As many as 360 staff at Rex Airlines have been sacked already and hundreds more are on the chopping block after administrators were called in to run the embattled carrier, with remaining staff told they may not get paid until a new buyer is found. It comes amid speculation that Asia-based private equity firm PAG,…
Owner distress as companies plunge into administration The Examiner Read the original article here
Cycling event organiser Hotchillee has announced that it will be entering liquidation in the coming weeks, citing financial difficulties in recent years as the largest contributor. In a statement posted on the company’s website, founder Sven Thiel said: “Despite our best efforts, the combination of internal matters, ongoing financial challenges following Covid-19 and the Brexit…
Croydon council has declared effective bankruptcy for the third time in two years, saying it faces an “existential question” after collapsing under the weight of a “toxic debt burden” running to more than a billion pounds. In the latest sign of the continuing financial storm raging through local government, the south London authority said it…
Owner distress as companies plunge into administration Bendigo Advertiser Read the original article here
Kenya Revenue Authority (KRA) has been ordered to refund more than Sh54 million to household and electronics appliances supplier Hotpoint on account of bad debts arising from goods delivered to fallen retail giant Nakumatt. The Tax Appeals Tribunal faulted the Commissioner of Domestic Taxes for disallowing the VAT (value-added tax) refunds of Sh54.8 million as…
In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (OP3 International)1 the Singapore Court of Appeal considered the trigger for when the director’s duty to consider the interests of creditors is engaged (referred to in the judgment as the Creditor Duty). The Court held that: the Creditor Duty is engaged…
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Cafe company plunged into liquidation Gold Coast Bulletin Read the original article here
The National Company Law Tribunal’s (NCLT) decision to allow the liquidation of the Kishore Biyani-promoted Future Retail Ltd (FRL) adds a fresh twist to a long tale. It comes because no resolution plan was approved by the lenders. In April 2022, the committee of creditors, led by Bank of India, filed an insolvency application against the…