Air Namibia (SW, Windhoek Int’l) has announced the cancellation of all its operations, effective February 11, as the countrys government is poised to announce its flag carrier’s voluntary liquidation. In a late-night notice on social media, the 75-year-old airline announced that all its aircraft would be grounded. Its reservations system was suspended with no new…
Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader. According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant…
Text size Whats left of Yahoo! after a sale of its online businesses to Verizon Communications is a company called Altaba. David Paul Morris/Getty Images Altaba has made two significant distributions to its shareholders under its liquidation plan. Now, the company, formerly Yahoo!, is expected to ask a Delaware court for authority to make another…
The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year. Latest Insolvency and Bankruptcy…
By Wayne Robinson | 10 February 2021 Luke Knights Adelaide sign printer Swift Signs is being liquidated, three months after it went into voluntary administration. Bucked off: Swift Signs in liquidation Swift was hit by a winding-up order from the ATO in October after failing to pay its tax bill, with the order coming on…
Two-thirds of GVP shareholders voted against continuation of the trust in July Associated Capital Group has claimed a vote to liquidate the Gabelli Value Plus+ Trust (GVP) would be short-sighted, as it confirmed it would abstain from voting on whether the trust should be discontinued and, ultimately, liquidated. The GVP board announced on Monday (8…
The decision will provide greater clarity for companies and insolvency practitioners seeking to implement restructuring plans under Part 26A of the Companies Act 2006. A restructuring plan is a new form of restructuring tool introduced in June 2020 by the introduction into law of the Corporate Insolvency and Governance Act. This is only the third…
Two-thirds of GVP shareholders voted against continuation of the trust in July Associated Capital Group has claimed a vote to liquidate the Gabelli Value Plus+ Trust (GVP) would be short-sighted, as it confirmed it would abstain from voting on whether the trust should be discontinued and, ultimately, liquidated. The GVP board announced on Monday (8…
KPMG believes Soar Aviation was insolvent a year before administration Each day, our subscribers are more informed with the right information. SIGN UP to the Australian Aviation magazine for high-quality news and features for just $99.95 per year Read the full article at: https://australianaviation.com.au/2021/02/kpmg-believes-soar-aviation-was-insolvent-a-year-before-administration/
There have been a couple of noteworthy pronouncements by the Supreme Court relating to the Insolvency and Bankruptcy Code 2016. These go to strengthen the Code, which an important measure, meant to prevent insolvency by reviving ailing businesses. The Code however, is not a recovery tool for creditors but a resolution mechanism to breathe life…