After months of a divestment strategy and restructuring program to reduce debt, Mighty Craft has gone into voluntary administration after the collapse of a proposed merger with Better Beer. Liam Healey and Quintin Olde from restructuring company, Ankura, have been appointed administrators. Mighty Craft also had a debt repayment deadline looming, having reached an agreement…
By Peter Roberts Vanadium flow battery manufacturer Redflow has gone into voluntary administration after failing to secure new funds from investors. The company, which manufactures its Australian developed batteries in Thailand, has appointed Richard Hughes and David Orr from Deloitte as administrators. Redflow was one of the first to launch a commercial vanadium flow battery…
Mumbai: Anil Dhirubhai Ambani Ventures Pvt. Ltd (ADAVL) has filed a fresh interlocutory application in the National Company Law Tribunal (NCLT) seeking the court’s intervention to direct Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to stop using the brand ‘Reliance’ once the resolution plan is implemented. In February, the NCLT had approved IIHL’s takeover of…
India’s insolvency regulator, the Insolvency and Bankruptcy Board of India (IBBI), has proposed that MSMEs undergoing insolvency resolution should disclose whether they are formally registered as a micro, small or medium enterprise with the government. In accordance with the MSME Development Act, 2006, enterprises are required to register on the MSME Ministry’s Udyam Registration portal…
The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12…
Australia’s first plant-protein isolate manufacturer, Australian Plant Proteins (APP), has entered voluntary administration, with industry leaders expressing frustration at the lack of government support, a reliance on imports, and drop in R&D investment in a sector with “enormous opportunity” for Australia. Australian Plant Proteins co-founders Brendan McKeegan and Phil McFarlane. (Source: Australian Plant Proteins) APP…
Tokyo | China Evergrande Group, the property developer at the centre of China’s real estate crisis, will be broken up and liquidated under a Hong Kong court order, in a move which has sent shockwaves through the country’s financial system and could ultimately weaken demand for Australian exports. While Evergrande has a limited presence in…
The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12…
Chinese property developer Kaisa has reached an agreement with creditors for partial repayment of its debt, the company said Tuesday, a positive development as it battles to avoid liquidation. Real estate once served as a vital growth engine for the world’s second-largest economy, undergoing two decades of dazzling expansion as living standards rose across the…
After eight years of financial heartbreak and court battles, the liquidator of Clive Palmer’s former Queensland Nickel refinery says it has paid the company’s creditors in full. The Yabulu Nickel Refinery, owned by Queensland Nickel Industries, was the Townsville region’s largest private employer when it collapsed in 2016, owing hundreds of millions of dollars. More…