Sears Canada Inc. received court approval to begin liquidating its stores as the insolvent retailer moves to wind up 65 years of business after failing to adapt to changing consumer tastes. The Toronto-based chains plan to begin selling off its inventory on Oct. 19 was approved by Justice Glenn Hainey in Ontario Superior Court of…
VANCOUVER (NEWS 1130) Sears Canada has been granted permission by the courts to close all its remaining stores. Creditors [wanted] to push Sears Canada into the liquidation phase because they figure they can maximize what they can get out of the company as people start doing their Christmas shopping, says NEWS 1130 Business Editor Mike…
OCT 13 (Reuters) – The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times – More high street banks and building societies intend to curb their supply of credit to consumers over the next three months than…
Lufthansa Group has agreed to buy major parts of insolvent Air Berlin, including Austrian subsidiary Niki, regional unit Luftverkehrsgesellschaft Walter (LGW), along with an additional 20 aircraft, Air Berlin announced Thursday. According to Air Berlin, the 210 million purchase guarantees the preservation of all jobs at Niki and LGW and opens the prospect of employment…
The six-time grand slam tennis champion was declared bankrupt in June Boris could be forced to sell his Wimbledon trophies, which are among memorabilia he has been ordered not to remove from his £7million London He is also reportedly weighing up an appearance on British reality show I’m A Celebrity… Get Me Out Of Here!…
Moneycontrol News Providing relief to homebuyers, the Supreme Court today barred promoters of real estate company Amrapali Group from leaving the country without its permission and appointed an amicus curiae to oversee buyers interests. The bench headed by chief justice Dipak Misra issued notices to the company and sought its response within a fortnight on…
Image copyright EPA An influential committee of MPs is putting more pressure on the UK’s financial watchdog to publish a report into misconduct at RBS. The Treasury Committee said it could use “formal powers” to demand publication of a Financial Conduct Authority report leaked to the BBC. The FCA has refused to publish the full…
Image caption Carly Mackie had ignored hundreds of private parking notices A Dundee woman ordered to pay a private parking company £24,500 in unpaid charges has been declared bankrupt. Carly Mackie had ignored hundreds of parking tickets for leaving her car at Dundee’s Waterfront without a permit. Ms Mackie, 29, who now lives in Paisley,…
NEW DELHI: LIC Housing Finance has filed an application before the National Company Law Tribunal (NCLT) to start insolvency process against DB Realty for recovery of Rs 30.63 crore outstanding loan, the Mumbai-based developer said. DB Realty said both the parties are in talks to settle this outstanding loan. In a filing to the BSE,…
The Insolvency and Bankruptcy Board of India (IBBI) has amended rules to mandate that any resolution plan for a company has to explicitly state how it has dealt with the interests of all stakeholders. Insolvency experts have said that in case of real estate disputes, this will protect the rights of homebuyers who have invested…