MUMBAI: Innoventive Industries, the company that lost a case under the Insolvency and Bankruptcy Code, has moved the Bombay High Court questioning the constitutional validity of the law that allows banks to liquidate assets of a company whose debts are not recast within 180 days. ICICI Bank had filed a case at the National Company…
Detailsnews Two key projects look likely to go ahead this year. Emily Smith HUNDREDS of mining jobs look likely to be created this year as two key projects move toward construction. Both the Baralaba Coal Company and QCoal are expected to commence mining operations that will offer up to 400 and 565 jobs respectively once…
DetailsDebt management firms have been accused of pushing a form of insolvency aimed at the poor to an all-time high. New data released by a federal agency on Tuesday revealed that the number of Part IX debt agreements has risen for the 12th year in a row. Agreements under Part IX of the Bankruptcy Act are widely…
DetailsHUNDREDS of mining jobs look likely to be created this year as two key projects move toward construction. Both the Baralaba Coal Company and QCoal are expected to commence mining operations that will offer up to 400 and 565 jobs respectively once they reach operational stage. The Baralaba Coal Company is expected to start mining…
DetailsUPDATED: Residential construction outfit Builton Group is closing its doors, becoming the second local homebuilder associated with Tim Guests Infinite Wealth to go bust in as many years. Business News understands Builton staff have been told not to come to work on Monday, with an announcement that the company has been placed into administration expected later…
DetailsBurswood-based builder Builton Group, which trades under the brands Platinum Homes and Aspireon Homes, seems poised to join the growing list of residential builders in Western Australia gone bust. New Home Building Brokers managing director Tristan Kirkham said he had been fielding calls from distressed staff members and contractors on Friday claiming Builton Group was going into administration. WA builder…
DetailsUPDATE 5PM: BY the end of the week, administrators expect to have a firmer grasp on the assets, jobs and debts tied up in the CQ Leagues Club. Worrells Solvency and Forensic Accountants were appointed administrators of the troubled club yesterday and issued a statement before noon. One of the administrators, Paul Nogueira, spoke with…
Details2017-01-19T18:39+02:00 18:39 19.01.2017 The National Bank of Ukraine (NBU) on January 19 declared Bank People’s Capital (Bank Narodny Kapital, Kyiv) insolvent, according to the central bank’s website. The central bank made relevant decree No. 34- RSh/BT due to the incompliance of the bank’s ownership structure with the requirements regarding transparency. According to the NBU, now…
DetailsDigital telecommunications company Avaya filed for chapter 11 bankruptcy protection in the United States overnight, but the Australian arm insists it is business as usual despite the turmoil. Reuters reported Friday that Avaya filed for chapter 11, which is similar to voluntary administration in Australia, to restructure and reduce its massive $US6.3 billion debt, following…
DetailsThe ramp-up of production at the GLNG venture in Queensland has helped Santos’ sales. LNG Santos has posted record full-year production and beaten guidance on costs as new chief executive Kevin Gallagher continues to turn around the oil and gas producer after the crash in oil prices. Output in calendar 2016 reached 61.6 million barrels of…
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