A bankruptcy court has ordered liquidation of debt-laden ABG Shipyard Ltd after lenders rejected an offer by the sole bidder Liberty House. The development comes almost two years after the Reserve Bank of India asked lenders to initiate bankruptcy resolution proceedings against ABG Shipyard and 11 other companies under the Insolvency and Bankruptcy Code (IBC).…
Image copyright PA Image caption Stephen Coxen had denied the rape charges against him and the case was found not proven in a criminal court A man successfully sued for rape in a civil court in Scotland has declared himself bankrupt – meaning he cannot pay damages to his victim. Last October a sheriff ruled…
(Adds reaction, graphics) By Andy Bruce LONDON, April 30 (Reuters) – The number of companies falling into financial distress in England and Wales rose in early 2019, adding to signs that businesses struggled in the run-up to the original March Brexit deadline, official data showed on Tuesday. There were 4,187 company insolvencies in the first…
CJ Groups restaurant business unit CJ Foodville has sold its flagship coffeehouse chain A Twosome Place as part of the its business restructuring to Hong Kong-based private equity firm Anchor Equity Partners, the firm confirmed Wednesday. The sale involved 45 percent stake held by CJ Foodville in A Twosome Place for 202.5 billion won ($173.3…
Debenhams is demanding reductions in business rates alongside cuts to rents as part of its attempt to reduce its store occupancy costs, according to documents seen by the Financial Times. Last week, the struggling department store group confirmed it would launch a company voluntary arrangement a type of insolvency proceeding to restructure its expensive and…
Adelaide Wednesday May 01, 2019 Fighting fit Greens MP sidelined by major heart surgery More money needed for homelessness and mental health services: City Council Nyrstar repays $42 million to taxpayers as Lucas negotiates Call to rebuild lost tribute to Colonel William Light Adelaide biogas plant up and running … Read the full article at:…
The implementation of the Insolvency and Bankruptcy Code (IBC) may have given banks a major tool to deal with bad loans, but the latest numbers show only a 13 per cent resolution, with lenders having to take an average haircut of over 50 per cent. Numbers put out by the Insolvency and Bankruptcy Board of…
Distress signal: construction, admin and retail are all seeing greatest number of insolvencies Small business insolvency rose by 6.3pc in the first three months of 2019 compared with the previous quarter. There were 4,187 company insolvencies between January and March this year, according to The Insolvency Service. Construction, administration and retail sectors all struggling with…
The former One Nation senator Rodney Culleton and Huw Kingston, the independent challenging energy minister Angus Taylor in the New South Wales seat of Hume, have blasted the Australian Electoral Commission for failing to investigate the potential ineligibility of Clive Palmers United Australia party candidates. Kingston, whose UAP opponent in the seat south of Sydney…
The members of the Blayney Bowling Club voted unanimously on Monday night to appoint an administrator to the club, officially ending the long and at times emotional demise of the club. Former club president Steve Chapman said that the meeting, that was only open to members, took 40 minutes to complete, and that it all…