Sears Canada Inc.’s top executive is making a last-ditch attempt to avoid the company’s liquidation after a court-appointed monitor proposed asset sales that undercut his pending bid to keep some stores in business. A special committee of the Sears Canada board is weighing whether its executive chairman can keep a slimmed-down version of the retailer…
An Australian male health company which promised to help men lose weight and increase their libido through testosterone “restoration” treatments has been fined $127,500 for unlawful advertising. Key points: Australian Male Hormone Clinic fined for misleading advertising The company promised weight loss and increased libido It’s the first corporation to be fined for health…
STEELY RESOLVE: AJ Ogilvy. Picture: Adam McLean THERE are few certainties in life apart from death, taxes and the Illawarra Hawks being written off ahead of another NBL campaign. The latter occurred in coach Rob Beveridges first season in Wollongong as the club came out of voluntary administration. That hastily assembled roster reached the semi-finals with…
DEAN KOZANIC/STUFF Christchurch businessman Bert Govan: ‘We want to say how sorry we are.” Christchurch-based Challenge Steel has been placed into voluntary liquidation one year after it was launched by businessman Bert Govan. Govan has held meetings with liquidator BDO and the clients and creditors understood to be owed several million dollars, apologising for the failure. Other Challenge Steel directors Tony Sewell,…
IFCI has filed the petition against the Kolkata-based company under Section 7 of the Insolvency and Bankruptcy Code (IBC). State-run lender IFCI has filed an insolvency petition against Jai Balaji Industries (JBIL) at the Kolkata bench of the National Company Law Tribunal (NCLT), seeking the initiation of corporate insolvency process against the steelmaker over unpaid…
Companies Tuesday, October 3, 2017 9:32 By PHILIP MUYANGA A past meeting at one of PrideInn hotels in Mombasa. FILE PHOTO | KEVIN ODIT | NMG PrideInn Hotels and Investments Ltd has been put under liquidation for inability to pay a Sh69.3 million debt. High Court Judge Patrick Otieno allowed the winding up petition…
ANNOUNCEMENT RE INTERIM DIVIDEND AND WINDING-UP CIRCULAR Interim Dividend Following significant further realisations from the VCT qualifying portfolio, the Board is pleased to announce that it has approved an interim dividend of 45p per Share. The ex-dividend date will be 12 October 2017 and the record date 13 October 2017. The dividend will be paid…
Giving the largest creditor untramelled rights is neither in line with the IBC nor should it be the legislative intent. (Image: Reuters) Abir Roy The Insolvency and Bankruptcy Code (IBC) has been dubbed a game-changer in corporate circles, and the intent of the legislationto see whether corporate debtors can be put back on their feet…
Uncertainties cloud over approvals required for implementing sanctioned plans It has been a hectic first year for the insolvency regulator, which hit the ground running. A year ago, when M S Sahoo went to work in a small room in the building of the Institute of Cost Accountants of India, there were…
Asserting that resolution plans should balance interests of all stakeholders, IBBI chief M S Sahoo has said operationalising the individual insolvency framework as well as developing the market for interim finance are among the priorities for the regulator. In one year of existence, the Insolvency and Bankruptcy Board of India (IBBI) has already put in…