Appointments Draft rules and regulations Following the establishment of the Insolvency and Bankruptcy Board of India, the government has taken two concrete steps to expedite the implementation of the Insolvency and Bankruptcy Code 2016 in particular, the government has: appointed members to the Insolvency and Bankruptcy Board; and released draft rules and regulations.…
Embattled childrens retailer Pumpkin Patch has collapsed, with receivers appointed for the company and its subsidiaries yesterday. Last week the business, listed on the New Zealand stock exchange, entered a trading halt while it started conversations with stakeholders about how to proceed with its $NZ46 million ($40.7 million) in debts, with a meeting with its…
The administrators of embattled steelmaker Arrium say the company may have traded while insolvent. In a report to creditors, KordaMentha stated it had identified a “number of transactions” entered into by Arrium prior to its collapse that warrant further scrutiny. “There is evidence which warrants further investigation as it suggests that the Arrium group…
JOHANNESBURG – The controversial Gupta family may lose its recently-acquired Optimum Coal Mine. A multinational company is threatening the mine with liquidation, claiming it is owed money for goods and services. Barely a week ago, reports emerged that R1.3-billion of Optimum Coals rehabilitation funds, were transferred from a Standard Bank account to the…
LWP Capital Inc. Provides Update on Liquidation Proceedings LWP Capital Inc. October 26, 2016 10:36 ET TORONTO, ONTARIO–(Marketwired – Oct. 26, 2016) – LWP Capital Inc. (formerly “Legumex Walker Inc.“) (“LWP” or the “Company“), by KSV Advisory Inc. in its capacity…
Sian Aitken Sian Aitken and Graeme MacLeod look at a case confirming the precedence of domestic administration proceedings in a multi-jurisdictional winding-up, marking the first time modified universalism has been recognised in Scots law. The Court of Session has confirmed that the administration in Scotland of a Scottish company will take priority over an Indian liquidation…
Traditional owners in Western Australia are worried the collapse of Pluton Resources could trigger a significant environmental incident in the Kimberley. The WA Department of Mines and Petroleum has confirmed Pluton’s Cockatoo Island iron ore pit is filling with water and is expected to be full within days. “It is anticipated that at…
Domestic slavery, sex slaves and scandal-ridden convenience store chain 7-Eleven are top of the agenda for a new powerful government-run migrant taskforce headed by Professor Allan Fels. Professor Fels will write to 7-Eleven this week seeking details on its compensation scheme and workplace compliance to ensure it is addressing systemic wage fraud across its franchise…
Listed on the NZX, Wynyard Group is a cyber security firm with offices in New Zealand, Australia, United States, United Kingdom, Canada, and the Middle East. Wynyards solutions are used by Fortune 500 companies, national security agencies and critical infrastructure operators across the globe – but its just gone into voluntary administration. The firm informed shareholders…
Listed on the NZX, Wynyard Group is a cyber security firm with offices in New Zealand, Australia, United States, United Kingdom, Canada, and the Middle East. Wynyards solutions are used by Fortune 500 companies, national security agencies and critical infrastructure operators across the globe – but its just gone into voluntary administration. The firm informed shareholders…