Balmain Tigers have demonstrated their traditional fighting spirit, staving off voluntary administration by negotiating a significant financial contribution from Heworth Pty Ltd, the developer who took control of their Rozelle site 18 months ago. Rumours have swirled for days that Balmain, a 1908 foundation club, would be forced into voluntary administration, almost 10 years to…
Luke Baylis is back in charge at SumoSalad, heading up the healthy fast food chain after putting the business into voluntary administration in July this year. Weve had a full bill of health. The team have been incredibly supportive, they are very passionate. Its been a tough time but its been incredibly positive and a fresh start…
12 September 2018 Egypt’s Ministry of Public Sector has announced that the National Cement Co (NCC) has fallen into liquidation. NCC’s kiln lines had been shutdown since 31 May 2018. Minister Hisham Tawfik announced that the company had lost EGP900bn (US$50bn) in the past year. The factory is also heavily in debt, owing EGP4.4bn…
Business rescue practitioners appointed to save a Gupta business have filed an application for the liquidation of the Gupta’s flagship company, Oakbay Investments, as a result of its failure to pay rent to another Gupta-owned company, Tegeta. In court papers filed in the Johannesburg High Court on Tuesday, Kurt Knoop, one of the business rescue…
The total debt of Jaypee group has crossed over 70,000 crore and the same has come down below 30,000 crore after the group sold cement and other businesses. Photo: Mint New Delhi: Leading private sector lender ICICI Bank has filed insolvency petition against Jaiprakash Associates before the National Company Law Tribunal (NCLT). The Allahabad bench…
Business rescue practitioners appointed to save a Gupta business have filed an application for the liquidation of the Gupta’s flagship company, Oakbay Investments, as a result of its failure to pay rent to another Gupta-owned company, Tegeta. In court papers filed in the Johannesburg High Court on Tuesday, Kurt Knoop, one of the business rescue…
It proposes a new regulatory regime for said schemes. The Ministry of Law submitted a bill to update insolvency and debt restructuring laws for first reading in the Parliament, an announcement revealed. Upon the bills passage, the Bankruptcy Act will be repealed whilst the provisions in the Companies Act relating to corporate insolvency and restructuring…
NEW DELHI: Oriental Bank of Commerce has approached the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against debt-ridden Simbhaoli Sugars. The sugar company informed the OBC has filed an application with the NCLT, Allahabad seeking initiation of the corporate insolvency resolution process under section 7 of the Insolvency and Bankruptcy Code, 2016, it…
Victorias largest independent butcher, Tasman Market Fresh Meats Pty Ltd, has fallen into voluntary administration. The company, which traded as Tasman Butchers, appointed administrators David McEvoy and Martin Ford of PricewaterhouseCoopers Australia last Friday. An urgent sale process is now underway, while the companys network of 17 stores in Melbourne and regional Victoria will continue…
NEW YORK–(BUSINESS WIRE)–American Capital Senior Floating, Ltd. (ACSF or the Company) announced today that, in connection with the Plan of Complete Liquidation and Dissolution of the Company (the Plan), the Companys Board of Directors (the Board) has approved a final liquidating distribution of $3.69 per share (such distribution, the Final Liquidating Distribution). The Final Liquidating…