The debt-resolution process for Nicco Corporation, one of the first companies to approach the National Company Law Tribunal (NCLT), is still hanging in the balance with lenders asking the company to rework its resolution plan, according to sources close to the development. The committee of creditors has suggested some changes in the resolution plan. To…
news Flynn Transport prepares to go into liquidation. Marc Stapelberg 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…
A group of companies run by the owner of SoleNet and Sure Telecom have been wound up as liquidators chase up a potential $2 million debt owed to creditors. The telecommunications companies owned by James Harrison were placed in liquidation in November 2014. These companies include Telco Service Holdings and Sure Telecom. Liquidators from Deloitte…
The fundraising agency, now known as Bluefrog Fundraising, went into liquidation in April, owing more than £2m in backdated VAT The fundraising agency Bluefrog has reformed after going into liquidation owing more than £2m to HM Revenue & Customs. Bluefrog Ltd, which was founded in 1997 and whose clients included the RSPB, Marie Curie and…
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…