August 23, 2017 - Insolvency Guardian

Shoppers left without lay-by answers as Bubs Baby Shops collapses into voluntary administration – SmartCompany.com.au

LiquidationBy Insolvency Guardian August 23, 2017

Customers have taken to Facebook with questions about lay-by orders and the future of stores after baby supplies retail chain Bubs Baby Shops collapsed into voluntary administration last week, leaving 70 workers with uncertain futures. According to ASIC notices published on Tuesday, Simon Cathro and Christopher Cook of Worrells Solvency were appointed as voluntary administrators of nine company entities…

Alleged mastermind behind tax-evasion scheme ordered to pay $8.5m to ATO – ABC Online

LiquidationBy Insolvency Guardian August 23, 2017

A Melbourne man alleged to have masterminded a massive tax-evasion scheme has been hit with a personal tax bill of $8.5 million, despite claiming his only asset is an old Ford Falcon. Key points: Philip Whiteman is under investigation by the ATO for allegedly advising clients how to “phoenix” companies Whiteman was ordered to…

ACCC will not oppose Murdoch and Gordon’s joint acquisition of Ten – AdNews

LiquidationBy Insolvency Guardian August 23, 2017

The ACCC will not oppose the joint acquisition of Ten by media moguls Lachlan Murdoch and Bruce Gordon. In an announcement from the independent authority and competition regulator, it said Gordon’s Birketu and Murdoch’s Illyria’s proposed joint bid to acquire Ten Network Holdings, with each to take a 50% in the media business, was permitted to…

APC to undergo restructuring – Inquirer.net

RestructuringBy Insolvency Guardian August 23, 2017

Holding firm APC Group Inc.long speculated to be the SM groups future vehicle for energy assetshas approved a corporate restructuring program designed to wipe out the companys P7.73-billion capital deficit. In a disclosure to the Philippine Stock Exchange, APC said it had approved an amendment to the companys by-laws to reduce the par value of…

What Subcontractors and Suppliers Need to Know About Head Contractor Insolvencies – Sourceable

LiquidationBy Insolvency Guardian August 23, 2017

As noted in The Age, however, that was not to be. Reed Constructions, the company contracted by the Victorian Government to undertake the upgrade, famously collapsed in 2012 owing $89.2 million to unsecured creditors, including $85.6 million to subcontractors many of whom had been engaged (mostly in New South Wales) to work on major public-sector…

Jaypee homebuyers move Supreme Court against NCLT stay – Economic Times

BankruptcyBy Insolvency Guardian August 23, 2017

NEW DELHI: Hapless homebuyers of Jaypee Infratech Limited moved the Supreme Court on Wednesday seeking relief against a blanket National Company Law Tribunal (NCLT) order staying all proceedings against the company, including those pending before the consumer courts. Their plea was mentioned by senior advocate Ajit Sinha before a bench led by Chief Justice of…

Insolvency professionals face threats, draw staff ire while evaluating plans for debt-laden companies – Economic Times

BankruptcyBy Insolvency Guardian August 23, 2017

MUMBAI:On a Friday afternoon this month, Milind Kothari looked at his WhatsApp message with a furrowed brow. The India head of BDO, a leading professional services firm, had received a message from his turnaround and business support partner, Sundaresh Bhat, who had just taken over ABG Shipyard as interim resolution professional (IRP) on an order…

Personal insolvencies drop, but bankruptcies peak in seaside towns – Credit Strategy

BankruptcyBy Insolvency Guardian August 23, 2017

The Insolvency Service said this was mainly driven by a fall in IVAs, which fell around 16 percent compared to the first quarter which had the largest quarterly number of IVAs since records began. Bankruptcies during the second quarter increased nearly five percent compared to the same period last year. The Insolvency Service attributed this…

Jaypee buyers move Supreme Court against insolvency proceedings – Hindustan Times

BankruptcyBy Insolvency Guardian August 23, 2017

Aggrieved flat-buyers who have invested in Jaypee Infratechs projects have challenged the insolvency proceedings against the company in the National Company Law Tribunal (NCLT) before the Supreme Court. Buyers have expressed concern that the case would leave them in a lurch and remediless to either get a house or compensation from the company. A bench…

Received a Winding Up Order In Abbotsbury

LiquidationBy August 23, 2017

Received a Winding Up Order It goes without saying that in a number of industry sectors, small businesses are doing it tough in Abbotsbury When you would think that some compassion and assistance may be offered, the tax office and government bodies in Abbotsbury continue to be more aggressive by applying for company wind-up orders…

Daily Archives: August 23, 2017