Liquidations in the British Virgin Islands can be either an insolvent liquidation governed by the Insolvency Act 2003 (as amended), or a solvent liquidation governed by the BVI Business Companies Act (as amended). This article provides a brief overview of insolvent liquidations. Insolvent liquidation The purpose of an insolvent liquidation is to bring a company’s…
The voluntary administration period for Sunshine Coast-based airline Bonza has been extended for another two months. The Federal Court has granted Bonza administrators, Hall Chadwick, extra time to hold a second meeting of creditors. The main purpose of the extension is to provide the Administrators with further time to conduct a sale of Bonza’s business…
Image: Facebook/CarlsJrAU Facebook LinkedIn US burger chain Carl’s Jr has placed its Australian stores into voluntary administration, affecting 24 stores nationwide. CJ’s Group is a licensee of Carl’s Jr. restaurants in Australia and independently owns and operates 24 Carl’s Jr. restaurants. The CJ’s Group also serves as the master licensee to 25 Carl’s Jr. restaurants…
Booktopia was bought by digiDirect owner Shant Kradjian Booktopia entered voluntary administration in early July READ MORE: By Ashley Nickel For Daily Mail Australia Published: 11:29 AEST, 19 August 2024 | Updated: 12:57 AEST, 19 August 2024 One of Australia’s biggest book retailers has been rescued by a buyer after it entered voluntary administration last month. …
The owner of popular fashion accessory brands Colette by Colette Hayman and The Daily Edited has entered voluntary administration. Marquee Retail Group said it aims to keep all 60 stores open while in voluntary administration and has no plans to cuts its 400 workforce. It would be “business as usual”, the company said as it…
Infamous Swim has secured backing of approximately $1 million through a group of entrepreneurs from the tech, e-commerce, fashion and communications sectors, with the founder of the original mummy-and-me swimwear brand confirming the label has been restructured and is now operating in a new company structure with new directors. It comes after the swimwear brand…
Rex Airlines enters voluntary administration The Northern Daily Leader Read the original article here
Rex staff told to provide ‘quality service’ to ‘secure their jobs into the future’ Goulburn Post Read the original article here
The Insolvency and Bankruptcy Code, 2016, has a timeline of 270 days to complete the Corporate Insolvency Resolution Process (CIRP), including any extensions granted. This includes an initial 180 days, plus an additional 90 days in exceptional circumstances. As per the latest figures up to December 2023 released by the Insolvency and Bankruptcy…
DigiDirect’s owner Shant Kradjian has also confirmed his intent to hire 100 extra staff on top of those still remaining, administrators McGrathNicol Restructuring said today. Former staff are also encouraged to rejoin the company. Booktopia has been purchased by digiDirect. (Booktopia) “We are incredibly pleased to have completed the sale of the Booktopia business to…