21 July 2021 Consultancy.com.au 2 min. read Global advisory firm FTI Consulting has bolstered its national restructuring team with the hire of four senior managing directors all of which previously were partners at a Big Four firm. For some time now, FTI Consulting has been the dominant restructuring firm globally, and we have had the…
DetailsAs foreshadowed in its NSX announcement dated 11 June 2021, the Board of a2a GN Limited (NSX:A2A) has engaged with advisors in Australia and Malaysia to urgently review alternate funding and restructuring options. Whilst reviewing various proposals, the Board prudently moved to temporarily suspend business operations. Following diligent consideration of the options available and acting…
DetailsSINGAPORE — Troubled water treatment company Hyflux will finally go into liquidation now that a court has approved an application for winding up the company, marking the end to a charismatic founder’s once high-flying startup. “I am grateful for all the assistance rendered by all parties,” Justice Aedit Abdullah said on Wednesday during the Singapore…
DetailsInsolvency regulator IBBI has taken another significant step to enhance transparency and accountability in corporate insolvency proceedings, making it mandatory for the resolution professional (RP) to submit the details of his opinion and determination of avoidance transactions undertaken by a company facing insolvency process. A separate form has now been prescribed by the Insolvency and…
DetailsNow youve got your head around winding-up petitions and their impact on contractors, lets look at another area that limited company contractors might not exactly rush to explore, partly because for some it may have a stigma, and partly because its a bit mysterious, especially to those others whove never entered it before — bankruptcy,…
DetailsSocial Media Share this Article Restructuring Update, New Business to be Vended In Sydney, July 21, 2021 AEST (ABN Newswire) – As foreshadowed in its NSX announcement dated 11 June 2021, the Board of a2a GN Limited (NSX:A2A) has engaged with advisors in Australia and Malaysia to urgently review alternate funding and restructuring options. Whilst…
DetailsCORPORATE insolvencies rose by almost a fifth last month to one of the highest figures seen since the start of the pandemic. A representativeof the insolvency industry in Dorset and Hampshire says the delay in lifting the final lockdown restrictions may have contributed to the rise. Statistics for June showed corporate insolvencies in England and…
DetailsPhoto courtesy of Luby’s Cafe Shareholders of cafeteria operator Lubys Inc. will receive nearly 4% more from the companys liquidation than had been previously projected, a per-share bump of 15 cents, according to management. In a securities filing, the company attributed the sweetened forecast to a combination of higher-than-expected proceeds from recent sales and improved…
DetailsThe 49-year-old Mr Papas, also known as Basile Papadimitriou, is named as a respondent along with Forum Finance and Forum Enviro in civil court claims relating to alleging schemes to defraud Westpac, French bank Socit Gnrale, and Sumitomo Mitsui Banking of Japan by presenting false invoices and documents for financing. The director has placed Iugis…
DetailsThe Insolvency and Bankruptcy Code (IBC) is broke. It must be fixed, both to increase recovery and to redeploy the assets locked up in failed firms. While 4,540 insolvency cases have been admitted for Corporate Insolvency Resolution Process (Cirp), significant recovery has materialised only in a handful of cases, such as Essar Steel and Bhushan…
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