Excelsior Capital (ASX: ECL) faces its most dramatic shareholder meeting in years today, with investors voting on whether to liquidate the company entirely and remove its CEO. Shareholders controlling at least 5% have requisitioned resolutions, essentially a formal demand forcing the board to hold a vote to wind up Excelsior, appoint liquidators from BRI Ferrier,…
REVEALED: Latest business liquidations in Yarra Herald Sun Read the original article here
Troubled fitness chain Derrimut 24:7 Gym has entered a critical phase of its bankruptcy and restructure, with expressions of interest now officially being sought for the business while administrators work to protect staff entitlements. Amid mounting pressure from the Australian Taxation Office (ATO) over unpaid tax, superannuation and supplier debts, the chain’s operating entity was…
Big Brands Are Crashing: US Corporate Bankruptcies Soar Industry Leaders Magazine Read the original article here
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The National Company Law Appellate Tribunal (NCLAT) at New Delhi on Tuesday imposed a cost of Rs. 15 lakh on Astral Agro Ventures, a Prospective Resolution Applicant (PRA), for obstructing the Corporate Insolvency Resolution Process (CIRP) of Megi Agro Chem Ltd. The tribunal observed that the insolvency resolution process “cannot be reduced to a Tom…
The board of directors of medical technology company Chordate Medical has decided to propose that shareholders vote on a voluntary liquidation and delisting of the company’s shares at an extraordinary general meeting. This information was disclosed in a press release. The board is making this proposal after concluding that there are no longer sufficient conditions…
Mediation in India is an accepted non-adversarial alternative dispute resolution to settle disputes between parties. The introduction of it in the Indian insolvency regime for corporate insolvency or liquidation wherein complex commercial issues arise is the need of the hour in order to curtail litigation, promote entrepreneurship, enforce business relationship and ensure that there is…
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Statement of affairs shows the multi-million pound debts of Colwyn Bay firm Penrhyn Ltd was transferred land to the east of the old Civic centre in Colwyn Bay(Image: Google maps) A property development company that has gone into liquidation owes millions of pounds to creditors – including nearly £500K to Conwy council. Penrhyn Ltd, that…