The idea behind IBC is to resolve corporate insolvency quickly so that capital can be freed for productive use. Legacy methods were found wanting, and the code has been modified swiftly to overcome gaps. Special dispensation has been provided, or is in the works, for financial service providers, small enterprises and real estate companies. Yet,…
Reliance Communications has said that any action taken by the Union Bank of India for initiation of any proceedings to identify the bankrupt telco’s loan accounts as fraudulent is not legally tenable since the company is undergoing the corporate insolvency resolution.In a filing to the Bombay Stock Exchange on Thursday, Rcom also pointed out that…
A fabrication company has collapsed into liquidation just months after shutting down its phone lines, letting staff go and ghosting tradies. On Tuesday, Sydney-based YME Metal Projects Pty Ltd, which subcontracted to building companies completing metalwork such as ballustrading and handrails, went into voluntary liquidation. The business worked on a number of commercial projects including…
Hundreds of workers have lost their jobs and major construction projects have been left in limbo after WA road construction contractor Advanced Traffic Management was forced into liquidation. Key points: Workers were sacked and notified of the liquidation by text message The CFMEU has slammed the treatment of workers in the traffic control sector Main Roads says it doesn’t expect…
Caleb RuncimanThe West Australian More than 400 people have been sacked via text message after a traffic control company went into liquidation. Road construction contractor Advanced Traffic Management which offers services in Perth, Kalgoorlie, Albany, Northam, Bunbury, Kalgoorlie and Kwinana went into liquidation on Tuesday following an order in the Federal Court. Premium Subscribers with…
West Australian road construction contractor Advanced Traffic Management has been forced into liquidation, bringing several major projects to a standstill and leaving more than 400 employees in limbo. David Hodgson and Andrew Hewitt of Grant Thornton were appointed liquidators on Tuesday after the Federal Court ordered the company be wound up, ending a four-month Federal…
All 14 employees at a plumbing company have lost their jobs on the spot just weeks before the firm appointed liquidators. News.com.au can reveal that JL Plumbing & Drainage (VIC) Pty Ltd went under last Friday. Liam Bellamy of insolvency firm RRI Advisory was appointed as the liquidator. The business, based in Victorias Mornington Peninsula,…
Customers of Auckland-headquartered crypto exchange have been denied access to their funds. News Join us on social networks Customers of Auckland, New Zealand-headquartered crypto exchange Dasset have been denied access to their funds, and the companys representative has revealed the beginning of its liquidation. On Aug.14, local media outlet The Herald reported on the exchanges troubles.…
A Victorian residential builder has reassured it will complete its customers’ homes after it “had no choice” but to enter voluntary administration. The Harmac Group, which is the parent company of Harmac Homes, Harmac Constructions, Harmac Urban Living and Ridge Homes, yesterday appointed Shaun Matthews and Barry Wight from Cor Cordis to restructure the business.…
Another home builder has announced it is entering into voluntary administration to restructure the company. Theyve not collapsed their intention is to work closely with the administrators to get their current customers homes built, Jacqui Felgate said. Press PLAY to get the latest on the home builder Harmac Homes says it has not entered liquidation and…