Stationery chain Paperchase is on the brink of administration after most of its stores were forced to close over the Christmas period. The firm has filed a notice to appoint administrators, a move that will give it breathing space from its creditors while it works out a rescue plan. The company has 127 stores and…
The lenders of debt-ridden Videocon Industries and 12 other group companies will meet on Tuesday under the insolvency resolution process (IRP). The 20th meeting of the consolidated committee of creditors (CoC) of Videocon Industries Ltd and other 12 Videocon group companies, having a consolidated corporate insolvency resolution process, is scheduled to be held on Tuesday,…
Brothers Carlos Enrique De La Cruz Vidal (51), from South East London, and Fernando De La Cruz Vidal (52), from Granada in Spain, are now banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company. Carlos 6-year ban became…
From December 1, 2016 till the end of September last year, total 4,008 CIRPs (Corporate Insolvency Resolution Processes) have commenced under the IBC. The ground seems to be ready to experiment new options for resolution of stress and the market is anticipating a hybrid framework between a court-supervised insolvency framework and an out-of-court restructuring schemes,…
Biopac India Corporation announced that the National Company Law Tribunal (NCLT), Ahmedabad Bench has passed an order on 04 December 2020 for liquidation of the Company under Section 33 of the Insolvency and Bankruptcy Code, 2016. In view of the above, the company has request to stop trading of the company’s shares on BSE. Powered…
What are the main Jersey insolvency procedures for a Jersey company? What is the effect of commencement of Jersey insolvency procedures? What are the powers of the liquidators or the viscount? What transactions can be set aside? How are assets distributed on a creditors’ winding up or dsastre? Insolvency and Jersey trusts Insolvency and Jersey…
2020 marked a retail apocalypse with many major retailers across the country forced to close their doors amid economic pain spurred on by the pandemic and a changing retail space. MOSAIC SHUTS HUNDREDS OF STORES A major retailer to be hit in 2020 was Mosaic Brands, which owns well-known fashion outlets including Rivers, Katies, Rockmans,…
With 2020 coming to an end we look back on the articles that had our Facebook followers clicking that comment, like and share button. When it comes to The Chronicle articles, there were some that were made to be shared on social media. The Chronicle Facebook page has more than 68,000 followers and with that…
A training college for China Southern Airlines pilots operating from Perth’s Jandakot Airport has gone into voluntary liquidation, with more than 60 local staff losing their jobs. Key points: The training college for China Southern Airlines had employed 62 local staff A liquidator hopes to sell the college’s 37 planes and Merredin Airport The Wheatbelt…
Theres a sizable gap between what a company is worth in liquidation and what its worth while still operating, according to University of California at Berkeleys Amir Kermani and Chicago Booths Yueran Ma. Companies going through Chapter 11 restructuring are worth about twice as much when they are going concerns rather than liquidated, they write.…