The Bankruptcy Bill proposes a time-bound framework for sick entities to decide whether they should be liquidated or revived Image: Radious Image / Corbis I n september 2009, when Ishita Swarup launched her online flash sales portal 99labels, the market was exciting. She was pioneering a new business model in the nascent ecommerce sectorgiving heavy…
A healthcare group turning over millions of dollars from the sales of vitamins and other consumer products has collapsed into voluntary administration. Direct Wellbeing Pty Ltd appointed external managers on April 4. Todd Gammel and Barry Taylor from HLB Mann Judd are acting as joint voluntary administrators and a creditors meeting is due to be held…
A new campaign has been launched to outlaw late payments in a bid to save hundreds of Peterborough companies. Called #PayFair, the initiative aims to make Peterborough a no-tolerance city for the late payment of bills among companies. It asks firms to commit to paying on time. Figures show that 620 Peterborough companies closed last…
A Queensland travel company that has collapsed into liquidation is being dragged to court by the Australian Communications and Media Authority. Getaway Escapes is being taken to the Federal Court for allegedly breaching its obligations under the Do Not Call Register Act and Telemarketing and Research Industry Standard. This is the first time ACMA has initiated…
JOHN KIRK-ANDERSON/FAIRFAX NZ Stonewood Blenheim Region director Brent Mettrick is putting the company into liquidation after its franchise arrangement was cancelled by new Stonewood owners, Inno Capital. The Stonewood Homes franchise that was created to salvage the builds and reputation of the brand in Marlborough is going to be placed into liquidation, its director says. Stonewood…
Kylie Hollard. The Dick Smith collapse has led to an investigation by National Australia Bank and HSBC to explore action against the six former directors of the company and its auditor, Deloitte, but who really is to blame? Should creditors be aware of the warning signs? Staples Rodway Associate, Kylie Hollard, tells us the warning…
April 5, 2016 2:01 p.m. ET WILMINGTON, Del.There is no sign of a quick end to the long-running fight over how to divide the remnants of Nortel Networks Corp., a legal battle that has kept the defunct telecommunication companys investors and former employees waiting for years to be paid. Nortels U.S. unit, bondholders, Canadian creditors…
After many dramas and twists, this morning Tel Aviv District Court judge Eitan Orenstein sent Inbal Or’s company Or City Real Estate into liquidation. Reading his decision, Orenstein said there was “no hope of rehabilitating the company.” He ordered the appointment as liquidator to all the companies in the group the person who…
April 5, 2016 10:07 a.m. ET The long-running fight over how to divide the remnants of Nortel Networks Corp. continues Tuesday in a U.S. federal court, with creditors in Canada, the U.K. and the U.S. vying for a share of the $7.3 billion raised from the liquidation of the defunct global telecommunications giant. Nortels U.S.…
A company spruiking a land banking scheme in Maiden Gully has gone into liquidation, potentially costing investors millions of dollars. A provisional report, prepared by Deloitte prior to liquidation in March, reveals investors will likely only see a small fraction of the $3 million sunk into the Bendigo Vineyard Estate Pty Ltd project. Under the scheme, investors bought the right to bank land in…