19 January 2017Muscat – The shareholders of Port Services Corporation (PSC) have agreed to defer the company’s liquidation until January 2018. PSC held an extraordinary general meeting (EGM) of its shareholders on Tuesday which agreed to nullify the decision resolved in the company’s second EGM held on December 7, 2016 to liquidate the company with effect from…
Promising firm ABT Construction has been put into liquidation by transport firm Multi-Trans over unpaid bills amid reports of frictions within its management team. The firm was once touted as part of the solution to Auckland’s housing crisis with its fast-turnaround pre-fabricated dwellings. The first liquidators’ report shows that McDonald Vague’s Peri Finnigan and Boris…
BREAKING: Staff sacked days before Christmas after the collapse of the administrative arm of SmartCity Vocational College could be owed about $2.6 million in annual leave and other entitlements. That figure was disclosed to creditors at a recent meeting in Maroochydore. Liquidator Paul Nogueira, of Worrells, now has the job of verifying that figure to…
Rio Tinto Group and its largest shareholder Aluminum Corp of China have terminated their joint venture established to find copper deposits, as global mining companies tighten exploration budgets. Chinalco Rio Tinto Exploration Co, a joint venture between Rio and Aluminum Corp, also known as Chinalco, was launched in 2011 to seek out deposits in China and…
In this article, we will take a look at three micro-companies ($3-35m) that are deeply undervalued and whose current market cap is lower than the liquidation price. All of them are in the gold and minerals mining business and all of them have participations in bigger companies and own their own ancillary projects, the value…
The National Companies Law Tribunal (NCLT), Mumbai has admitted the first insolvency proceedings initiated under the Insolvency and Bankruptcy Code, 2016 (Code) by ICICI Bank, against Innoventive Industries Ltd to commence a corporate insolvency resolution process. ICICI was represented by Cyril Amarchand Mangaldas who had briefed Zal Andhyarujina while Innoventive, the debtor company was represented by Crawford Bayley who had briefed senior counsel Ravi Kadam .…
What do insolvency professionals think of Theresa Mays hard Brexit? By that I mean the accountants and lawyers who deal with troubled businesses, and try to restore them to health so they dont ultimately end up insolvent. The answer is: not much. Prior to Theresa Mays big Brexit speech, R3, a trade body that represents…
The contents of SAE’s Gloucester St premises will be sold by auction after the company went into liquidation. Photo / Duncan Brown A 32-year-old Napier company has gone into voluntary liquidation with the loss of 10 jobs, missing out on a dramatic recovery in the Hawke’s Bay construction sector. John Managh & Associates’ first liquidators…
By Angus Berwick and Toby Sterling | MADRID/AMSTERDAM Spanish police arrested prominent Dutch corporate lawyer Peter Wakkie at Madrid airport on Monday in an investigation into the insolvency of Russian-Spanish telecom firm ZED+, a judicial source said. A spokesman for Wakkie, who is ZED+’s interim manager, said he could not immediately comment on the arrest…
The company entered voluntary liquidation on November 24. David Blenkarn and Gregory Palfrey, insolvency practitioners from accountancy firm Smith & Williamson, were appointed as joint liquidators for the winding up process. In a statement of affairs filing on Companies House, European debt purchaser Intrum Justitia is listed as a company creditor, to the value of…