SINGAPORE – A $14 million fundraising plan by former Cathay Cineplexes operator mm2 Asia to raise monies for debt repayment through a share placement has fallen through, the entertainment company said on April 1. The placement agreement, which aimed to offer some 1.9 billion shares at a minimum of 0.8 cent apiece, “has lapsed and…
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Patel said the whole sell-down process took 11 days from the date of the liquidation. A statement of affairs shows secured creditors are owed more than $1m, including around $550,000 to the Bank of New Zealand. Inland Revenue is owed around $425,000 in preferential claims and a further $434,000 in unsecured claims. Unsecured trade creditors…
Financial Services Bureau: Current Debt Restructuring Statutory Mechanism Reduces Risk of Forced Liquidation for Companies AASTOCKS.com Read the original article here
Cotton On Says Not Closing Stores Or Exiting Asia Bernama Read the original article here
Company voluntary liquidations ‘returning to normal levels’ – Deloitte Business Post Read the original article here
There were 213 corporate insolvency appointments in the first three months of the year, according to analysis by Deloitte, a 3% rise compared to the same period last year. Deloitte said early indications suggest retail sector insolvencies are up totalling 30, or 14% of insolvencies. While hospitality insolvencies were down by 27% ahead of the…
Northumberland Reform councillor’s defunct companies owed millions to creditors BBC Read the original article here
© Adobe stock 964336746 Policy Context The current regime of insolvency laws and processes fails to deal with company directors in a convincing manner due to ambiguity, lack of coordination, and difficulties in enforcement. The main rules governing the liability of directors in cases of corporate insolvency can be found both…
Halo Advisory has identified a stark correlation between global oil prices and the rate of corporate insolvency appointments in Australia. The findings, drawn from ASIC insolvency records, RBA cash rate data, and ABS statistics, suggest that the current volatility in the Middle East could be the “Tipping Point“ for thousands of SMEs already struggling with…