With Dick Smith entering receivership and home furnishings company Laura Ashley Australia appointing administrators this week, you might be forgiven for thinking that January is a particularly bad time for corporate collapses. Receivers were appointed to Dick Smith on Tuesday, with the electronic retailers 393 Australian and New Zealand stores no longer honouring outstanding gift…
by Patrick Hatch and Sally Rose Dick Smith has gone into voluntary administration, with receivers appointed to try to claw back debt owed to the company’s creditors. The electronics goods chain entered a share trading halt on Monday, pending an announcement about its “funding position and debt financing covenants”, and on Tuesday morning it announced that advisory firm McGrath Nicol…
United Kingdom Financial institutions – Secured recoveries 07-01-2016 In this update: Secured recoveries litigation Sales in possession Case law update Our case law update includes coverage of the following key cases on secured recoveries, title rectification and sales in possession. Download the update. Does an LPA Receiver owe any duties to a bankrupt borrower? Rajinder…
Yes, Chanticleer (“Dick Smith receivership gets the drums beating on risk“, January 8), Dick Smith is indeed a lesson to all. And yes, there are actually plenty of convenient targets too. Not just investors who swallowed the bait hook, line and sinker. What about private equity managers who dress up companies with slick financial engineering and often…
Comments Print /License AA United States Steel Corp., which cut its ties with its Canadian unit last fall, says a liquidation of the business should be considered. The Canadian company, now independent, but operating in creditor protection under the umbrella of the Companies Creditors Arrangement Act as U.S. Steel Canada Inc. (USSC), is seeking court…
Home furnishings company Laura Ashley Australia has collapsed into voluntary administration. External directors were called in to manage the business today, with Ross Blakeley from Quentin Olde and John Park from FTI Consulting appointed as administrators. Laura Ashely was founded in Australia in 1971 and operates 38 stores in Australia and four in New Zealand…
A photography business alleged to have taken advantage of vulnerable consumers has collapsed into voluntary administration. Lifestyle Photographers, which formally traded as Expression Sessions, appointed external managers on Monday. Dragan Ljubic from Tribeca Advisory has been appointed administrator, with the first creditors meeting due to be held on January, 14 in Parramatta, New South…
1/6/2016 – by World Grain Staff WINNIPEG, MANITOBA, CANADA LWP Capital Inc., formerly known as Legumex Walker, announced on Jan. 5 that it has completed liquidation of its business. The company also announced its wholly owned subsidiary has completed the divestiture of its 84% ownership interest in Pacific Coast Canola LLC (PCC) to…
©iStock Thousands of entrepreneurs are expected to liquidate their companies over the next three months amid fears that an imminent tightening of the tax rules will more than triple their bills. Advisers said many small company owners were drawing up plans to lock in tax rates as low as 10 per cent when they extract…
Borrowers who took out loans from payday lender Cash Genie have been urged to come forward to claim compensation after the firm went into liquidation. The company, which offered short-term loans at an annual interest rate of 2,986%, was hit with a £20m compensation bill in July 2015 after it admitted to the financial regulator…