Ostwald Bros, a Queensland-based engineering and construction company servicing the mining and agriculture sectors has placed itself into voluntary administration, putting nearly 470 jobs at risk. Derrick Vickers and Sam Marsden of PriceWaterhouse Coopers Australia (PwC) have been appointed voluntary administrators of Ostwald Bros Pty Ltd, and two related entities; Ostwald Bros Civil Pty Ltd and Ostwald Bros Construction…
Mumbai, Sep 8 () State Bank chairman Arundhati Bhattacharya today urged small and medium enterprises (SMEs) to focus on raising funds through equity instead of debt to drive their businesses in a healthier manner. She said SMEs’ relying more on debt for their growth capital in the initial stage of their business put pressure on…
A file photo of DBS Bank. Photo: Bloomberg New Delhi: Edible oil maker Ruchi Soya Industries Ltd on Friday said its creditors DBS Bank and Standard Chartered Bank have filed applications with the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. In two separate BSE filings, Ruchi Soya said that it…
Murdoch in Australia TV network bid after law changes Sydney (AFP) – News Corporation co-chair Lachlan Murdoch on Friday launched a bid for Australia’s third-largest television network after the government struck a deal to make controversial changes to media ownership laws. US broadcaster CBS last month secured an agreement to buy the Ten Network, which…
Latest News Empire Oil & Gas subsidiary Empire Oil Company has entered voluntary administration shortly after going into receivership. The Empire subsidiary entered receivership yesterday after lender Mineral Resources issued the company a default notice for a $15 million loan and a deed of appointment of receivers and managers. Deloitte was then appointed as receivers and managers of…
A 66-year-old West Australian man has been charged after he allegedly sold bank notes and coins belonging to investors and pocketed the proceeds. The man was the director of the Albany-based Rare Coin Company, which went into liquidation in 2013, and police say he lied to 20 investors about having not sold currency worth about…
As head of many consortia, top bank wants to ring-fence investment banking, advisory services Mumbai, September 13: As the leader of several lending consortia, State Bank of India, through its investment banking arm SBI Capital Markets, is looking at setting up a unit to house insolvency resolution professionals (IRPs), who will take charge of the…
Administrators of embattled online retailer SurfStitch Group will kick off a formal sale process in the next week after receiving “multiple” approaches from potential buyers. FTI Consulting director John Park said the administrators would go to market towards the end of this week or early next week seeking interest in a recapitalisation of the SurfStitch Group and offers for its…
SAVED: Former Arrium Administrator Mark Mentha had to battle against the odds to rescue Arrium from its debt. With the sale of Liberty OneSteel, formerly Arrium, now complete, former Administrator Mark Mentha looks back on the long journey to this point. Introduction Arriums Whyalla operation had been under significant pressure for a sustained period before…
The NCLT bench heard the arguments raised by both the parties and reserved the order. The Chennai bench of National Company Law Tribunal (NCLT) on Tuesday reserved order on the insolvency case filed against the now-defunct homestay start-up Stayzilla by city-based Jigsaw Solutions. The NCLT bench heard the arguments raised by both the parties and…