Cred Inc., a cryptocurrency services company, won bankruptcy court permission to solicit votes on its Chapter 11 liquidation plan that would create a trust to pay back unsecured creditors. Unsecured creditors hold $162.8 million in claims, according to court filings. But the combined plan and disclosure statement, approved Thursday solely for vote solicitation purposes, doesnt…
Insolvency and Bankruptcy Code 2016 (IBC), in a span of four years, has turned out to be the proverbial giant in the annals of Indian corporate law. The legislation catapulted India from a lowly 142 in 2014 to 63 in 2019 in World Banks Doing Business rankings. Though not a recovery mechanism, IBC resulted in…
A former registered liquidator from Lewisham, New South Wales, Ms Amanda Young, has pleaded guilty to one count of fraud relating to the liquidation of St Gregorys Armenian School Inc (St Gregorys) and one count of dishonestly using her position as liquidator of Mamak Pty Ltd (Mamak). ASIC alleged that between 10 December 2017 and…
More than 12,500 firms across the North East are now in financial difficulty, latest research reveals, with business trade bodies warning the figure is just the tip of the iceberg. Business distress has soared by 31% across the region since the end of 2019, with more than 3,000 more businesses now reporting financial trouble, according…
By Wayne Robinson | 20 January 2021 One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m. Magnify in administration: John Duplock Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being…
Lotus Dining Group Pty Ltd is a dormant holding company which doesn’t trade or operate any restaurant and its voluntarily liquidation did not impact on the operation and trading of Lotus restaurants. Lotus temporarily closed all but its Barangaroo restaurant in March due to lockdown laws imposed at the height of the pandemic. “It is…
Real estate firm The Agency has made a bid in court to fight an administration action brought by a former director over a disputed fee, winning a ruling that the administration will end on February 1. The ruling is subject to the real estate group paying$400,000 into the court by January 22. Investment group Magnolia…
THE Singapore Exchange (SGX) has raised queries regarding New Silkroutes Group’s wholly-owned oil-trading subsidiary, International Energy Group (IEG), which the group has not been successful in winding up. The agreement for the disposal of IEG to TK Energy lapsed on June 30 last year, after the buyer failed to disburse loans to New Silkroutes Capital…
By Wayne Robinson | 20 January 2021 One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m. Magnify in administration: John Duplock Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being…
By Wayne Robinson | 20 January 2021 Ascent Partners has formed a strategic alliance with turnaround professionals Rodgers Reidy / TBA Solutions, in order to provide Australian printers who have experienced significant sustained downturns, with options for the pathway forward. Options for printers: (l-r) Brent Morgan, director, Rodgers Reidy and Richard Rasmussen, director, Ascent Partners…