Etihad Airways has contacted the lenders to revive the non-functioning airlines, Jet Airways, weeks after the National Company Law Tribunal (NCLT) has approved the corporate insolvency resolution process (CIRP) against the Jet Airways, reported by Economic Times. While Etihad has shown interest in participating in the CIRP of Jet, lenders have asked them to look…
Voluntary Administration Process Commences for Bradbury Industrial Services Pty Ltd Bradbury Industrial Services Pty Ltd (Bradbury Industrial) today announced that it has appointed Trent Hancock of PKF Chartered Accountants as Voluntary Administrator. Bradbury Industrial has made this difficult but prudent decision due to solvency concerns. As Administrator, Mr Trent Hancock and the PKF team will…
The boost in revenues helped deliver higher pre-tax profits of 3.5m, up from 2.3m in 2018. The results for the year to 30 April 2019 show continued growth for the company which has achieved compound annual growth in adjusted earnings per share of 14% over the past four years. The board is recommending an increase…
A well known Tasmanian businessman and a wine industry identity are the new owners of Winemaking Tasmania. The Cambridge facility was placed into voluntary administration in May and the assets have been sold to Tasmanian Vintners. Rod Roberts and Peter Fogarty are equal partners in the company which has offered all employees ongoing jobs. Read…
With the UK-based Liberty House Group failing to implement its resolution plan, the Cuttack Bench of the National Company Law Tribunal (NCLT) on Monday passed order for liquidation of Adhunik Metaliks Ltd and group company Zion Steel. The Bench, comprising Justice M B Gosavi, Member (Judicial), cancelled the resolution plan of Liberty House and ordered…
A TASMANIAN businessman and a national winemaker have saved one of the states premier wine and cider producers, which had entered voluntary administration. Winemaking Tasmania will be renamed Tasmanian Vintners after being jointly taken over by Western Australias largest winemaker, the Fogarty Wine Group, and a family company run by former Webster Limited managing director…
This week in fashion, Debenhams closes its only Australian store and Stockholm Fashion Week has been cancelled to shine a light on sustainability. Find these stories and more as we uncover the top international fashion news of the week. Debenhams Closes Store in Australia Debenhams has entered voluntary administration and is closing its only store…
Hes Australias makeup king but Napoleon Perdis has stood down from his own cosmetics empire. Beauty lovers were shocked earlier this year when it was revealed that Napoleon Perdis Cosmetics had appointed administrators after racking up debts of $22.8 million. A stocktake sale was immediately announced, followed by the closure of dozens of stores across…
One man presides over most, if not all, of the corporate insolvency resolution cases in the country ever since the Insolvency and Bankruptcy Code came into force in 2016. Justice Sudhansu Jyoti Mukhopadhaya, a 69-year-old retired Supreme Court judge, has headed the National Company Law Appellate Tribunal since its inception in June 2016 and all…
Our wholly owned subsidiary, JSW Steel Coated Products Limited (JSWSCPL) had submitted a resolution plan for Asian Colour Coated Ispat Limited (ACCIL), a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (Code). The Committee of Creditors of ACCIL has issued a Letter of Intent (LOI) dated 6th July, 2019 to JSWSCPL…