Luxury smartphone manufacturer Vertu is reportedly shutting down its UK manufacturing arm and is facing liquidation after plans to save the exclusive phone brand failed, leaving the company with a reported £128 million ($AU214 million) accounting deficit. The Telegraph reports nearly 200 jobs will be lost as a result of the shutdown of the UK…
Latest News Queensland based Baralaba Coal, formerly known as Cockatoo Coal, has entered into voluntary administration this week, the second time this has happened in as many years. This comes after the company failed to raise $77 million with a share entitlement offer. Baralaba Coal appointed Jason Preston, Shaun Fraser and William Harris, all partners…
The chief executive officer of global security services provider Securitas has been declared bankrupt after falling victim to identity theft. Alf Göransson, who is also the president of Securitas, discovered in April that a falsified loan application had been made in his name the month before, and reported the matter to the police. The loan…
LIQUIDATORS believe Ozcon Industries could have been trading while insolvent for at least 18 months before the Dalby company’s collapse in January this year. The Dalby Herald has obtained a copy of a creditors report compiled by liquidators DuncanPowell, outlining the circumstances around the company’s demise. The report said Ozcon Industries went bust owing more…
LIQUIDATION is possible for a collapsed central Queensland coal miner, a creditors’ report has revealed. Winding up Caledon Coal was recommended by administrator PPB Advisory at the last creditors’ meeting. The Cook Colliery mine owner and Wiggins Island Coal Export Terminal part-owner was placed into administration earlier this year with a debt of about $4billion.…
The future of Central Queensland mining company Baralaba Coal is in limbo once again after the company went into voluntary administration this week. In a statement to the Australian Stock Exchange on Wednesday, the company announced it was appointing administrators from advisory firm McGrathNicol, effective immediately. McGrathNicol said the administrators were “undertaking an urgent assessment…
New Delhi, Jul 13 () The National Company Law Tribunal (NCLT) today issued notices to Bhushan Steel Ltd and Bhushan Steel and Power Ltd over insolvency proceedings initiated by their lenders State Bank of India and Punjab National Bank. The Principal Bench of the NCLT headed by its President Justice M M Kumar has directed…
MILAN, July 12 (Reuters) – Italian banks must improve the quality of bad loan data and use them to understand when to raise provisions on debts which are yet to be declared insolvent, the central bank governor said on Wednesday. A harsh recession which ended in 2014 saddled Italian banks with impaired debts that are…
The chief executive of the Swedish security firm Securitas was declared bankrupt this week after his identity was stolen. Securitas CEO Alf Göransson had his personal identification stolen at the end of March, when someone applied for a loan in his name, the company said in a statement. The hacker used Göransson’s identification to seek…
Ahmedabad, Jul 13 () The State Bank of India today told the Gujarat High Court that Essar Steel had “suppressed facts” while challenging the RBI’s directive to lender banks to initiate insolvency proceedings against the company. SBI counsel Ravi Kadam told the bench of S G Shah that Essar Steel had accepted a decision by…