While many Western Australian businesses have re-opened and returned to business as usual, there are fears some will not survive the financial impact of the COVID-19 coronavirus pandemic. When a business closes its doors, consumers often call Consumer Protection with concerns about money paid for goods or services that are yet to be received, or…
Khaitan & Co advised Resolution Professional and PwC. Payne Realtors Private Limited completed a corporate insolvency resolution process. The resolution plan submitted by City Gold Entertainment Limited has been approved by the NCLT and being implemented. Payne Realtors Private Limited provides civil engineering services. The Khaitan & Co team was led by Partner Siddharth Srivastava…
J.C. Penney was one of the lucky ones, if you can call any company in bankruptcy lucky. The retailer filed for Chapter 11 in May without a definitive plan for what would come next. The company had a reorganization agreement with lenders, but it came with contingencies and milestones that could potentially have allowed for…
Westfield shopping centre in Doncaster, Victoria. Source: AAP. The liquidator of art supplies retailer Riot Art & Craft has confirmed the e-commerce arm of the business was sold to a related entity prior to the business collapsing. Riot Art & Craft closed its 56 stores last week, after entering liquidation and informing staff members via…
The Aussie retail group responsible for brands such as Review, Black Pepper, Yarra Trail and Marco Polo has been saved from administration after a rival investment firm bought the group as a whole. Overnight the administrators of the PAS Group, who entered voluntary administration in late May, announced that the business would be bought by…
Debbie Jamieson/Stuff Gary Dent, in the foreground here, is one of the directors and shareholders in three Rilean Construction companies that have been placed in liquidation. He is pictured here in 2015 at an opening celebration for the shops in The Landing shopping centre at Remarkables Park, Frankton, near Queenstown. Well-known Queenstown construction group Rilean…
While successful company owners will never want to think about dissolving their business, sometimes winding up can be the only option available. Winding up and liquidation essentially refer to the same thing closing a company, making sure all of its affairs are dealt with legally, and removing it from the companies register with Companies House.…
Westfield shopping centre in Doncaster, Victoria. Source: AAP. Art supplies retailer Riot Art & Craft has closed its 56 stores, after being placed in liquidation last week. Employees were given little notice about the closures, receiving text messages last Monday informing them they were not required to attend work the following day, according to nine.com.au.…
Fashion house PAS Group will likely be acquired by private equity firm Queens Lane Capital by way of a deed of company arrangement. The deal will need to be voted through by the business shareholders, and will see brands such as Review, Black Pepper, Yarra Trial, Marco Polo and Breakaway continue. We are proud to…
Dominion Diamond Mines could pursue a form of federal bailout after the sale of its Ekati mine collapsed this month. Brendan Bell, a director of the company, said Dominion had spoken with a Crown corporation among others as it tried to avoid liquidation, which Bell said was now a real possibility. Bell made the comments…