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…
Henry Davis York (HDY) has promoted 14 of its lawyers to senior positions, including three to the partnership, ahead of its planned merger with Norton Rose Fulbright. The three new partners are Michael Catchpoole, Noel McCoy, and Helen Taylor of the firms banking, turnaround, and insolvency team. Catchpoole who is a specialist in complex corporations,…
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ALSTONVILLE-based Flynn Transport has suddenly shut its gates after 27 years this morning, leaving more than 60 people jobless. Employees were informed at a staff meeting that the business was struggling with debt problems and director and founder Tony Flynn had opted to liquidate the company’s assets. Mr Flynn told The Northern Star he had…
ANDY JACKSON/Fairfax NZ Liquidators were appointed in the case of Little Crate Limited following a High Court hearing in New Plymouth on June 27. (File Photo) A company behind a New Plymouth cafe has been placed into liquidation. Two accountants have been appointed as liquidators in the case of Little Crate Limited, following a hearing…
The Ten Network will go into voluntary administration after key shareholders pulled their backing for a new $250 million loan over the weekend. The decision was confirmed in a statement published on the ASX on Wednesday. The network said that the decision by high-profile backers, Lachlan Murdoch and TV network owner Bruce Gordon, not to…
GEORGE HEARD/FAIRFAX NZ Configure Express in Centre Place, Hamilton, closed in June last year. A company behind troubled gym franchise Configure Express has gone into liquidation, just months after losing an employment dispute and being ordered to pay more than $23,000. Rem Global, previously named Figurex, was put into liquidation on June 23, according to Companies…