The Insolvency and Bankruptcy Code, 2016 has been hailed as bringing a new dimension to business funding in India. While it is expected to change funding patterns dramatically, short-term pain can be quite deep. The resolution process under the Code entails a comprehensive restructuring process for the corporate debtor (i.e. company) such as changes of…
While the Joint Plan of Liquidation remains subject to further revision by the Plan Proponents, the Bankruptcy Court has scheduled a hearing on February 12, 2018 to consider the confirmation of the Joint Plan of Liquidation. The Debtors can provide no assurance that the Bankruptcy Court will confirm the Joint Plan of Liquidation at such…
One of Western Australia’s largest commercial builders has suspended trading as it reviews its “financial viability”. Jolimont-based Cooper & Oxley sent a letter via email to its subcontractors yesterday instructing them to stop work, saying it was not in a position to pay any accounts at present. The company later put out a statement…
The former director of a Victorian business has pleaded guilty to illegally withdrawing funds from her business while in liquidation, despite the business having debts of over $700,000. Lorraine Bullock is a former director of Twenty12, a liquor store that operated in Healesville, Victoria. The company was put into liquidation in October 2015, with multiple creditors…
Private equity giant Blackstone, drugmakers Strides Shasun and Nectar Lifesciences are ahead in the race to acquire debt-laden Orchid Pharma, The Economic Times reported citing two persons aware of the development. Dr.Reddys Laboratories and Aurobindo Pharma are no longer in contention for Orchid Pharma, the report said. Orchid Pharma is undergoing a corporate insolvency resolution…
A West Australian builder with a long history of delivering major commercial projects has reportedly written to subcontractors warning them to down tools as the company reviews its “financial viability”. Cooper & Oxley is more than 60 years old and has delivered more than $2 billion in projects over the past decade, including the 1309 Hay Street Hotel Development, Baldivis Senior College…
Date: 04.02.2018 Sydney bus manufacturer Custom Bus has laid off more than 100 staff after going into voluntary administration on January 18. Custom Bus went into voluntary administration on January 18 The Australian Manufacturing Workers Union (AMWU) says 109…
There are now over 700 operational PFI/PPP projects in England and Wales across all sectors, with a capital value of over £60 billion. More interestingly, over £200bn remains outstanding to be paid to the private sector for the provision of services over the remainder of the contract term, making the potential scale of the issue…
Some breather Calcutta: Corporate resolution of financially stressed companies under Insolvency and Bankruptcy Code, 2016 received a leg up in the Union budget after the Centre allowed multiple tax relief to iron out some of the glitches from the process. The government allowed bidders to suck the benefit of unabsorbed depreciation or huge losses when…
Related Story: Custom Coaches jobs to go despite sale to consortium Related Story: Jobs to go as Custom Coaches closes in Adelaide A New South Wales bus manufacturer looks set to close after laying off more than 120 staff this week, with their union laying blame on the State…