About $100 million appears to have disappeared from Plutus Payroll, the company at the centre Australia’s largest tax fraud case, according to a first report from liquidators who are now investigating tens of millions of dollars pumped out of the company to related entities and offshore in the past 12 months. In his first report…
AUSTRALIAN luxury goods brand Oroton (ASX: ORL) has warned landlords that if rent is not slashed then more stores will close. Landlords will have to cut Oroton rents by up to 40 per cent within the next few days or the national retailer will shut down stores. This latest development in the…
PERTH restaurateur Scott Taylors company owes at least $3.5 million to creditors. Mr Taylor and his sister Angie Lee Taylor are co-directors of Element WA, the company which ran The Trustee, Beaufort Local and Enriques School for Bullfighting. Element WA was placed in voluntary administration on October 30. Just weeks later, the brother and sister…
NCLT reserves order on SBIs insolvency proceedings against the infrastructure firm IVRCL Limited, once one of the fastest growing infrastructure companies, and which ruled the sector for nearly two decades, today faces an uphill task to get back its mojo, bogged down as it is by piles of debt. The latest move to bring the…
Saturday, 13 January 2018 10:55AM Email IconNick Taylor Pek Cowan (right) is expected to play for the new-look Western Force.Picture: Picture: Getty Images The new Western Force will recruit high-profile players for both their national rugby and Indo Pacific championship teams. A hit list of signings has been drawn up as mining billionaire Andrew Forrests…
State Bank of India (SBI) has initiated Corporate Insolvency Resolution Process against infrastructure developer IVRCL Ltd. The Bank has initiated the process under the Insolvency and Bankruptcy Code 2016 and filed an application under Regulation 7 of the Code with the National Company Law Tribunal (NCLT). The hearing on the application was held on January…
OUTDOOR adventure gear company Mountain Designs has made the difficult decision to close one in three stores in 2018. Shops at Joondalup, Wagga Wagga, Toowong and Dubbo closed on January 7 followed by branches at Cannington, Bendigo, Toowoomba and Wollongong on January 10, according to a statement from the company. Stores at Pacific Fair, Ashmore,…
A liquidation company will be auctioning off assets from the former Saskatchewan Transportation Company starting next month. Everything from power tools to file cabinets will be sold through an online auction run by Hilco Industrial out of Ontario. The province sold the assets to the international liquidation company in December, saying it was the most-affordable…
State Bank of India (SBI) has initiated Corporate Insolvency Resolution Process against infrastructure developer IVRCL Ltd. The Bank has initiated the process under the Insolvency and Bankruptcy Code 2016 and filed an application under Regulation 7 of the Code with the National Company Law Tribunal (NCLT). The hearing on the application was held on January…
Rare Asset Reconstruction Pvt Ltd.s resolution plan got approval of 14.31 percent of the financial creditors against the minimum requirement of 75 percent. The employees of the company, who feared liquidation and loss of livelihood, sought to repay the secured lenders and address issues of all other stakeholders, the order said. Chief Commercial Officer Pawan…