Asia Pacific-based independent spirits distributor Proof & Company has put its Australian business into voluntary administration after facing a “local economic downturn”. Proof & Company is behind EcoSpirits, which sold a minority stake to Pernod Ricard Proof & Company operates in four markets: Singapore, Australia, Hong Kong and New Zealand. Last Friday (25 April), the…
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The Nigeria Deposit Insurance Corporation (NDIC) says it has commenced the payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, targeting those with account balances above the insured limit of N5 million. In a statement issued on Sunday, the NDIC said the payment began on Friday,…
After triggering liquidations at 86 locations across Canada, the Hudson’s Bay Co. has decided to liquidate its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location. The company had been seeking a buyer for the six stores, but on Friday said it believed that a viable bid for the current six-store model is…
Romanian state-owned rail freight operator CFR Marfă is entering insolvency proceedings. The company is severely indebted, with its fate being near-certain: liquidation. Insolvency proceedings are likely a way to postpone the inevitable. The transport ministry approved CFR Marfă’s request for insolvency after it obtained approval from the operator’s shareholders. With the company’s entry into insolvency…
The Australian business of spirits distributor Proof & Company has entered voluntary administration, citing economic challenges. The company said on LinkedIn it had placed Sa’Pere Drinks, trading as Proof & Company Australia, into voluntary administration last week, adding that it was a difficult decision. The firm cited challenges of a local economic downturn and a…
Tax office target in Mrs Mac’s blue The West Australian Read the original article here
Australian insolvency advisory firm Cathro & Partners has expanded its portfolio with a new service line focused on personal insolvency. Simon Cathro, Managing Partner at Cathro & Partners, said that the launch of the new offering comes in response to growing demand for personal insolvency work, at a time when the number of companies and…
The Insolvency and Bankruptcy Code (IBC), 2016 was enacted to consolidate and harmonize India’s insolvency law by repealing several overlapping legislations, including the Companies Act, 1956, and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, that led to delays, inefficiencies, and uncertainty, adversely affecting businesses, creditors, and the economy. The IBC…
Premium spirits distributor Proof & Company Australia has entered into voluntary administration, citing the economy and the changing landscape of the spirits industry as factors. Sa’Pere, trading as Proof & Company, announced it will appoint administrators to explore all options and achieve the best possible outcome for all involved. It is unclear what the move…