoe chain Payless Shoes has entered voluntary administration for the second time in three years. Administrators Ferrier Hodgson say the reason for the problems at the 36-year-old Australian independent retailer is not yet clear and it will continue to trade as usual as they seek potential buyers. Payless Shoes, which has 870 employees working…
MACKAY businessman Keith Price is back on board with McAleese. Mr Price, the former owner of McAleese and the second richest man in Queensland in 2013 due to his share in the company before it was listed on the Australian Securities Exchange, was reappointed to the board on Friday. It has been reported in the…
MACKAY businessman Keith Price is back on board with McAleese. Mr Price, the former owner of McAleese and the second richest man in Queensland in 2013 due to his share in the company before it was listed on the Australian Securities Exchange, was reappointed to the board on Friday. It has been reported in the…
Mangaluru: Effective implementation of the Insolvency and Bankruptcy Code, 2016 can potentially release about Rs 25,000 crore capital currently locked up in non-performing assets over next 4-5 years, noted a recent ASSOCHAM-Crisil joint study. “If implemented successfully, the code will help India’s banking sector catch up with or even exceed recovery rates of 32% and…
: Effective implementation of Insolvency and Bankruptcy Code can potentially release about Rs 25,000 crore of capital over the next 4-5 years currently locked in bad loans, according to a report. “If implemented successfully, the code will help India’s banking sector catch up with or even exceed the recovery rates of 32 per cent and average time taken of 2.8…