Ease of doing business for MSMEs: The number of companies in wholesale and retail trade admitted for Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016 has increased by 24.9 per cent year-on-year as of March 2023. According to the report by credit rating company CareEdge, the number of cases belonging…
In a previous article, ‘In case of emergency: Using emergency power provisions to appoint a voluntary administrator’ we discussed the use of emergency powers in a companys constitution to appoint a voluntary administrator to a company, as well as the use of court assistance to cure defects in an appointment. Indeed, there is ample precedent where…
Voluntary administrators have been appointed to Jenny Craig Australia and New Zealand, despite the business saying its operations wouldn’t be affected after its United States business filed for bankruptancy. A statement released on Tuesday confirmed FTI Consulting’s Vaughan Strawbridge, Kate Warwick and Joseph Hansell have been appointed. Jenny Craig Australia will continue its operations while administrators…
(representative image) A total of 6,571 Corporate Insolvency Resolution Processes (CIRPs) had commenced by the end of March 2023, data from the Insolvency and Bankruptcy Board (IBC) of India showed. Of these, 4,515 or 69 percent were closed, the Insolvency & Bankruptcy Board Of India (IBBI) said. According to the data, 678 corporate debtors have…
Member Article Q1 Boost For North East Start-Ups – But Corporate Insolvency Numbers Also On The Up The North East recorded a seven per cent year-on-year increase in the number of new businesses set up through the first quarter of 2023 but regional insolvency activities were also still firmly on the rise. According to analysis…
Jenny Craig Australia and New Zealand has entered voluntary administration, less than a week after saying it would continue its local operations in the wake of the United States business filing for bankruptcy. Key points: Jenny Craig employees were informed the company had been placed into voluntary administration at a meeting earlier on Tuesday Last…
John Kirk-Anderson/Stuff Jenny Craig has gone into voluntary administration. Weight-loss brand Jenny Craig NZ has gone into voluntary administration, alongside its Australian counterpart. It comes a week after the US entity announced it would be closing, after it had run out of money as it searched for a buyer and had to file for bankruptcy.…
The news of Jenny Craig Australia and New Zealand entering voluntary administration comes a week after the weight loss business filed for bankruptcy and closed Jenny Craigs physical locations in the US. The US business searched for a buyer for two weeks, running out of money after there were no takers. Six days ago, that…
A Sunshine Coast boat builder has gone into liquidation, reportedly owing more than $900,000. In a resolution filed with the Australian Securities and Investments Commission on March 23, notice was given that R and S Marine Pty Ltd, formerly trading as Galeforce Boats, would be wound up and SV Partners appointed as liquidator. An initial…
Kaddy, an online marketplace connecting Australian drinks producers with retailers and venues, has gone into voluntary administration. The news comes in the same week that online retailer BoozeBud entered administration too. The announcement was made to the ASX today (May 5) via a statement which says: “The Administrators are undertaking an urgent assessment of the…