The total number of corporate insolvencies to the end of Quarter 3 2016 have totalled 765, according to the latest analysis from Deloitte. This represents a 3% increase on the same period in 2015 and is a reversal of the decreases seen in the first half of 2016. The total number of insolvencies…
New Delhi: Draft rules for various aspects of the infrastructure and ecosystem required to manage insolvencies will be ready soon and shared in the public domain to seek comments, an official at the corporate affairs ministry said. The government set up four working groups to look at various aspects of this and they are expected…
The consultation ran between May and July and looked at four broad areas. These were: introducing a moratorium for distressed businesses to benefit from protection against legal action while considering their options for rescue; widening the definition of essential supplies; developing a new restructuring plan would enable (for the first time in the UK) a…
Allowing Clive Palmer to launch a bid to claw back assets held by failed company Queensland Nickel would have been a “startling affront to justice”, the Supreme Court has ruled. The former politician, through some of his other companies, had sought leave to proceed with a claim for all assets held by the Townsville refinery’s…
Ive hired hundreds of tech employees, and recently started Comparably to make workplace compensation and culture more transparent. Most private tech companies offer equity as part of team members compensation package, but employees rarely understand the value and most important aspects of this arrangement. Stock compensation is complex, and there are many hidden rules. This…
Nick Evans and AAP – The West Australian on August 29, 2016, 9:48 am Embattled mining services group McAleese has gone into voluntary administration after failing to secure a lifeline from Hong Kong-based debt trader SC Lowy. Trading in the company’s shares was suspended this morning, with the collapse coming just hours ahead of a…
They also want extension of time period to complete QA KUALA LUMPUR : CLIQ Energy Bhds promoters have moved to apply for a general meeting to stop the liquidation of the companys assets and to extend the time period for completing a qualifying acquisition (QA). In an exchange filing, the board of directors of CLIQ…
Tasmanian electrical and communications company Russell-Smith has ceased trading, after being placed in the hands of external managers at the end of last year. Stewart Free and Bradd Morrelli from Jirsch Sutherland were appointed as voluntary administrators to Russell-Smith Pty Ltd on September 22. It comes only two years after the companys former parent company,…
CLIQ’s proposed acquisition of 51% in Phystech II Joint Stock Company fell through earlier this year. The photo shows Phystech’s manifold and testing facility at the oilfield in Kazakhstan. KUALA LUMPUR: CLIQ Energy Bhds biggest shareholder Best Oracle Sdn Bhd applied on Monday to hold an EGM to stop CLIQ from being liquidated, the same…
A proposal designed to stop illegal phoenix activity being actively considered in New Zealand could be similarly adopted in Australia, potentially saving billions of dollars. Illegal phoenix activity which involves directors intentionally liquidating companies after shifting their assets to new (phoenix) companies to defraud taxation authorities, trade creditors and employees is widespread in Australia. A…