The National Company Law Tribunal (NCLT) has asked to initiate insolvency proceedings against real estate firm Emaar MGF Land after two home buyers filed petition against the company for a huge delay in delivery of their housing units. Admitting the pleas of two of its home buyers, a two member bench headed by NCLT President…
AUSTRALIAN cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk. This includes stores in Joondalup, Hillarys, Midland, Booroogoon, Cockburn and Rockingham. Company directors had been trying to find a buyer for months. The struggling brand was created in 1995 by Australian makeup artist Napoleon Perdis, who…
The new FE insolvency regime is designed to improve the sustainability of the FE sector, says Stephanie Mason, who explains what colleges need to know On 31 January 2019 the further education insolvency regime comes into force, meaning that for the first time it will be possible for colleges to fail and be placed into…
A DALBY business has been left $1.6million out of pocket after the French government-owned company, Areva Solar KCP, went into liquidation weeks after it was ordered by a Supreme Court to pay hundreds of thousands of dollars. Father and son duo Hermes and Steven Speziali own the family business Nortask and were embroiled in a…
news, local-news, administration, napoleon, perdis, cosmetics Australian cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk. Company directors had been trying to find a buyer for months. The company has a retail outlet in Bendigo Marketplace and sells at Myer. The struggling brand was created in…
Failed online travel agency Bestjet has gone into liquidation after its $10 million collapse left thousands of customers out of pocket. Bestjet, and its subsidiaries Wynyard Travel and Brooklyn Travel, were placed into administration on December 18. At a second meeting of creditors in Brisbane this morning, it was resolved to appoint Nigel Markey and…
The Australian grown cosmetics empire Napoleon Perdis Group has gone into voluntary administration putting jobs and 56 local stores at risk. Company directors had been trying to find a buyer for months. Administrators Simon Cathro, Chris Cook, and Ivan Glavas of Worrells Solvency Accountants will now consider a restructure or pursue the sale option while…
Robayne, the Perth-based equipment and coatings distributer has gone into voluntary liquidation which is being handled by FTI Consulting. The company was founded in 1974 as has expanded in recent years, especially in rural areas and has 14 branches around Australia. The liquidation proceedings may result in the company continuing to trade, or going into…
While the number of insolvency cases are expected to pile up over the next few quarters, timely conclusion of cases within the law mandated 180-270 days can free up as much as Rs 67,000 crore to the system, says a report. Since the bankruptcy law came into being from May 2016, close to 3,000 companies…
In a notable order passed recently, the Supreme Court permitted the withdrawal of Corporate Insolvency Resolution Process(CIRP) even after the Resolution Professional issued invitation for expression of interest from resolution applicants to submit resolution plans under Regulation 36A of CIRP Regulations 2016. As per Regulation 30A, withdrawal of insolvency application has to be sought before…