A businessman and his mother have been restricted for five years from acting as directors of any company, unless it meets certain requirements, after the High Court found they failed to keep proper books and records for their liquidated hairdressing supplies and beauty treatments business. Warren Logan was executive director of Hairspray Wholesalers Ltd, Fashion…
About 13 percent of corporate insolvency resolution processes (CIRPs) until the end of March 2019 wereresolved, while 53 percent cases ended in liquidation, according to data from the Insolvency and Bankruptcy Board of India (IBBI). Average realisation by financial creditors as a share of claims was only 43 percent. In its report, the IBBI said…
Factory seconds appliance retailer 2nds World has collapsed after 35 years in business. The chain was placed into the voluntary administration of chartered accounting firm De Vries Tayeh on April 15. 2nds World has a long-running history, currently selling discounted appliances to retail customers and commercial clients. 2nds World is also a member of Australias…
KOLKATA: Banks would realise just about a quarter of their claims from 12 corporate debt resolution cases in the January-March period, dashing hopes for higher bad loan recovery in the last quarter of the fiscal. The lenders will receive merely 17% of the Rs 29500 crore dues from Alok Industries, raising doubts over the future…
Another Australian success story is facing a sharp plot-twist, with Ellery filing for liquidation and citing poor strategic decisions in its wake. Last week Ellery closed its Sydney-based production facility Elleryland after over a decade of manufacturing and exporting from Australia. In mid-April it closed its Sydney stores and made 22 staff redundant. I…
A BANKRUPT Zilzie company has had their block of land sold from under them as they racked up five years of unpaid rates. Ray White Yeppoon held an auction on behalf of Livingstone Shire Council last month for a 693m2 block of land at 85 Cocoanut Point Dr, Zilzie. There were originally 18 properties that…
Lawyer and client shaking hands. Source: Pexels Below is a list of the top and leading Bankruptcy Lawyers in Sydney. To help you find the best Bankruptcy Lawyers located near you in Sydney, we put together our own list based on this rating points list. This article is updated every 3-4 months. Sydneys Best Bankruptcy…
Earlier in April, Ms Ellery removed her name from the Australian company, changing it from Ellery Land to a catchy-sounding ACN 124 374 358 Pty Ltd, the Australian company number. The brand hosted a “mega sale” at Paddington Town Hall this month with up to 90 per cent off never-before-seen pieces. Renowned for its exaggerated…
New Delhi: Resolution plans under IBC have yielded 200 per cent of liquidation value for creditors in addition to rescuing viable firms, IBBI Chairperson M S Sahoo has said. “They are realising, on an average, 45 per cent of their claims through resolutions plans under the Corporate Insolvency Resolution Process (CIRP), which takes on average…
Disclosure under Regulation 30(2) read with Schedule III of Securities and Exchange Board of India (LODR) Regulations, 2015 – Post – facto Outcome of the Second Meeting of Committee of Creditors of Punj Lloyd Limited Dear Sir/Madam, Pursuant to Regulation 30 (2) of Securities and Exchange Board Of India (Listing Obligations & Disclosure Requirements) Regulations,…