MUMBAI: The Department of Telecommunications has refunded Rs 298 crore to Aircel, bringing relief to the bankrupt mobile phone operator that has been struggling to maintain its assets ahead of their sale as part of an ongoing insolvency process and pay its employees their dues. Deloitte, which is overseeing the last leg of a corporate…
Tegeta Exploration and Resources has applied to the Gauteng High Court for the liquidation of its sister company, Oakbay Investments, claiming it owes it R3.8 million in rental and services arrears. Tegeta business rescue practitioner Kurt Knoop says in an affidavit that Oakbay is unable to pay its debts and is therefore liable to be…
With reference to the subject cited above, I would like to inform you that the following matters are the outcome of the 4th Committee of Creditors Meeting of M/s. Southern Online Bio Technologies Limited held on 19th February, 2019.1. Discussed on the 3rd CoC meeting minutes and approved by the members of the CoC2. ……3.…
Lavan has boosted it ranks with the appointment of two new partners in Perth. The firm has appointed Krista Bates as a corporate partner and Lawrence Lee as a restructuring and insolvency partner. Bates is an expert adviser on M&A, disposals, joint ventures, private-equity transactions, schemes of arrangements, corporate governance issues, commercial contracts, and general…
The end is officially near for Payless ShoeSource. Payless late on Monday filed for voluntary Chapter 11 bankruptcy protection. In the filing, the company said that it has approximately $470 million in outstanding debt it cant service. The company has already shut down online sales and plans to close its 2,500 North American stores beginning…
BANKRUPTCY & INSOLVENCY A resolution plan passed under the Insolvency and Bankruptcy Code, 2016 (IBC), binds all stakeholders of the company including any dissenting creditors. Providing a 66% voting threshold by value for approval is a useful tool to ensure that a revival plan is not held to ransom by minority financial creditors. Dhananjay Kumar…
The firm, formerly known as Bosasa, announced on Monday it had opted for voluntary liquidation after banks announced they would close the companys accounts, citing reputational risk. PRETORIA – The liquidation of embattled firm African Global Operations has been broadly welcomed despite the potential loss of more than 4,500 jobs. The firm,…
Dear Sir / Madam, With reference to our earlier disclosure made on 15th February 2019, we would like to inform you that meeting of the 12th Committee of Creditors of Sterling Biotech Limited scheduled to be held on Wednesday, 20th February 2019 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji…
A multimillion-euro facilities management company that has been implicated in a massive public sector corruption scandal in South Africa has gone into voluntary liquidation because local banks have closed all its accounts. On Monday, African Global Operations, which traded under the name Bosasa, said in a statement released by its chairman Joe Gumede that extensive…
Its been just over a year since iconic Australian label Lover, known for its halter-neck-style lace dresses and delicate bridal gowns, entered voluntary administration. The Australian fashion industry shook its collective head at the news of this downfall: another beloved local label had fallen victim to the difficult retail climate, and the industry prepared to…