Bankruptcy is central to this governments worldview, said Principal Economic Adviser to the Ministry of Finance Sanjeev Sanyal, addressing an audience on the sidelines of the International Conference on the New Corporate Insolvency Regime. It is central to the vision of Prime Minister Modis idea of a New India, based on entrepreneurship, innovation, risk-taking and…
A multimillionaire industrialist known as Britain’s “man of steel” has won the bidding battle for Arrium, ending more than a year of uncertainty for the collapsed South Australian steelmaker. British consortium GFG Alliance, led by metals magnate Sanjeev Gupta, trumped a rival proposal from a South Korean group on Tuesday night and Arrium administrators KordaMentha…
By: Rob McKay Date: 05.07.2017 Police probe allegations of fraud as insolvency process begins Flynn Transport has come to an abrupt halt Instead of looking forward to a new financial year, Flynn Transports trucking business is in…
An agreement has been reached to sell steelmaker and mining group Arrium to GFG Alliance, ending more than a year of uncertainty for the struggling company. The administrator KordaMentha announced on Wednesday morning that it had signed a binding agreement to sell Arrium to the London-based group, which is owned by the Gupta family from Britain. Play Video Don’t Play Unions…
NSW company, Flynn Transport, has gone into voluntary liquidation on Monday, with all assets to be sold in efforts to settle debts to creditors. According to Worrells Solvency & Forensic Accountants, which is handling the process, Flynn Transport is made up of three separate entities. The first is Flynn Transport Pty Ltd, which the company…
ANOTHER business has bitten the dust in the Gladstone region. Rodgers Reidy have been appointed as liquidators of Yarwun Quarries. Liquidator James Imray said the company was wound up via an application filed in the Federal Court of Australia by the Deputy Commissioner of Taxation because of its failure to pay its Running Balance Account…
TNN Mumbai: The clock has started ticking for Jyoti Structures (JSL), the first of the 12 large defaulters against which banks have proceeded under the Insolvency and Bankruptcy Code following directions from the RBI. The National Company Law Tribunal (NCLT) on Tuesday admitted bankruptcy proceedings against the Mumbai-based company, a move which could result in…
Tenon, which is preparing to wind up as a company after agreeing to sell its remaining North American and New Zealand businesses, says it expects to have a cash surplus of about US$4.7 million to return to shareholders after liquidation. The company said today it has finalised the net working capital adjustments required under the…
NSW Police have confirmed they are investigating allegations of fraud at Flynn Transport. The company went into voluntary liquidation yesterday with director Tony Flynn partly blaming the company’s demise on the actions of a former employee. Today it was confirmed that detectives from Richmond Local Area Command have been investigating the fraud allegation for some…
Sydney property developer Peter Sleiman has been slapped with a $7 million tax bill and fines on the $8 million income on his family trust, after a tribunal found he claimed “implausible” tax deductions of 65 cars, $37,000 worth of fitness equipment and firearms on his property renting business. Mr Sleiman, a property developer in…