Beaurepaires, Australias oldest tyre retailer, is the latest business set to close its doors this year and an expert has warned it wont be the last. The iconic retailer is set to close 100 stores and lay off 700 workers after plans to sell the business to rival Bob Jane Corporation were reportedly unsuccessful. Its…
Gitanjali Gems was admitted into the Corporate Insolvency Resolution Process (CIRP) on October 8, 2018 with an admitted liability of over 12,000 crores. Resolution professional (RP) Vijay Kumar Garg informed the NCLT that on account of fraud allegedly perpetrated by the company, its affairs were being probed by multiple law enforcement agencies like the Central…
By Violet Li Affected families by the collapse of the Victorian builder Montego Homes are reeling from losing their deposits and their dream houses in the Casey South region. South Melbourne builder Montego Homes went into voluntary administration in January, with Sam Kaso and Shaun Matthews of insolvency service Cor Cordis appointed as administrators to…
The full impact of the financial collapse of a key arm of Department of Defence construction supplier St Hilliers remains unclear after the local firm called-in financial administrators for the second time in a decade after hitting the wall. Whatever the outcome, its not great. Construction firms across the nation are buckling under the pressure…
A new cooperation arrangement for mutual recognition of and assistance to cross-border corporate insolvency and debt restructuring proceedings has been established between Mainland China and Hong Kong (the Cooperation Arrangement). The Cooperation Arrangement is provided in a Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) proceedings between the Courts of the…
From afar, China Evergrande Group had all the makings of a killer distressed-debt trade: $19 billion in defaulted offshore bonds; $242 billion in assets; and a government that appeared determined to prop up the countrys faltering property market. So US and European hedge funds piled into the debt, envisioning big payouts to juice their returns. What they got instead…
The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of fugitive diamantaire Mehul Choksi-promoted firm Gitanjali Gems. The tribunal has also appointed Santanu T Ray as the liquidator.The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018. It has admitted liabilities of over Rs 12,558 crore.…
In short: The company which operates the Peko mine in Tennant Creek has been placed into voluntary administration. Elmore has told the Australian Stock Exchange it is “insolvent or likely to become insolvent at some future time”. What’s next? Employees have been told they still have jobs and will continue to be paid a wage, as administrators assess…
Prepared by Carmela Attolini, Annalisa Ferrando and Judit Rariga Published as part of the ECB Economic Bulletin, Issue 1/2024. This box analyses corporate vulnerabilities as derived from firm-level replies to the Survey on the Access to Finance of Enterprises (SAFE). A firm is considered vulnerable if it simultaneously reports lower turnover, lower profits, higher interest expenses…