Creditors have voted to liquidate Greensill Capitals Australian business, which collapsed last month with debts of A$4.9bn to companies including Credit Suisse and SoftBank. Administrator Grant Thornton said on Thursday that creditors had voted by 23 to zero, with a handful of abstentions, to wind up the parent company of the London-based supply-chain finance group…
By Reuters Staff 2 Min Read FILE PHOTO: The GFG Alliance flag flies at the completion of a 330 million pound deal to buy Britain’s last remaining Aluminium smelter in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne PARIS (Reuters) – The Alvance Aluminium branch of British businessman Sanjeev Guptas GFG Alliance on…
A notable monthly increase in corporate insolvencies indicates the negative impact of the pandemic on businesses, but the ability of companies to reinvent themselves over the past twelve months should give cause for economic optimism. This is according to the Midlands branch of insolvency and restructuring trade body R3 and comes on the back of…
Raedium Digital, an email agency based in Melbourne, Australia, has closed its doors, owing AUS $2 million, according to Mumbrella. The company, which went into voluntary liquidation late last month, had only AUS $97 in the bank. Creditors have been trying to collect for months, Mumbrella reports. There are 50 Read the full article at:…
Anil Ambani-promoted Reliance Communications (RCom), which is now bankrupt, will now undergo liquidation, unless the Supreme Court overturns the National Company Law Appellate Tribunal (NCLAT) order. The order states that spectrum owned by the firm can be sold under the insolvency process after government dues are cleared. A banking source said the committee of creditors…
Lithgow Aged Care has been thrown a lifeline by the Not For Profit, just three weeks after its aged care homes days appeared to be numbered. As we reported here, the stand-alone home, 140km west of Sydney, which has 73 residents and employs more than 120 staff, went into voluntary administration last month after losing…
Link copied toclipboard The Australian Institute of Credit Management (AICM) has warned a flow of corporate insolvencies might be coming in the months ahead as government stimulus winds down. Although JobKeeper formally ended the last month, it will only stop being paid in early May. Additionally a temporary moratorium in Wind Up petitions has recently…
Despite a tough period for businesses in Hong Kong the introduction of a corporate rescue procedure remains elusive, says Johnson Kong, Managing Director at BDO Hong Kong Not all jurisdictions offer companies the breathing space in which to restructure while keeping creditors at bay. In Hong Kong, for example, although recommended by the Law Reform…
Fraud-hit sugar maker faces the crusher as company ordered for liquidation | VCCircle Home Consumer Fraud-hit sugar maker faces the crusher as company ordered for liquidation Fraud-hit sugar maker faces the crusher as company ordered for liquidation By 13 April, 2021 Photo Credit: 123RF:com Tamil Nadus fraud-hit Thiru Arooran Sugars Ltd is headed for liquidation…
Only days from its expected forced closure, the Lithgow Aged Carehome has found a lifeline, with a new owner and an extension to its accreditation likely to mark a new chapter for the embattled centre. Key points: The Lithgow Aged Care home was placed into voluntary administration last month after the facilities accreditationwas not renewed.…