Competing with massive foreign-owned rivals eventually proved too tough for Smiths City, a Dunedin commercial property investor says. Smiths City Dunedin, which moved to Crawford St this year, was among nine stores that temporarily closed yesterday after the company was placed into voluntary administration. Property investor Jason La Hood, who is also a director of…
Evergrande, formerly one of China’s biggest property developers, has been delisted from the Hong Kong stock exchange, capping the end of a long fall from grace. The company was removed from the exchange on Monday after an 18-month freeze on trading, imposed when the developer – once valued at more than HK$400bn (US$50bn) – was…
Competing with massive foreign-owned rivals eventually proved too tough for Smiths City, a Dunedin commercial property investor says. Smiths City Dunedin, which moved to Crawford St this year, was among nine stores that temporarily closed yesterday after the company was placed into voluntary administration. Property investor Jason La Hood, who is also a director of…
“Despite closures of some stores and further downsizing measures, declining sales meant that the director of the company took the decision that trading could no longer continue. “The voluntary administration process aims to achieve the best outcome for all stakeholders. This may include selling the business and assets to interested parties.” The administrators said they…
(Pic: Shutterstock) US-based financial and risk-advisory firm Kroll has acquired Kirby Healy, a specialist corporate-insolvency practice based in Dublin. Kroll said that the deal would significantly enhance its restructuring capabilities in Ireland and would doubling the size of its team in the country to more than 70 employees. The Kirby Healy team will…
The Insolvency and Bankruptcy Code, 2016 (IBC) and the Prevention of Money Laundering Act, 2002 (PMLA) are landmark legislation, enacted with separate objectives. The IBC aims to consolidate and resolve insolvency processes within a specific time frame to maximise asset value. The PMLA is concerned with identifying and attaching the proceeds of crime, ensuring criminal…
Supertech delivers 6,000 homes amid insolvency, 15,000 still pending propnewstime.com Read the original article here
The company argued that though all relevant laws were considered, yet, IBC was simply overlooked by the government while formulating and drafting Manual for Procurement of Works, 2022. The Delhi High Court has asked the Centre to revisit its bid conditions that impose blanket ban on the companies having undergone corporate insolvency resolution process in…
There were 14 company insolvencies registered in Northern Ireland in July, which was down 30% on the same month last year, data from the Insolvency Service shows. The total number of company insolvencies was comprised of one compulsory liquidation (this happens when a company is forced to close when it cannot pay money owed to…
Retailer Smiths City has “temporarily” closed all of its stores after being placed in voluntary administration. Smiths City staff were called into a meeting at 9am on Tuesday and informed of the decision. All nine remaining Smiths City stores across New Zealand and its online shop have now been “temporarily closed for business” to assess…