Image caption Darryl Kavanagh set up the Seafood Shack restaurant in Cardiff’s High Street last year A Cardiff restaurant which reportedly closed after a cyber attack in December may have become insolvent two months earlier, it has been claimed. The Seafood Shack shut on 29 December, six months after it opened, blaming a “malicious internal”…
DetailsResolution professionals said they had submitted their suggestions on the issue to a government panel formed to address concerns around the IBC. Photo: Mint Mumbai: Resolution professionals (RPs) appointed to manage companies taken to the bankruptcy court have sought clarity on how to proceed when these companies refuse to cooperate with them, two RPs working…
DetailsThe state-backed Royal Bank of Scotland has been accused of scuppering an 11th-hour deal to save Carillion. Keith Cochrane, the interim chief executive of Carillion, has claimed that the bank took unilateral action that in the companys view undermined the groups efforts to conserve cash. He made the claim in a witness statement submitted to…
DetailsIndia is on the cusp of a major shift in its recovery, insolvency, and bankruptcy jurisprudence post introduction of Insolvency and Bankruptcy Code 2016 (hereafter, the Code). Several well established concepts are being challenged and at the same time, new concepts are being evolved. For instance, it is a well-known principle of law that every…
DetailsMUMBAI: Employee buyouts or participatory managements are not commonplace in India, but the model could be explored for some companies hauled before insolvency courts, where affected staff-members at units without hopes of a revival have urged tribunals to liquidate the entities as ‘going concerns.’ “There is a growing tendency among employees and workers to save…
DetailsHandsome dividends paid to Sears Canada shareholders even as the company was faltering and its employee pension fund was running a deficit are being reviewed by the court-appointed monitor handling the companys insolvency. The monitor is carrying out a review of certain material transactions, according a new report on the insolvency by the monitor, FTI…
Detailsby Madison Marriage and Barney Thompson PwC’s role in the liquidation process of the collapsed contractor Carillion has come under scrutiny after it emerged that the auditor already has two separate, and apparently conflicting roles, including one advising the defunct company’s pension trustees. Six PwC executives were appointed by the High Court on Monday as…
DetailsBill Gates charitable foundation has agreed to pay Nigerias debt to Japan so the African nation can become polio-free. The Bill and Melinda Gates Foundation announced it will shoulder the $76m debt for Africas largest economy, which is recovering from its first recession in 20 years. Nigeria originally took the loan in 2014 and…
DetailsGAMBLERS are feeding millions of dollars into Central Queensland’s pokie machines every month, new research has revealed. According to Queensland Government Gamlbing and Liquor statistics, last month alone more than $9.19 million was put through the CQ region’s 2541 machines, with Rockhampton punters throwing in $4.1m of that price. Rockhampton currently has 1029 electronic gaming…
DetailsThe Publican Group business was quietly placed into voluntary administration at the end of last year, after selling off all of its assets to Australian Venue Co. The Australian Securities and Investments Commission published that Richard Albarran, Cameron Shaw and Carl Huxtable of Chadwick Hall were appointed as administrators of the Publican Group in mid-December.…
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