A “TOUGH financial climate” has plunged one family-run business into liquidation only five years after it first set sail. Chad Rapsey of RapseyGriffiths Insolvency and Advisory was appointed liquidator of Bundaberg Port Marine Services Pty Limited on March 20. Mr Rapsey said the investigation into what caused the small business to go under had begun…
By Tara Patel April 10, 2018, 11:57 AM EDT EasyJet Plc has approached Alitalia SpA about a possible takeover of the Italian airline once it has been restructured. Europes second-biggest low-cost airline has submitted a revised expression of interest for a restructured Alitalia, the Luton, England-based company said in a statement Tuesday. The airline is acting within…
In the morning trades on Tuesday, shares of Wipro dropped as much as 2.56% to a days low of Rs 277.75 on NSE. (Image: Reuters) Shares of the Bengaluru-headquartered IT giant Wipro tanked over 2.5% to the lowest level since 28 March 2018 after the company said that clients insolvency weighs on the profitability and revenue…
Wipro shares fell as much as 2.5 per cent as the company had on Monday said that one of its telecom clients in India has filed for bankruptcy and it would impact its profit for the March quarter and year ended March 31, 2018. “On February 28, 2018, the client filed a petition to initiate…
Binani Industries in its submission before the Kolkata bench of National Company Law Tribunal (NCLT) on Monday said that it has filed an application before Supreme Court for setting aside the April 5 order passed by the National Company Law Appellate Tribunal (NCLAT). It has also prayed for the termination of insolvency proceedings against Binani…
In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court today issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code). Most importantly, the petition also assails all the appointments made to NCLT and NCLAT prior…
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Indias third largest software services firm Wipro Ltd. today said its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings. Without naming the client, Wipro said it had signed a multi-year outsourcing services agreement with a telecom services provider in India in…
Firm Appointee/Solicitor Role Company Name Published Date Auxilium Partners Robert Allan Jacobs liquidator Allmodern Corporation Pty Ltd 6/04/2018 Cor Cordis Jeremy Joseph Nipps administrator Hatch Trans Pty Ltd 6/04/2018 Hall Chadwick Brent Trevor-Alex Kijurina liquidator Million Dollar Makeovers Pty Ltd 6/04/2018 Worrells Solvency & Forensic Accountants Mervyn Jonathan Kitay liquidator Zafiro Pty Ltd 5/04/2018 PPB…
When Braj Binani took control of his family business nearly 20 years ago, it had spent well over a century in the Indian metals industry growing from a small trading house into a well-known zinc producer. But Mr Binani, not yet 40, had bigger plans founded on the groups new cement unit. With Indias economic…