It wasnt too long ago that we heard the news that Top Shop had gone into voluntary administration, but now they could be shutting their stores for good. As their sales continue to fall, we have heard the news that Myer has closed its 17 Topshop franchises. The company has already closed a number of…
The National Company Law Tribunal (NCLT) has appointed an insolvency resolution professional. The National Company Law Tribunal (NCLT)’s Hyderabad bench appointed an insolvency resolution professional (IRP) on Wednesday, to resolve the crisis faced by the Deccan Chronicle Holdings Limited (DCHL). The Times of India reported that the NCLT invoked Section 7 of the Insolvency and Bankruptcy Code (IBC),…
HYDERABAD: Invoking Section 7 of the Insolvency and Bankruptcy Code (IBC), the National Company Law Tribunal (NCLT) bench at Hyderabad on Wednesday appointed an insolvency resolution professional (IRP) for resolving the debt crisis at Hyderabad-based Deccan Chronicle Holdings Ltd (DCHL) and declared a moratorium of 180 days. A bench of Rajeswara Rao Vittanala, member (judicial),…
By Aparna Ravi When the Insolvency and Bankruptcy Code came into effect late last year, sceptics pointed out that the time-bound process contemplated by the code could easily be derailed if one of the affected parties were to file legal challenges in the high courts, which could drag on for months. Essar Steels recent petition…
Hundreds of passengers arriving back into Gatwick Airport found themselves stranded after the meet and greet car parking firm theyd used abruptly stopped trading. Gatwick First Parking, which isnt officially affiliated with the airport, had been operating for 10 years, keeping clients cars in a secure CCTV monitored compound. But the company seems to have…
Adelaide Wednesday July 19, 2017 A controversial plan to sell off RSL Care to help fix the state Returned and Services Leagues financial crisis is effectively off the table after a dramatic power shift in the SA board, with the resignation yesterday of long-serving president Tim Hanna. “Troubling”: Ombudsman questions senior official’s OTR decision ……
Healthy food franchise network SumoSalad says its close to brokering a deal on rents with Westfield after placing two of its leasing entities in voluntary administration in June, but franchise experts say while the move is a bold one to assert the rights of franchisees, shopping centres are becoming a less attractive place to do…
By Linda NguyenThe Canadian Press Tues., July 18, 2017 Liquidation sales at dozens of Sears Canada locations slated for closure could begin as early as this week after an Ontario court signed off on the plan Tuesday. The sales can start Friday and run no later than Oct. 12 with the deep discounts happening only…
SumoSalad’s groundbreaking use of the insolvency laws to force Westfield shopping centres to negotiate lower rents for its fast food franchisees has proved successful. The two parties are on the brink of agreeing a mutually favourable commercial outcome, with the final details to be sorted out by early next week. The deal will be closely…
Key Highlights Essar Steel told Gujarat HC that they should have been given time to complete its debt restructuring. Gujarat HC rejected Essar Steel’s petition filed against RBI and its creditors SBI and Standard Chartered Bank Essar Steel owed lenders around Rs 45,000 crore, of which Rs 31,671 crore had become bad loan The 180…