Administrators for Beaufort Securities, the disgraced UK broker that was closed down by regulators in March, have said it could cost as much as £100m to return the cash and assets held by the company, currently valued at £550m, to its thousands of private investor clients. The administrative cost of carrying out insolvency proceedings for…
Kolkata: The National Company Law Tribunal’s (NCLT) Kolkata bench on Monday approved Vedanta Ltd’s resolution plan for the insolvent Electrosteel Steels Ltd, one of the 12 large corporate defaulters identified by the Reserve Bank of India. During the insolvency proceedings, the debt-laden company’s resolution professional, Dhaivat Anjaria, had submitted Vedanta’s resolution plan before the bench…
The National Company Law Tribunal’s (NCLT) Kolkata bench on Monday approved Vedanta Ltd’s resolution plan for the insolvent Electrosteel Steels Ltd. During the insolvency proceedings, the debt-laden company’s resolution professional had submitted Vedanta’s resolution plan before the bench for final disposal after lenders declared it as “successful resolution applicant”. …
Going into administration means there is no guarantee workers will receive their entitlements at all, or that suppliers will have their invoices paid. The employee, who asked not to be named, said the restaurant had about 35 casual staff and 13 full-time workers, including some who the company had sponsored on work visas. A spokeswoman…
The battleground for Binani Cement Ltd.s insolvency process has shifted back to the National Company Law Tribunal, Kolkata. Last week, Binani Industries Ltd. withdrew its petition seeking termination of the insolvency process for its debt-ridden cement unit that would have allowed an out-of-court settlement with UltraTech Cement Ltd. At the hearing before the Kolkata bench…
One of his flagship restaurants closed after falling into administration, and the Jamies Italian division closed outlets in a bid to stem heavy losses. The UK Jamies Italian business was a sea of red ink, and Oliver had begged landlords of his underperforming restaurants to cut rents in an attempt to stop the chain going…
Jamie Olivers dream of buying back the farm in Australia is over. The Jamie Oliver Restaurant Group (Australia) Pty Ltd collapsed on Monday, with the company being placed in the hands of voluntary administrators less than 12 months after the British celebrity chef visited Australia to relaunch the six local restaurants bearing his name. Oliver…
Canadians Increasingly Feeling the Impact of Higher Interest Rates The MNP Consumer Debt Index is now at an all-time low, dropping four points since December. MNP Ltd. CALGARY, Alberta, April 16, 2018 (GLOBE NEWSWIRE) — The latest MNP Consumer Debt Index research foreshadows trouble ahead for indebted Canadians underlining widespread concern over rising interest rates.…
Besieged department store Myer has brought in high-profile restructuring and insolvency administrator Mark Korda to help it try to squeeze out from under suffocating leases. It is understood Mr Korda, a partner at KordaMentha who has worked on collapses spanning from Ansett to last year’s Network Ten administration, was brought in about three weeks ago to…
Besieged department store Myer has brought in high-profile restructuring and insolvency administrator Mark Korda to help it try to squeeze out from under suffocating leases. It is understood Mr Korda, a partner at KordaMentha who has worked on collapses spanning from Ansett to last year’s Network Ten administration, was brought in about three weeks ago to…