The Insolvency and Bankruptcy Board of India has removed the restriction preventing the same insolvency professional from participating in both the resolution process for a company and for its individual guarantor. This will reduce the risk of misrepresentation and concealment of information, as the same RP would be involved in both processes, according to Alay…
The corporate regulator has given the red card to convicted soccer shirt swindler Mark Donnellys Pommy pension investment company amid clams that clients funds were intentionally and systematically misappropriated. In a successful application to have Mr Donnellys Brite Advisors Pty Ltd put into liquidation, the Australian Securities and Investments Commission claimed this alleged abuse of…
Corporate insolvencies were up almost 14 per cent in 2023 a trend which is likely to continue through the coming months unless the economic picture improves, according to trade body R3. New data from the governments Insolvency Service has shown 25,158 seasonally adjusted corporate insolvencies last year. Promisingly though, personal insolvencies for 2023 were down…
By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 10:50 AEDT, 5 February 2024 | Updated: 21:05 AEDT, 5 February 2024 One of Australia’s biggest construction companies has stopped work in three states and appointed administrators as higher interest rate… Read the full article at: https://www.dailymail.co.uk/news/article-13044929/One-Australias-biggest-construction-companies-stops-work-plunges-administration.html
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted listed infrastructure development company SKIL Infrastructure under the corporate insolvency resolution process (CIRP) following an application filed by its financial creditor Amluckie Investment Company.The tribunal has also appointed Purusottam Behera as its resolution professional. “The moratorium shall have effect from the date…
A personal view from Ian Stewart, Deloittes Chief Economist in the UK. A recurring theme in the Monday Briefing over the last year has been the unexpected resilience of Western economies, including the UK. Employment has held up surprisingly well, housing markets have softened, not collapsed, and there is little obvious distress in financial markets.…
In short: Major building company St Hilliers has called in voluntary administrators. Work has been paused work at 21 construction sites while administrators undertake an assessment of its finances and operations. What’s next? The first meeting of creditors is expected to be held within the next two weeks Major construction company St Hilliers has been placed into voluntary…
Construction giant St Hilliers has called in administrators, halting work on more than 20 projects across Australia. The group appointed Glenn Livingstone and Alan Walker of WLP Restructuring to take charge of its construction division yesterday after racking up $12 million in losses over the past two years. In a statement, the administrators said they…
Feb 5, 2024 12.16pm Sydneys St Hilliers has put its building business into administration repeating a move it made 13 years ago saying cash injections worth more than $32 million over the past year and a half were not enough to keep the business going. WLP Restructuring, the administrators, said they had paused work at…
Building giant St Hilliers has gone into voluntary administration in yet another blow to Australia’s beleaguered construction industry. Glenn Livingstone and Alan Walker of WLP Restructuring were yesterday appointed as administrators for seven entities within the group’s construction division St Hilliers Contracting. Property development and investment arm St Hilliers Property is not affected. Building giant…