Despite a tough period for businesses in Hong Kong the introduction of a corporate rescue procedure remains elusive, says Johnson Kong, Managing Director at BDO Hong Kong Not all jurisdictions offer companies the breathing space in which to restructure while keeping creditors at bay. In Hong Kong, for example, although recommended by the Law Reform…
Fraud-hit sugar maker faces the crusher as company ordered for liquidation | VCCircle Home Consumer Fraud-hit sugar maker faces the crusher as company ordered for liquidation Fraud-hit sugar maker faces the crusher as company ordered for liquidation By 13 April, 2021 Photo Credit: 123RF:com Tamil Nadus fraud-hit Thiru Arooran Sugars Ltd is headed for liquidation…
Only days from its expected forced closure, the Lithgow Aged Carehome has found a lifeline, with a new owner and an extension to its accreditation likely to mark a new chapter for the embattled centre. Key points: The Lithgow Aged Care home was placed into voluntary administration last month after the facilities accreditationwas not renewed.…
General Admission Events has gone into liquidation with debts of $150,000. The Adelaide music events company provided hospitality services, including staff and bar operations, to national festivals Groovin The Moo, FOMO, Parklife, Soundwave and Future Music. Its director Gareth Lewis told the Adelaide Advertiser that the company was affected after the collapse of FOMO Festival…
The NCLT plea had been filed by a Gurgaon hotelier, who had accused the company of defaulting on payments and violating an agreement. The NCLAT ruling has now halted a ruling by the Ahmedabad bench of the NCLT initiating corporate insolvency proceedings against the subsidiary, OHHPL. File image of Oyo Founder and CEO Ritesh Agarwal…
Virgin Australia has made two senior IT appointments as it continue to restructure after exiting from voluntary administration last year. iTnews can reveal that the airline has appointed Mark Allen to the role of head of data platforms and Emma Taylor to the role of head of strategy and architecture. As head of data platforms,…
SoftBank-backed Oyo Hotels & Homes scotched speculation on social media platforms over bankruptcy proceedings, which had been sparked by a National Company Law Tribunal (NCLT) order over a claim of Rs 16 lakh in dues by a hotel owner. “There is a pdf and text message circulating that Oyo has filed for bankruptcy. This is…
The number of corporate insolvency cases admitted by tribunals dropped by a sharp 83% annually in the October-December quarter, data from the Insolvency and Bankruptcy Board of India (IBBI) showed. Fresh insolvency cases for the third quarter of FY21 stood at 104 compared to 628 for the same period of the earlier fiscal, as the…
File image of Oyo Founder and CEO Ritesh Agarwal The National Company Law Tribunal (NCLT) has admitted a plea for corporate insolvency proceeding against Softbank-backed Oyo group’s subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL), which operates under the brand name Weddingz.in. The plea has been filed by a Gurgaon hotelier who has accused the…
The owner of the Whyalla steel mill says it is close to sealing a refinancing deal with a new group of lenders that may quell a push by its major creditor Credit Suisse to place the business into liquidation. Billionaire steel tycoon Sanjeev Guptas Australian steel and mining companies said in a statement on Wednesday…