A company involved in the construction industry has gone bust leaving it $2.5 million in debt. Melbourne-based company MadeCo, which was responsible for kitchen manufacturing, went into voluntary administration with 30 employees impacted. Its failure has left 70 creditors left with unpaid debts including $620,000 owed to employees for annual leave, long service leave and…
Your Questions Answered At our webinar on 2 July 2020 we examined the impact of the CIGA for corporates engaged with third parties who might enter into an insolvency process. We have put together this question and answer sheet responding to the questions raised which, together with our quick guides, will help corporates understand the…
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has stayed insolvency proceedings against Captain GR Gopinath‘s Deccan Charters till April 26, 2024, its next date of hearing. Earlier, the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed initiation of Corporate Insolvency Resolution Process (CIRP), admitting a plea of financial creditor Krone…
The future of popular alternative retailer Off Ya Tree is uncertain following the collapse of its parent company and the recent closure of multiple stores. Thendro Pty Ltd went into liquidation on April 11 according to documents filed with the Australian Securities and Investments Commission. Con Kokkinos from insolvency company Worrells has been appointed as…
Cook Government allocates up to $1.5 million to support Bunbury’s Dolphin Discovery Centre to exit voluntary administration State Government will continue to work closely with the operators to consider the future direction of this important tourism attraction Regional Development Minister Don Punch has announced a $1.5 million funding package to secure the long-term future of…
In short: The state government will inject $1.5 million into the Dolphin Discovery Centre at Bunbury. The centre went into voluntary administration in February following several resignations. What’s next? WA’s regional development minister says the centre’s future is now more certain. A major WA tourist attraction that allows visitors to interact with wild dolphins has…
The Australian rugby community was left stunned in January, when the Melbourne Rebels entered voluntary administration, weeks before the start of the Super Rugby Season. The Rebels had been in trouble for some time, but things seemingly came to a head in January 2024, when the team’s ever-increasing debt became untenable. Despite fielding an impressive…
NEW DELHI: A series of steps taken by the National Company Law Tribunal (NCLT), along with govt and the Insolvency and Bankruptcy Board of India (IBBI) has resulted in a record number of cases being decided during the last financial year.Latest data showed that 269 resolution plans were approved during 2023-24, as against 189 during…
The tsunami of building company collapses continues unabated, with perth housing customers suffering losses and delays as a sixth builder has collapsed in just weeks. Western Australian home builder Start Right Homes has been sent into liquidation with another 24 hapless customers of failed builders joining the ranks of the disgruntled. The Osborne Park building…
Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. Photo: Wikipedia The National Company Law Appellate Tribunal (NCLAT) has upheld the insolvency proceedings against Tulip Hotels, which had defaulted on Rs 450 crore corporate guarantees given for Cox & Kings…