Aberdeen oil and gas firm Xcite Energy has confirmed a request has been made to the Eastern Caribbean Supreme Court in the British Virgin Islands requesting, amongst other things, that the company be placed into liquidation. The hearing is scheduled for December 5. Xcite Energy announced the court action update at 4pm on Tuesday. Shares…
New Delhi, Nov 23 (PTI) Not-for-profit companies having a minimum net worth of Rs 10 crore will be eligible to act as an insolvency professional agency under the Insolvency and Bankruptcy Code. Moving ahead with implementation of the Code, two sets of regulations have been notified by the Insolvency and Bankruptcy Board of India (IBBI).…
Almost 40 prospective Canberra home owners, as well as an unknown number of sub-contractors, face an uncertain future following Today’s Homes and Lifestyle Pty Ltd’s decision to go into voluntary administration. The Fyshwick based company, which was first registered in 1994 and trades as Today’s Homes, has placed itself in the hands of Deloitte Restructuring…
Almost 40 prospective Canberra home owners, as well as an unknown number of sub-contractors, face an uncertain future following Today’s Homes and Lifestyle Pty Ltd’s decision to go into voluntary administration. The Fyshwick based company, which was first registered in 1994 and trades as Today’s Homes, has placed itself in the hands of Deloitte Restructuring…
A new report says the mining industry has passed the worst of the downturn and is making a comeback boosted by gold and lithium miners. The PwC report said the market value for the 50 medium-sized miners on the Australian stock exchange has increased by almost a quarter from 2015 to nearly $45…
A large Canberra building company has gone into voluntary administration, leaving clients and subcontractors in limbo. Today’s Homes and Lifestyle specialised in local residential construction and development. The Fyshwick company is believed to be currently building homes for at least 15 customers. But many more subcontractors are believed to have been affected by the…
Brussels is to venture into the politically sensitive area of pan-European bankruptcy rules, saying the continent needs a version of the US Chapter 11 system to make the most of its entrepreneurial potential. The European Commission said its plans would offer struggling businesses breathing space from creditors and stop value being destroyed by companies going…
A radical cross-border shake-up of insolvency laws was today proposed by the European Commission. An EU draft directive was issued proposing to give companies more breathing space to sort out debts instead of being forced to cease trading. Similar to US-style Chapter 11 proceedings, companies would be shielded from creditors taking action against a company…
SAN JOSE, Calif.–(BUSINESS WIRE)–OPTi, Inc. (the Company)(OTCBB:OPTI) announced that on November 18, 2016 that its Board of Directors (Board) has declared the final cash distribution of $0.6369 per share on the Companys stock pursuant to the Plan of Liquidation (the Plan) approved by the shareholders as disclosed on the Companys Form 8-K filed June 1,…
The euro zone needs more risk sharing in the financial sector to accelerate economic growth, the head of the euro zone bailout fund Klaus Regling said on Monday in remarks that are likely to face strong opposition in his native Germany. Regling said financial integration, on the rise since the euro was created in 1999,…