In December 2016, a parcel arrived at a house owned by Australian Tax Office deputy commissioner Michael Cranston, addressed to his son Adam. Unbeknownst to Michael, it was a key belonging to an orange Porsche 911 that his son had purchased, allegedly with the proceeds of tax fraud that police would later describe as “unprecedented”. Over…
by Solarina Ho Sears Canada plans to cut jobs and close about a quarter of its stores as it restructures after steady sales declines because of online merchants and big-box retailers. News of the lay-offs and closures comes two weeks after Toronto-based Hudson’s Bay Co, which owns Saks Fifth Avenue and Lord & Taylor, said…
MUMBAI: Financial credit, Pine Forest Products has initiated corporate insolvency resolution process for Zenith Computers, makers of computer and laptops, early this week. Pine Forest Products & Investments issued notice under bankruptcy after the company failed to repay loans despite giving two notices. Zenith Computers owes Rs 1.25 crore to Pine Forest Products while has…
ROBERT KITCHIN/FAIRFAX NZ The bistro ceased trading on June 9. A well-known Wellington restaurant is in liquidation owing more than $300,000 to creditors, after only 18 months under new ownership. Tinakori Bistro, owned by Good Root Co, closed its doors on June 9, after failing to pay back a long list of unsecured creditors. The restaurant, at…
Salim Mehajer, the embattled former deputy mayor of Auburn, has had two of his businesses placed under voluntary administration. Documents lodged with the Australian Securities and Investments Commission (ASIC) reveal both companies – Sydney Project Group Pty Ltd and S.E.T. Services Pty Ltd – had administrators appointed by their board on June 16 over fears of insolvency.…
Brisbane-founded recruitment startup iRecruit made its Shark Tank debut on Tuesday night, but a lot has happened at the company since the television episode was filmed last year. IRecruit attracted $500,000 in pre-launch seed funding in August 2016, but by the time Tuesdays Shark Tank episode went to air, both of the companys co-founders had stepped…
Beena Parmar Moneycontrol News As part of the major push towards resolution of large bad loans this month, bankers will be meeting Thursday to discuss three big steel accounts Essar Steel, Bhushan Steel and Electrosteel Steels as part of the joint lenders’ forum (JLF) to discuss the plan ahead. Banks have outstanding loans worth Rs…
MUMBAI: Banks led by State Bank of India will decide on Thursday the fate of three large defaulters Essar Steel, Bhushan Steel and Electrosteel Steels which constitute nearly half the loans of the top 12 defaulters identified by the Reserve Bank of India, thus marking a significant phase in the effort of lenders to clean…
Mumbai: Share prices of most of the companies identified by the Reserve Bank of India (RBI) for bankruptcy proceedings have fallen sharply as banks move closer to trying them at National Company Law Tribunal (NCLT). For instance, Amtek Auto Ltds share price has fallen 24% since 13 June, the day RBI said its internal advisory…
The Insolvency and Bankruptcy Board of India (IBBI) on Friday notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. The board announced the regulations in exercise of its powers conferred by sections 58, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code,…