A RISING number of bosses have decided to close their businesses after spending well over a year trying to survive the pandemic, an insolvency expert says. Corporate insolvencies fell slightly in July compared with the previous month, but year-on-year figures were up substantially for the third month in a row. Southampton-based Mike Pavitt, immediate past…
Interim resolution professionals (IRPs) and resolution professionals (RPs) have now got the formal recognition of income tax authorities for dealing with the tax matters of the corporates that are undergoing Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC). The Central Board of Direct Taxes (CBDT) in the Finance Ministry has made…
Two years after its launch on Ch. 75, shopping channel has entered voluntary administration. Home-shopping channel OpenShop went into voluntary administration earlier this month just two years after launch, reportedly owing about $120,000 to its employees. The Sydney Morning Herald reports OpenShop operated by The Australian Shopping Network, launched in August 201 on Sevens Ch…
Aurobindo Pharma, Cadila Healthcare, UPL and two other companies are in the fray to acquire bankrupt Sterling Biotech Ltd. through the liquidation process. The other two companies in the race are ACG Associated Capsules and Gland Celsus Bio Chemicals. Last month, the liquidator had invited bids for the liquidation process of Sterling Biotech to sell…
Aurobindo Pharma, and are among five companies in the race to acquire bankrupt Sterling Biotech through the liquidation process. The other two are integrated pharmaceutical manufacturing solutions company ACG Associated Capsules and Gland Celsus Bio Chemicals. The liquidator had invited bids on July 21 for the worlds sixth-largest manufacturer of pharmaceutical gelatin to sell the…
There are restaurants, and then there are restaurant institutions. Golden Century, late-night Cantonese restaurant to the stars, is the latter. And now, as NSW gears up for another month of lockdown, the Chinatown landmark has entered into voluntary administration. The 20-year lease on the Sussex Street location is up at the end of August and…
Oravel Stays Pvt. Ltd, which operates budget hospitality chain Oyo, raised nearly $5 million from Microsoft Corp. at a valuation of $9.6 billion. According to the documents filed by the company with the ministry of corporate affairs, Oyo has sold Series F2 compulsory convertible cumulative preference shares to Microsoft. The development was first reported by…
Gilbert + Tobin has advised the voluntary administrators of the Adaman Group on a major mining restructure. Firm: Gilbert + Tobin (Adaman Group). Deal:Barry Wight and Jeremy Nipps of Cor Cordis have been advised in their capacity as voluntary administrators and deed administrators of Adaman Resources andsix of its subsidiaries, including the Kirkalocka Gold Mine…
Unexpected credit losses could leave banks with inadequate loss-absorbing resources, says a new working paper from the BIS. The BIS (Bank for International Settlements) has published a new working paper warning that high corporate indebtedness could present a potential roadblock to the economic recovery. The paper notes that while the Covid-19 pandemic inflicted a profound…
A restructuring plan is a new restructuring tool introduced into Part 26A of the Companies Act 2006 in June 2020 by the Corporate Insolvency and Governance Act 2020. It constitutes an “arrangement” or “compromise” between the company and its stakeholders and will result in a reduction or reshaping of the liabilities owed to those stakeholders.…