This was on the side-lines of the insolvency week celebrations held in Kampala. In October last year, Uchumi supermarket folded Official receivers from the five East African states have called for harmonization of the insolvency laws in the region, to enable cross boarder insolvency practice, and alleviate suppliers from losses, whenever a regional company folds.…
CHRIS SKELTON/FAIRFAX NZ Pumpkin Patch worker Denise Henry never thought about leaving the company because she always hoped things would one day look up. Twelve years on and she looks to lose her job with only holiday pay. Pumpkin Patch worker Denise Henry faces a New Year without a job after the shock collapse of…
CHRIS SKELTON/FAIRFAX NZ Pumpkin Patch worker Denise Henry never thought about leaving the company because she always hoped things would one day look up. Twelve years on and she looks to lose her job with only holiday pay. Pumpkin Patch worker Denise Henry faces a New Year without a job after the shock collapse of…
Insolvency Office statistics reveal that the company liquidation rate in England and Wales is at its lowest level since records began in 1984. There has been a continuous downward trend in the rate since 2011. In the 12 months to the end of September 2016, 0.41 per cent of active companies (about one in 244)…
Image: Closed Pie Face store in Sydney via Wikipedia. Pie Face went into voluntary administration in 2014 while it was operating 70 company-owned and franchised stores within Australia. Following the closure of 20 outlets and a restructure of the business, Pie Face came out of administration early last year. After falling into receivership late last month, the business…
* CA Sri Lanka, BRIPASL and Registrar of Companies focuses on how to restructure and revive companies Sat, Nov 26, 2016, 07:30 am SL Time, ColomboPage News Desk, Sri Lanka. Nov 26, Colombo: The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), together with the Business Recovery and Insolvency Practitioners Association of Sri…
ROCKWELL Diamonds has suspended operations at its Wouterspan plant in South Africas Northern Cape following a contract dispute with a mining contractor that has subsequently applied for the liquidation of Rockwell subsidiary companies. The mining contractor C-Rock Mining (CML) has also filed for a spoliation order which, if granted by the court, sees certain equipment…
DESPITE Payless Shoes moving in voluntary administration nationally, it is understood the Gympie store will continue to operate in the indefinite future. While staff at the store are unable to directly comment, according to a media spokesman a number of decisions on the final outcome of the process still need to be decided. “Payless Shoes…
Under the proposed new rules a business would be given up to four months “breathing space” from enforcement actions from creditors to give it time to negotiate debt restructuring, the Commission said. Minority creditors and shareholders should not be able to block restructuring plans, although their “legitimate interests” will be protected, it said, while workers…
The IBBI has notified two sets of regulations. The Dollar Business Bureau The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday notified two regulations; one of them will allow not-for-profit companies having a minimum net worth of Rs 10 crore to act as an insolvency professional agency under the Insolvency and Bankruptcy Code. The…