Separately, Teleperformance Business Services Ltd, the Indian unit of the French multinational, too filed an insolvency petition against Byjus on Thursday, a person with knowledge of the development said. It invoked insolvency as an operational creditor. Both petitions were filed before the Bengaluru bench of before the Bengaluru bench of the National Company Law Tribunal…
The US-based lenders of Byjus have approached the National Company Law Tribunal (NCLT) at Bengaluru to initiate corporate insolvency proceedings against the beleaguered edtech company. The ad hoc group of term loan lenders (the Ad Hoc Group) of Byjus $1.2 billion term loans (Term Loans), said that GLAS Trust Company LLC (as administrative agent and…
The TDR Three Key Takeaways: 1. Acquisition Indicator: The Tangible Liquidation Value % Ratio serves as a straightforward tool to identify potentially undervalued companies. When the ratio exceeds 100%, it indicates that a companys tangible assets are worth more than its market price, marking it as a potential acquisition target due to the opportunity to…
Normal text sizeLarger text sizeVery large text size The Melbourne Rebels have entered into voluntary administration as the debt-ridden Super Rugby club continues its desperate bid to survive past this year. Executives from the Rebels called in insolvency firm Wexted Advisors on Thursday as administrators as the collapse was confirmed by the state government and…
Spain Legal updates: case law analysis and intelligence The case involved a dispute between former partners in a company in liquidation, who started new businesses providing the same services following the dissolution of the company. To read more Register for limited access Register to receive our newsletter and gain limited access to subscriber content. Register…
The Melbourne Rebels will reportedly go into voluntary administration as they seek AU$500,000 assistance to pay players and staff in addition to their existing AU$9 million debt. This throws the futures of key Wallabies Andrew Kellaway and Taniela Tupou amongst others in doubt. The club has appointed Sydney-based firm Wexted as an external financial advisor…
A Set small text size A Set the default text size A Set large text size The Rebels will take to the field in 2024 but their long-term future is on a knifes edge, with voluntary administration looming for the Melbourne-based Super Rugby franchise. It can be confirmed Rebels powerbrokers met with Wexted Advisors, who…
The playing future of Wallabies stars Taniela Tupou and Andrew Kellaway are up in the air amid reports the cash-strapped Melbourne Rebels have entered voluntary administration needing a bailout of up to $500,000 to pay players and staff. Less than a month out from their season-opening clash against the Brumbies on February 23, the Rebels…
Jan 25, 2024 1.45pm The Melbourne Rebels is expected to fall into voluntary administration as early as Thursday afternoon, adding to a long list of companies chaired by businessman Paul Docherty that have collapsed in the last two months. The Australian Financial Review revealed last month that the rugby union club had outstanding tax bills…
This article attributes to the entire Australian Restructuring team. Overview There has been a growing appetite for corporate insolvency law reform in Australia in the last 18 months. In 2021, public consultations were completed on improvements to creditors schemes of arrangement and the treatment of insolvent trusts, and there was an independent review of the…