Project Group Constructions, a Melbourne-based builder working on residential and commercial projects with a contract value of about $190 million, has gone into voluntary administration. Burnley-based Project Group, a company with about 100 staff, went into administration on Friday with a preliminary estimate, excluding employee entitlements, of $22 million in debts $7 million of that…
The Insolvency and Bankruptcy Code, 2016 (Code) was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote…
A ROCKHAMPTON construction company which went into voluntary liquidation last month with debts of more than $2m, is suing two companies for money owed. Civil and mining construction company Busby Contracting Pty Ltd went into voluntary liquidation on February 5, owing $2.4 million to creditors, employees and the tax office. On Thursday, Busby Contracting’s lawyer…
The Insolvency Resolution Professional (“IRP”) is an integral part of the Insolvency and Bankruptcy Code, 2016 (“IBC”); a laudable and long overdue Legislation. Even though similar concepts like liquidators, Operative Agencies and interim administrators have existed for long time under Indian Law, the establishment of the Corporate Insolvency Resolution process (“CIRP”) and the IRP’s is…
It’s been a somber few weeks for those who had fond childhood memories of Toys R Us. First came word the company was planning to liquidate its US operations. Then Thursday news came that the man who founded the company 70 years ago, Charles Lazarus, a World War II veteran, has died. Lazarus was 94.…
In addition, Tata Steel has also agreed to infuse Rs 1,200 crore as working capital and offered a 12% equity stake to the Singals, the existing promoter group of Bhushan Steel. (IE) In a first big result of the government instituted insolvency resolution process, and in a major step forward for steel behemoth Tata Steel,…
The case subsequently went to the NCLT with the tribunal issuing an order initiating a corporate insolvency resolution process (CIRP) and appointed an insolvency resolution professional (IRP). In a further setback for Yogendra Vasupal, the founder of the shut online home-stay start-up Stayzilla, a Supreme Court division bench has dismissed an appeal by him challenging…
Just one week after announcing it would bankroll The Pickers, Club Maitland City has announced its financial backing for the citys ailing leagues club. The clubs administrators Shaw Gidley told Fairfax Media the bowling club has entered into a temporary funding agreement with the leagues club so it can continue to trade. The news came 24-hours after…
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Just one week after announcing it would bankroll The Pickers, Club Maitland City has announced its financial backing for the citys ailing leagues club. The clubs administrators Shaw Gidley told Fairfax Media the bowling club has entered into a temporary funding agreement with the leagues club so it can continue to trade. The news came 24-hours after…