Mumbai: Ananda Krishnan-led Aircel has filed for bankruptcy, citing “troubled times” in a “highly financially stressed” industry. Aircel and two other entities – Aircel Cellular and Dishnet Wireless – on Wednesday filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016 at the National Company Law Tribunal (NCLT), Mumbai. The fate…
Issues surrounding distressed debt are growing in importance but, as Alan McGee points out, a number of schemes are already in place that can lead to equitable solutions THE recent controversy over the impending sale of non performing loans by PTSB, AIB and Ulster Bank has once again raised public awareness of dealing with distressed…
Related Story: NAB chairman backs company tax cuts but says other taxes must rise Related Story: No love for a trade-off deal for lower tax in exchange for higher wages Powerhouses of the business world are discrediting the Business Council’s one-eyed approached to tax reform, saying it is doing…
The board of Carillion dismissed a proposal that could have poured £218m into the government contractors ailing pension scheme, believing a month before the companys collapse that they could still revive its fortunes. Details of a plan drawn up by accountancy firm EY, but rejected by directors, emerged as MPs conducting an inquiry into Carillions…
Melbourne-based fashion chain Zachary the Label was placed into voluntary administration on Monday 26th February according to insolvency firm Jirsch Sutherland who has been appointed administrators. Managing partner, Glenn Crisp, of Jirsch Sutherland has confirmed the decision was as a result of rapid expansion, in addition to restricted funds required to continue the operation of the business, produce stock…
HE is infamous for deceit and duplicity, but managed to avoid jail time after a Sydney District Court judge this week found him to be of good character. Now the Newcastle Herald can reveal the evidence that helped con man Lemuel Page keep his freedom. Nine character references supplied to Judge Julia Baly, SC, were instrumental in helping her…
National insolvency specialist Jirsch Sutherland has been appointed to handle the voluntary administration of Melbourne-based Australian fashion label and boutique retailer, Zachary the Label. The established brand was placed into Voluntary Administration on February 26. According to Jirsch Sutherland Melbourne managing partner Glenn Crisp, this was as a result of rapid expansion, in addition to…
Both Toys R Us and Maplin have announced their collapse into administration The administration has been blamed on Brexit, online shopping and the pound Prezzo, the restaurant chain, also revealed plans to close a number of UK outlets By Madhvi Mavadiya Published: 06:55 AEDT, 1 March 2018 | Updated: 06:56 AEDT, 1 March 2018 e-mail…
According to ASIC’s MoneySmart site, Australians collectively owe about $33 billion on credit cards and The Victorian Responsible Gambling Foundation figures suggest between 2015 – 2016 Australias electronic gaming machine expenditure reached $12.1 billion. A key indicator youre in over your head with pokies or credit cards is dishonesty. Addicts will go to great lengths…
HE is infamous for deceit and duplicity, but managed to avoid jail time after a Sydney District Court judge this week found him to be of good character. Now the Newcastle Herald can reveal the evidence that helped con man Lemuel Page keep his freedom. Nine character references supplied to Judge Julia Baly, SC, were instrumental in helping her…