The National Company Law Tribunal (NCLT) has ordered the liquidation process of Devas Multimedia by allowing a petition filed by Antrix Corporation, a commercial arm of the Indian Space Research Organisation. The Bengaluru Bench of the NCLT has said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials…
Instead, the Building and Construction Industry (Security of Payment) Bill 2021 is likely to increase legal uncertainty in the construction sector, spur an increase in contractor claims and add to the administrative burdens associated with major projects. Why are reforms proposed? The Western Australian (WA) government plans to introduce new security of payment regime in…
Property scion Daniel Grollo has avoided the humiliation of his collapsed Grocon construction empire being liquidated after the tax office and creditors of 88 failed companies voted to accept an arrangement that will see small creditors and employees paid out. Creditors met on Thursday to vote on Mr Grollos proposal for an amended Deed of…
The number of insolvencies for the year ending June is expected to drop by 40 per cent both here and in Australia. Photo / Getty Images When the Covid-19 lockdown occurred in March of last year, insolvency practitioners braced themselves for a wave of receiverships and liquidations. It didn’t happen. In fact, the number of…
Ng Yu Zhi (R), a director of Envy Global Trading, arrives at the State Court in Singapore April 20, 2021. REUTERS/Edgar Su Singapore firms accused of being involved in a $1.1-billion bogus nickel trading scheme should be placed in liquidation as there was no business to be preserved, interim judicial managers at accounting firm KPMG…
Velocity members will now be able to rack up points at 7-Eleven stores. Picture: NCA NewsWire / James Gourley Velocity members will now be able to rack up points at 7-Eleven stores when purchasing fuel and snacks. The new partnership between Virgin Australias loyalty program and the major convenience retailer will allow customers to earn…
Property scion Daniel Grollo has avoided the humiliation of his collapsed Grocon construction empire being liquidated after the tax office and creditors of 88 failed companies voted to accept an arrangement that will see small creditors and employees paid out. Creditors met on Thursday to vote on Mr Grollos proposal for an amended Deed of…
He has promised to pay creditors out in full by winning Grocons dispute with Infrastructure NSW over the botched Cental Barangaroo project. Creditors will also receive net proceeds from any asset realisation sales, including the Eureka sub-penthouse occupied by Mr Grollo, which could be worth $25 million but is encumbered by mortgages. The revised DOCA…
The walls of the Melbourne headquarters of Equity Trustees (EQT) are adorned with the portraits of former prime ministers, premiers and governors-general who have served on the board of the stately 133 year old institution. The roll call of dignitaries includes 19th century premier Sir Charles Sladen, prime ministers Stanley Bruce and Robert Menzies and…
By Phil Deyes from Leonard Curtis Leeds If I had received a 1 over the last 12 months for every person that has said to me that insolvency practitioners must be rushed off their feet, I would have had a tidy sum saved up by now! In fact, the number of insolvencies in England and…