Saudi Arabia is changing its bankruptcy laws in a move that should help the country diversify its economy away from oil. The change, which came from King Salman in February, will undoubtedly help boost much-needed foreign investment in the kingdom. Thats because, up until now, there has not been a satisfactory way to deal with…
Grocery delivery service Aussie Farmers Direct will close immediately after falling into voluntary administration today, with administrators saying more than 100 franchisees and 260 staff will be affected by the collapse. The company launched in 2005 as a home delivery service for dairy and juice products across Victoria, before expanding to Queensland, New South Wales,…
MCDONALDS has taken Alex Batarseh to the cleaners. The young Sydney man is locked in a David and Goliath battle with the fast-food giant over the collapse of his cleaning business, which went into liquidation last year after his only client cancelled his contracts with less than 24 hours notice. The 29-year-old, whose mother passed…
Two weeks ago, media reports had hinted that the tug-of-war between steel king LN Mittal and the Ruias over Essar Steel may end up seeing no winner. That’s because the legal and financial consultants advising the interim resolution professional (IRP) overseeing sale had reportedly recommended the rejection of both bids as being ineligible. Mittal’s company…
Aircel said it filed for bankruptcy to find the best possible resolution that would be in the best interest of its vendors, distributors and employees. Photo: Pradeep Gaur/Mint Mumbai: Troubled telecom operator Aircel Ltd, which has filed for bankruptcy, approached the Mumbai bench of the National Company Law Tribunal (NCLT) on Monday for the appointment…
Alpha said that the fall was directly linked to the failure of CBL Insurance. Danish unrated insurer Alpha Insurance has gone into solvent liquidation. An announcement on the insurers website blamed CBL Insurance for the failure. It stated: Effective immediately, Alpha Insurance A/S has ceased all underwriting, including renewals. This decision is a direct consequence…
Aussie Farmers Direct has gone into voluntary administration. The food delivery company blamed competition with major supermarkets and the influx of cheap imported produce for its demise. The 13-year-old business will close immediately, affecting about 100 franchisees, 260 employees and 100,000 customers around the country. No future orders will be delivered and refunds will be…
After being in business for over a decade, the online fresh food delivery company Aussie Farmers Direct has gone into voluntary administration. Chris Smith speaks to NSW Liberal MP, Craig Kelly. These guys have had a good run for at least a decade and they really brought some competition pressure. they had a good offering.…
Wileyfox, the British smartphone maker that went into administration last month, has until the end of the month to find a rescuer before it faces liquidation. The company started selling budget handsets in 2015 via retailers such as Carphone Warehouse, but has struggled to compete against more established names and a rise in component costs…
A QUEENSLAND owned and operated organic retailer has gone into liquidation, owing $2.8 million to more than 200 creditors. Wray Organic Pty Ltd, which operates stores under the Wray Organic banner in Toowoomba, Ipswich, and Newmarket, was established by owner Deborah Wray and her partner Gary Davis at Palm Beach on the Gold Coast in…