Simon Mundy March 7, 2018 Tata Steel said it had been selected as the winning bidder for troubled rival Bhushan Steel, in one of the largest cases to be dealt with under Indias new insolvency system. Bhushan, a mid-sized Indian steelmaker with annual revenue of around $2bn, was put into bankruptcy proceedings last year after…
Customers who ordered products from failed reseller Warehouse1 may not receive refunds after the company entered liquidation two weeks ago with $3.8 million in claimed debts. The company, which operated an online store as well as a brick-and-mortar retail store in Melbourne, entered liquidation on 20 February, appointing SV Partners as liquidators. In the weeks leading up…
Irish virtual mobile network iD Mobile, whose parent company is Carphone Warehouse, has been placed into provisional liquidation. The network has been operating since 2015 and Dixon’s Carphone invested ‘substantial resources’ to establish iD mobile and has continued to support the business. The company released a statement today that said: “Despite a compelling consumer mobile proposition…
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…