International law firm DWF has appointed litigation partner Ricky Cannon to its debt recovery and finance litigation business in its Glasgow office in Scotland. It has also hired Neale Tosh as an associate in the same team. Both joined from Brodies where they both concentrated in business disputes and asset recovery. Cannon has a particular…
THREE companies formerly involved in prominent Bendigo cafes have been placed in voluntary liquidation, echoing the events of four years ago. A liquidator was appointed to Bath Lane Cafe Pty Ltd, The Green Olive Pty Ltd, and Cafe Au Lait (Vic) Pty Ltd on March 22. Bath Lane Cafe is trading under new a owner, who purchased the cafe in October. When I bought…
Heralded Australias largest department store, Myer, has ruled out a voluntary administration, following struggling sales, and its recent $476 million half-year loss the biggest in company history. Myer is actively hunting for a new CEO, following the departure of Richard Umbers in February. Umbers joined the retailer in 2015, and was involved in the $600 million…
MUMBAI: The National Company Law Tribunal has ordered liquidation of two Rotomac group companies — Global and Exports — whose promoter Vikram Kothari is accused of being involved in a banking fraud. The order was pronounced at the NCLTs Allahabad chapter. The initial period of 180 days expired on March 19 this year, but the…
Dominic Chappell, the former bankrupt who bought the failed retailer BHS for £1, is facing a ban on serving as a company director but previous owner Philip Green will avoid a similar fate following an investigation into the chains collapse in 2016. The Insolvency Service, a UK government agency, said on Tuesday that it intends…
In a move that could change the relationship between real estate developers and homebuyers, the Insolvency Law Committee has called for treating realty customers as financial creditors and the money raised from such people for housing projects as financial debt. This is significant as the status of financial creditors to homebuyers – if given –…
The much awaited hearing at the NCLT‘s Ahmedabad bench over the rejection of bids of ArcelorMittal and Numetal in the Essar Steel insolvency resolution process has been deferred till April 4, ET Now reported. The NCLT bench has asked the parties to file submissions by April 2. The next hearing will take place on April…
NEW DELHI: The Insolvency and Bankruptcy Code review panel called for sweeping changes in the law aimed at easing insolvency rules for small enterprises and providing relief to home buyers by treating them as financial creditors while deeming the amount raised from them for real estate projects as financial debt. The committee proposed that promoters…
With the moratorium period to prepare a resolution plan for Electrosteel Steels set to expire in the next three weeks, the Kolkata bench of the National Company Law Tribunal (NCLT) on Monday asked the resolution professional (RP) of the insolvent company to convene its committee of creditors (CoC) meet as early as possible to expedite…
With $2.7 billion in leases looming, Myer has reportedly ruled out voluntary administration. The retailer has $19.9 million in net debt and gearing of about 3 percent, which means it is moving closer to breached fixed charges cover covenants in banking agreements after a 24 percent fall in earnings in the January half. For its…