The Ministry of Corporate Affairs has defended the Insolvency and Bankruptcy Code’s provision for invoking personal guarantees of corporate debtors in the matter of Reliance Groups Anil Ambani in the Delhi High Court. A senior MCA official said, A notice was issued, so we have to file a response. The ministry has to defend its…
DetailsCentrelink’s debt recovery program is set to resume on Monday after it was put on hold for seven months due to the coronavirus. Services Australia will begin contacting welfare recipients from next week if they think they have been overpaid on their welfare benefits. Victoria will be excluded from the resumption of the scheme, as…
DetailsWestfield 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…
DetailsFROM big homes to the big house, Gold Coast business leaders and entrepreneurs aren’t always the success stories they first appear to be. Here are some of our top millionaires and moguls who have been undone by crime. Michael Issakidis. MICHAEL ISSAKIDIS A Glitter Strip developer and medical tech company who moved to the Coast…
DetailsThe 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…
DetailsFormer Kids Company chief executive Camila Batmanghelidjh is at the start of a nine-week trial in the high court that could see her disqualified as a company director, along with nine former directors from the charity that include BBC veteran Alan Yentob. Batmanghelidjh is threatened with a six-year order, and Yentob with four years. The…
DetailsDebbie 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…
DetailsThe UK pensions regulator is to warn trustees of thousands of company final salary-style pension plans to be more alert for signs of employer distress as it fears scheme members risk getting a raw deal from any hastily arranged business rescue. The action comes as government and regulatory bodies become increasingly concerned that the winding…
Details[embedded content] By Sumeet Chatterjee, Lawrence White HONG KONG/LONDON (Reuters) – HSBC Holdings PLC on Tuesday signaled it would embark on a pandemic-induced overhaul of its business model, seeking to flip its main source of income from interest rate to fee-based businesses. Reporting a 35% tumble in quarterly profit, Europes largest bank also accelerated plans…
DetailsWhile 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.…
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