A wholly foreign-owned enterprise (WFOE) is a common investment vehicle for foreign investors wishing to operate in Chinas manufacturing, trading, or service sector. This corporate structure offers foreign investors full ownership and the autonomy to own property, form legally binding contracts, recruit local staff, and invoice in RMB. While the challenges to setting up a…
The registration of Ms Amanda Young as a liquidator has been cancelled following a decision by a disciplinary committee that she was not a fit and proper person to be registered as a liquidator. The Committee concluded that Ms Young had improperly used her position, falsified books and misappropriated funds totalling $238,502.23 from four liquidations.…
Mayfair 101 has appointed Barry Wight, Darryl Kirk and Rachel Burdett of Cor Cordis as voluntary administrators to protect the IPO Wealth Fund investors from the liquidation of assets. The decision to undergo a voluntary administration process is centred on providing IPO Wealths investors with the opportunity to convene a unitholder meeting and vote on…
They were once the giants of Australian retail. The only places to shop. Everything you wanted, all under the one roof. Key points: QBE is Australia’s largest provider of trade credit insurance, and it will no longer cover contracts with Myer and David Jones This is because the risk of the big department stores defaulting…
A Traralgon clothing and homeware retailer is praising locals for their support as it re-opens its doors after the company went into voluntary administration in February. Traralgon Ishka is trading again after the company shut its 58 stores due to the double whammy of being hit by COVID-19 in March and going into voluntary administration…
Restructuring advisory firm Cor Cordis has been appointed as the voluntary administrator of Mayfair 101’s IPO Wealth Holdings. The move follows the appointment of receivers to IPO Wealth in May by Vasco Trustees after two repayments were missed. The AFR reported that these missed repayments were worth $3 million and followed the freezing of redemptions…
The registration of Ms Amanda Young as a liquidator has been cancelled following a decision by a disciplinary committee that she was not a fit and proper person to be registered as a liquidator. The Committee concluded that Ms Young had improperly used her position, falsified books and misappropriated funds totalling $238,502.23 from four liquidations.…
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)…