As many as 360 staff at Rex Airlines have been sacked already and hundreds more are on the chopping block after administrators were called in to run the embattled carrier, with remaining staff told they may not get paid until a new buyer is found. It comes amid speculation that Asia-based private equity firm PAG,…
Owner distress as companies plunge into administration The Examiner Read the original article here
Cycling event organiser Hotchillee has announced that it will be entering liquidation in the coming weeks, citing financial difficulties in recent years as the largest contributor. In a statement posted on the company’s website, founder Sven Thiel said: “Despite our best efforts, the combination of internal matters, ongoing financial challenges following Covid-19 and the Brexit…
Owner distress as companies plunge into administration Bendigo Advertiser Read the original article here
In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (OP3 International)1 the Singapore Court of Appeal considered the trigger for when the director’s duty to consider the interests of creditors is engaged (referred to in the judgment as the Creditor Duty). The Court held that: the Creditor Duty is engaged…
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Cafe company plunged into liquidation Gold Coast Bulletin Read the original article here
The National Company Law Tribunal’s (NCLT) decision to allow the liquidation of the Kishore Biyani-promoted Future Retail Ltd (FRL) adds a fresh twist to a long tale. It comes because no resolution plan was approved by the lenders. In April 2022, the committee of creditors, led by Bank of India, filed an insolvency application against the…
A business renovation company owned by reality TV star Sky Wheatley’s partner is on the brink of collapse after it was unable to pay back its debts. Shopfit Co, run by I’m A Celebrity…Get Me Out Of Here! Australia winner Wheatley’s tradie partner Lachlan Waugh has entered external administration and has been taken over by third party…
James Wang owns electrical supply company JH Market and loves the limelight. But since we exposed his company’s dodgy practices, dozens more tradies have come forward, and it’s now lights out for the company. “James, where’s my money?” his employee Roger asked. “Get your act together, dude. Pay us our money,” customer Ken added. READ…