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…
Related Story: RSL SA boss and directors quit amid financial troubles President of the South Australian RSL Tim Hanna has resigned, effective immediately. In a Facebook post, the Payneham RSL branch thanked Brigadier Hanna for what it called his “significant contribution to the veteran community” over the last few years. His…
A Facebook page claiming to be run by the team behind a collapsed Footscray supermarket has developed a cult following over the past fortnight for its cheeky product promotion and cast of staff members, but is all as it seems? The Sims Supermarket Footscray Facebook page has amassed more than 7000 followers over the past…
Written by Sunny Verma | New Delhi | Published:July 18, 2017 3:12 am According to data analysed till June-end, a total of 129 corporate insolvency applications were admitted with the Mumbai bench of the NCLT, while 58 applications have been filed with three benches of the NCLT in Delhi. Illustration: C R Sasikumar Related News Within seven months…
Vertu, a British company which has been designing and selling high-end luxury smartphones starting at $6,900 for more than a decade, is being liquidated after failing to sell enough high-priced phones to pay its bills. The demise of Vertu was revealed in a July 13 story by BBC.com, after the company was bought by a…
Following a trading halt on the ASX yesterday, the beleaguered Ten Network has been placed into voluntary administration. Tens directors have appointed Korda Mentha as the voluntary administrators of the network and its subsidiaries. Advertisement The announcement come… Read the full article at: http://if.com.au/ten-enters-voluntary-administration/
AHMEDABAD: The Gujarat High Court dismissed Essar Steels plea against the Reserve Bank of India directive asking lenders to initiate bankruptcy proceedings against the debt-laden company, observing that the regulator and banks are empowered to do so, giving a boost to the governments efforts to clean up the countrys bad-loan mess. But the court cautioned…
The corporate regulator has raised concerns about KordaMentha’s independence ahead of its appointment as administrator to Network Ten, at a hearing in the Federal Court on Monday. The hearing was called by KordaMentha to apply for an extension of the administration period, an uncontroversial move that is likely to be granted. Play Video Don’t Play Ivanka…
The corporate watchdog has dramatically intervened in the collapse of the Ten Network, as lawyers for Lachlan Murdoch, James Packer and Bruce Gordon trade barbs over whether Ten administrators Korda Mentha are conflicted. On Monday, the insolvency firm successfully asked the Federal Court to push back a critical second creditors meeting where Ten’s future will…