LATEST:A DEBT in excess of $1.7 million to the Australian Taxation Office led to Supercuts Hairdressing Salons being placed in voluntary administration by its shareholders. Staff at the 13 Queensland stores and one in Canberra, were told in the early hours of May 7 their stores would close by the appointment of liquidators and their…
The markets are back at or close to all-time highs and selecting investments at this point is becoming quite tricky, especially for a fundamentalist and contrarian investor, like me. Also, trying to follow the macro tourists into which sector is poised to go up can prove itself a very difficult task or, as experience shows…
Blink and youll miss itbut some high-street companies are finding ways to reduce their business rate bills. Last week two retailers proposed to ease their business rates burden using company voluntary arrangements, or CVAs, an early-stage insolvency mechanism where businesses seek better terms with creditors. Debenhams, the department store chain, is looking for a 48-50…
Committees of Creditors (CoCs) should provide all relevant information and share their vision for companies under the insolvency process, a senior official said on Saturday as he asserted that it will be dangerous to let viable firms to close down. Amid rising number of stressed assets being referred for resolution under the Insolvency and Bankruptcy…
Brexit uncertainty and struggling high street retailers have fuelled a rise in the number of company administrations to the highest level in five years, according to official figures. The Insolvency Service said there were 451 administrations in the first three months of the year, up 21.8% from the final three months of 2018 and the…
Blockchain infrastructure firm SETL Development Ltd., which filed for insolvency in March, is back as a trimmed-down new entity formed by its management team. The new company, SETL Ltd., said Friday that it has now acquired the operating assets, staff and intellectual property (IP) rights of the old entity. Further, the company has reached an…
Manoj Gaur just wont let go of Jaypee Infratech Ltd. even as lenders vote on a bid for the insolvent developer. And he hopes to derail the process with the help of people his company abandoned: homebuyers. About 25,000 buyers are waiting for apartments in the Jaypee Greens Wishtown project in Noida that the debt-ridden…
Philip Greens Arcadia Group is offering to pay for an adviser to its landlords as the retailer battles for their backing on its plan to avoid collapse through a complex restructuring of its store estate. The fashion company, which owns chains from Topshop and Topman to Dorothy Perkins and Wallis, wants to cut its sprawling…
A South Yorkshire catering and mobile food delivery business has ceased trading after being declared insolvent. Acorn Fine Foods, trading as Peckish, who ran routes around the Doncaster area, has taken its vans off the road alongside ceasing food production at its catering facility in Carcroft. It employed ten people. The proposed Liquidator,…
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…