Rationale Asset Management PLC, Value Asset Management PLC and Merydion Corporation Limited were involved in property investment and were previously placed into provisional liquidation in the High Court. A provisional liquidator was appointed and the Official Receiver has responsibilities to protect assets in the possession or under the control of the companies pending the determination…
The Debenhams department store chain is to be wound down after Christmas, with the loss of up to 12,000 jobs and closure of 124 stores in a new blow to the high street. The liquidation of the 240-year-old business came just a day after Philip Greens Arcadia group, the owner of brands including Topshop, Miss…
India may settle for a pre-packaged insolvency regime which is NCLT-facilitated and not entirely outside of the courts purview, said Sudhaker Shukla, whole-time member, IBBI. This is unlike the process in advanced jurisdictions like the UK, where the pre-packs are outside the court process. A pre-packaged insolvency is an agreement between secured creditors and investors…
Any change to the order of payments on insolvency inevitably has consequences on the outcomes for creditors, and is therefore likely to drive changes in behaviour. While some of those changes would have been obvious and anticipated by the legislature, others risk undermining some of the stability that has been brought about by initiatives taken…
By Reuters Staff 2 Min Read DUBAI (Reuters) – Dubai builder Arabtec Holding said on Monday it will go ahead with its earlier plan to file for bankruptcy and liquidation after shareholders did not agree for the company to continue its existing business and seek restructuring. The statement came after a shareholder meeting earlier on…
PUTRAJAYA (Dec 1): A company in the midst of being wound up can still receive damages for defamation as vindication of its reputation and to avoid further disrespect which it may have suffered due to defamatory words published, a senior lawyer told the Federal Court today. Tan Sri Cecil Abraham, who appeared for Raub Australian…
Staff at Debenhams are facing an uncertain future today, after the company confirmed it had started the liquidation process. If completed, that would see the 242-year-old department store cease to exist, with all branches closed and 12,000 jobs lost. As things stand, administrators are still looking for offers “for all or parts of the business”,…
DUBAI: Dubai builder Arabtec Holding is asking shareholders to reverse a decision made in September to proceed with a bankruptcy and liquidation filing, according to a bourse filing on Monday. Instead, the troubled builder is asking shareholders, scheduled to meet at a general assembly meeting on Monday, to approve the continuity and restructure the company,…
Ticket Rocket Those in charge of Ticket Rockets liquidation have painted a grim picture for unsecured creditors. People owed money by a much-maligned ticket company may be out of luck, with liquidators doubting everyone will be paid. Companies associated with Ticket Rocket were placed in receivership in August, after multiple reports the ticket agent was…
image copyrightReutersimage captionArcadia is “an object lesson in what happens if you don’t stay relevant”, said Lord Rose Breaking up the Arcadia retail empire, which includes Topshop, Burton and Dorothy Perkins, is “the only way” forward as it faces collapse, its former chief executive said. Lord Rose, now chairman of Ocado, said “people will come…