Liberty Joseph Durant (70), Joseph Price (54) and David Alan Borland (66) appeared at Lincoln Crown Court on 12 November 2018 where in addition to the director disqualifications, they received suspended prison sentences. The court heard that Classic Caravans Limited, based in Sleaford, Lincolnshire, was incorporated in November 2008, where it manufactured and serviced caravans.…
The Supreme Court has confirmed UltraTech Cement Ltd. as the winning bidder for insolvent Binani Cement Ltd. In doing so the apex court has upheld last weeks decision by the National Company Law Tribunal and dismissed a petition by competing bidder Rajputana Properties Ltd, owned by the Dalmia Bharat Group. This decision works to the…
We would like to inform you that the 3rd meeting of Committee of Creditors of Sterling International Enterprises Limited is scheduled to be held on Monday, 19th November 2018 at 12:30 P.M. IST at SREI Infrastructure Finance Limited, Paradise Building, 51K/51L, Bhulabhai Desai Road, Near Shyam Niwas & Benzer Showroom, Breach Candy, Mumbai-400026 Maharashtra, India.…
After our last story on Telltale Games in September, things have progressed and the game company is now gone for good. News broke in the US this week confirming that Telltale Games has entered into liquidation and will basically cease to exist come end of November. The process essentially involves a sell-off of all the…
SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) today announced dividends on eleven series of preferred stock. A quarterly cash dividend of $18.75 per share was declared on its 7.50% non-cumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which is traded on the New York Stock Exchange under the…
Waimea Contract Carriers Ltd has all but traded its way out of voluntary administration and paid back its creditors an outcome described as rare by one administrator. The transport company, based about 16km south of Nelson, was placed in voluntary administration (VA) on March 30, 2015 with debts of more than $16 million. Administrator Richard…
A Buxton shoe firm which employed 50 staff has gone into voluntary liquidation. The decision was taken after Bells Shoes lost an account with Clarks which accounted for nearly half of the firms 18m turnover. Redfoot Shoes, which is based in Bacup in East Lancashire, has announced it is investing over 1m to develop the…
Prefabrication and lightweight timber builder Strongbuild was placed into voluntary administration at 9 am on Thursday morning after Frasers Australia pulled out of a contract just two weeks from commencement leaving a massive $6 million gap in expected earnings. Strongbuild managing director Adam Strong told The Fifth Estate, was that a lending facility that had…
Reform of UK corporate insolvency and restructuring frameworks is desperately needed. That is the message from accountants and industry insiders as the UK fails to improve its standing in the World Bank insolvency rankings. While the UK stands still at 14th place, other countries have worked hard to improve their insolvency and restructuring frameworks. For…
The resolution of corporate debtors under the Insolvency and Bankruptcy Code (IBC), nearly two years since its inception, is facing a significant challenge to resolve cases in a time-bound manner. Delays in the Corporate Insolvency Resolution Process (CIRP) and the significant rise in the number of applications being moved against defaulting corporations, are a…