The Corporate Insolvency and Governance Act 2020 was passed on 25 June 2020. The legislation has been in contemplation for a number of years, and has implemented a significant reform to the UK’s restructuring and insolvency framework. It has also implemented certain temporary measures that are designed to protect and support businesses, protect jobs and,…
The federal governments announcement that it would undertake the most significant reforms to Australias insolvency framework in 30 years is welcome news for many small businesses. For directors, it will be very important to carefully consider the information in the governments fact sheet outlining the reform process. BDOs business restructuring experts identified a number of…
DUBAI (BLOOMBERG) – Shareholders of United Arab Emirates-based Arabtec Holding PJSC, which helped build the world’s tallest skyscraper, voted to dissolve the debt-laden firm in a move likely to threaten thousands of jobs and scores of suppliers and sub-contractors in the Persian Gulf. Construction companies that sprang up more than a decade ago as a…
The former Bruce Woollen Mill in Milton. PHOTO: GERARD OBRIEN The liquidation of the Bruce Woollen Mill in Milton has been completed. In 2017, Insolvency Management Ltd principal Iain Nellies, of Dunedin, sold off the companys plant and equipment, which allowed secured creditors to be paid $350,000 as well as nearly $400,000 for costs such…
September 30, 2020 14:06 ET | Source: Novelion Therapeutics, Inc. VANCOUVER, British Columbia, Sept. 30, 2020 (GLOBE NEWSWIRE) — Novelion Therapeutics Inc. (Novelion or the Company) by Alvarez & Marsal Canada Inc., Novelions court appointed liquidator (the Liquidator) today provides an update on the Companys voluntary liquidation process (the Liquidation) that started on January 16,…
By Hadeel Al Sayegh 3 Min Read DUBAI (Reuters) – Arabtec Holding shareholders authorised the board of the Dubai-listed construction company on Wednesday to file for liquidation due to its untenable financial position following the fallout from the coronavirus pandemic, an internal company email said. Slideshow ( 2 images ) Shareholders also authorised Arabtec to…
Estate Agent Hsin Lan Huang (37), from Hammersmith, West London, has been banned for seven years, while convenience store boss Pratikkumar Dineshbhai Patel (32), from Knowle, Hampshire, is disqualified for six years. The pair are now banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the…
The Marine Discovery Centre in Eden has entered voluntary administration as it is unable to afford the $1 million it needs to make essential safety repairs to the wharf building, required as part of its lease agreement. Key points: The Department of Crown Lands gave the centre 28 days to rectify “serious” safety issues with…
TravelPharm Group, which operated airport pharmacies across the country, has been placed into liquidation following a court order. Liquidator Steven Khov of Khov Jones was appointed by the High Court in Auckland following a creditors successful application to liquidate the health retailer. Jones said it was too early to say how much the company owed…
Ahead of the budget, the government has announced new rules that will allow small businesses at risk of collapse to continue to work out their problems instead of appointing an administrator. They are needed because of an avalanche of insolvencies awaiting the end of an effective moratorium on bankruptcies (a so-called regulatory shield) that expires…