BOMBSHELL allegations of fraud and a misappropriation of customer funds has rocked travel agency Fly 365, which collapsed leaving almost 1000 creditors owed a whopping $26.9 million. An investigation into the actions of Fly 365 Pty Ltd directors Scott Mayne and Mustafa Filizkok has been completed by liquidator Nicarson Natkunarajah, with his findings handed to…
Written by Aashish Aryan | New Delhi | Published: June 21, 2020 12:39:14 am State-run BHEL, which was also a secured creditor for Surana Power, had won an arbitration award against Surana Power. The National Company Law Appellate Tribunal (NCLAT) has ruled that liquidation process of a company under the Insolvency and Bankruptcy Code (IBC)…
Written by Aashish Aryan | New Delhi | Published: June 20, 2020 1:21:59 am Following the award, BHEL, which is also one of the secured creditors, refused to give its consent for liquidation as it would have resulted in it getting lesser share according to IBCs waterfall mechanism. The National Company Law Appellate Tribunal (NCLAT)…
Provisional liquidators of South African regional carrier SA Express are attempting to find a buyer for the airline, claiming that they are engaging with six or seven parties which have expressed interest in the company. Their effort follows court approval on 15 June to extend their powers, in order to explore the possibility of attracting…
Construction disputes expert Lawrence Davies of Pinsent Masons, the law firm behind Out-Law, said the eagerly anticipated decision means that contractors can expect to receive a significant increase in adjudications brought by insolvent sub-contractors, especially in light of the economic difficulties many companies in the construction industry are likely to face as a result of…
The ASC letter, formally announcing both the withdrawal of funding which forced the sport into voluntary administration and the transfer of its high performance program to the AIS, points out EA has received $13 million in grants in the past four years. It is our view, the letter states, it is the fundamental structure of…
Australian designer fashion retailer has fallen into financial hardship, forcing the company to go into voluntary administration. The Sydney-based retailer is working with experts from consulting firmMcGrathNicol to get the company back on track, said Tuchuzy founder Daria Sakic. She founded the retailer in 1995, and under her wings the company grew into one of…
Monday, June 15, 2020 Part One The Corporate Insolvency and Governance Bill (the Bill) is passing through parliament at the moment. Some of the measures included in the Bill are in response to the current pandemic and will provide temporary easements for company directors from an acute economic downturn. Other measures have been under consideration…
Matt Blatt has closed its doors, with customers accusing the copa. This comes as Kogan acquired the companys assets in mid-May for $4.4 million. Matt Blatt has collapsed, leaving some customers out of pocket. This comes after Kogan acquired some of the business assets for $4.4. million in mid-May. Some of these customers are said…
More than 3,000 customers owed money by the failed replica-furniture chain Matt Blatt are set to receive nothing, even though the company reaped more than $4.4m by selling assets in the weeks leading to its collapse. Customers, some of whom are owed more than $1,000, were informed of the collapse by text message a fortnight…