The receivers for struggling children’s clothing chain Pumpkin Patch are continuing to look for a buyer for the business after announcing a bunch of store shutdowns and job cuts last week. KordaMentha, the receiver for the ailing retailer, had said late last month it had received interest in the business from a few parties. Joseph…
Imperial Banks head office in Westlands, Nairobi. Directors and shareholders of the bank have blamed CBK for the loss of Sh38b. [PHOTO:BEVERLYNE MUSILI/STANDARD] The High Court in Nairobi has stopped the Central Bank of Kenya (CBK) from liquidating Imperial Bank Ltd (IBL) until the relevant legal provisions are complied with. Justice George Odunga, while delivering…
David Unwin/FAIRFAX NZ Paul Burr’s forestry company remains in liquidation, with a lack of funds holding the process up. The liquidation of a company linked to a high-profile forestry-related manslaughter prosecution remains in stasis, amid allegations of the director not co-operating with liquidators and funds running dry. Paul Burr put his company, Paul Burr Contracting…
David Unwin/FAIRFAX NZ Paul Burr’s forestry company remains in liquidation, with a lack of funds holding the process up. The liquidation of a company linked to a high-profile forestry-related manslaughter prosecution remains in stasis, amid allegations of the director not co-operating with liquidators and funds running dry. Paul Burr put his company, Paul Burr Contracting…
Arrium’s creditors have waved through a plan to sell the troubled company’s steel and mining assets after its administrators signed a $1.6 billion deal to sell the Moly-Cop grinding media business. Moly-Cop – the world’s largest supplier of grinding media used in mining and construction – will be acquired by US private equity firm American…
06:00 04 November 2016 Duncan Brodie Frank Brumby, eastern region chairman of R3. Archant A growing number of unregulated and unlicensed advisers are targeting financially-distressed businesses, the regional regional brand on insolvency trade body R3 has warned. … Read the full article at: http://www.ipswichstar.co.uk/news/r3_eastern_warns_hard_pressed_firms_to_avoid_unregulated_and_unlicensed_advisers_1_4762041
Related Story: Arrium shareholders fight against company’s sale The administrators of Arrium, Korda Mentha, say there are less than five possible bidders for the steelmaker and iron ore miner. Korda Mentha said a handful of local and overseas firms have been shortlisted to buy Arrium with the sale hoped to be…
More than 150 unsecured creditors of former senator Bob Day’s failed building company in South Australia will not be paid the money they are owed . These 157 unsecured creditors are owed a total of $4.9 million by Homestead Homes and include tradesmen and subcontractors as well as customers who have paid deposits to build…
Failed fertiliser supplier Superfert Dongbu has entered liquidation, 18 months after it had been put into voluntary administration. Business News reported last year that farmers and other unsecured creditors could expect 7 cents in the dollar in a deed of company arrangement in which the major secured creditor, Korean company Dongbu Farm Hannong, agreed to allow…