US-based Karma Media Holdings has taken control of troubled local Australian streaming media company Quickflix. Voluntary administrators Jason Tracy and Richard Hughes of Deloitte announced that Karma has bought Quickflix and its assets in exchange for payment of $1.3 million. Tech and media entrepreneur Erik Pence will lead Quickflix as the managing director. Karma will…
Dissolution and liquidation Bankruptcy Penalties On December 11 2015 the Indonesian Financial Services Authority (OJK) enacted Regulation 28/POJK.05/2015 concerning the Dissolution, Liquidation and Bankruptcy of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies. The regulation was authorised by Articles 42(4), 44(3), 45(3) and 51(4) of Law 40/2014 concerning Insurance, which require…
By NEIL HARTNELL Tribune Business Editor [email protected] Seven Baha Mar companies have now been placed into full liquidation by the Supreme Court, prompting a well-known QC to say he cant understand the legal strategy pursued by original developer, Sarkis Izmirlian. Justice Ian Winder last week appointed Baha Mars joint provisional liquidation team Bahamian accountant Ed…
The bankrupt Nick Denton company also is proposing that two-thirds of Univision’s $135 million be allocated to its Hungarian affiliate. If there’s to ever be a rebirth for Gawker.com, it won’t happen through Univision. On Friday, it was revealed in bankruptcy papers that the sale of various Gawker Media properties to Univision for $135…
The whole idea is to allow businesses facing economic hardships to restructure and survive. It is intended to give the business some time to restructure without having to battle with the suppliers, creditors, landlords etc. Insolvency and liquidation can be a very traumatic time for the senior officials of any company. Not only does insolvency…
The Altfin Life Assurance Company Limited has been liquidated as the Zimbabwean economic crisis continue to bite forcing many companies out of business. The Altfin Life Assurance Company Limited liquidation was announced by the Insurance and Pensions Commission (IPEC) advising stakeholders of the fall of business of the company. “The Insurance and Pensions Commission…
Peak vegetable industry body AUSVEG says the sale of Australia’s largest fresh potato supplier should give growers confidence after months of uncertainty. South Australian-based Oakville Produce went into voluntary administration in May. Deloitte Restructuring Service partners Vaughan Strawbridge, David Lombe and Tim Heenan were appointed joint receivers and managers of the Oakville Produce…
The Business Recovery & Insolvency Practitioners Association of Nigeria (BRIPAN) has said that a sound insolvency regime and effective dispute resolution process are the key factors for development in any nation. Speaking at the BRIPAN 2016 International Conference with the theme: Nigerias Changing Economy And Emerging Issues In Restructuring And Insolvency, President, BRIPAN, Mr. Sola…
After appointing M.S. Sahoo as chairperson of the Insolvency and Bankruptcy Board of India, the government has finalized the names of four members to the board in order to make it functional. They are: Ajay Tyagi, additional secretary, department of economic affairs; Amardeep Singh Bhatia, joint secretary, ministry of corporate affairs; G.S. Yadav, joint secretary,…
New Delhi: The government has appointed four nominees, including two joint secretaries, to the Insolvency and Bankruptcy Board of India (IBBI). M S Sahoo, who has served as member of fair trade regulator CCI (Competition Commisstion of India) and markets watchdog Sebi, took charge as IBBI chairperson on Saturday. Sources said four government nominees have…