A smattering of retail chains closed their doors in another tough year for the industry in 2017, but the demise of Sears Canada seemed to resonate most with Canadians, many of whom grew up devouring its annual holiday wish book and shopping at the department store. The high-profile closure and ensuing controversies helped make Sears…
The Insolvency Section, Ministry of Corporate Affairs, in a notice dated 12th December 2017, has announced the constitution of the Insolvency Law Committee. The Committee shall be chaired by the Secretary, Ministry of Corporate Affairs, as per a notification dated 16th November 2017. The Committee has been constituted to take stock of the functioning and…
BALLINA business Kimberley Kampers has gone into voluntary administration, in what the company has admitted was a “highly unconventional” decision. A notice about the administration has been posted on the ASIC website. It came into effect on December 7 with Steven Nicols from Nicols + Brien appointed as the administrator. The first meeting of creditors…
As online shopping tightens its grip on our credit cards (hello, Black Friday), and international high street brands, with their bargain-price, covetable clothing, become more accessible than ever before, local labels are feeling the pinch. Case in point: today Lover has gone into voluntary administration. Ferrier Hodgson partners Morgan Kelly and Ryan Eagle have been appointed…
It is ironical that while the 2017 Forbes India List says that the combined net worth of Indias 100 wealthiest stood at a whopping $479 billion, top corporate borrower groups in India are unable to repay loans and make timely interest payments. Tackling NPAs The government has taken the high moral ground to deal with…
Indias new insolvency and bankruptcy regime has been functioning for a year without any disclosure norms or mandatory transparency regulations. In the first year of its application, the regime is already dealing with more than 450 cases that add up to thousands of crores of rupees of unsettled debts. Neither the details of the cases…
It is ironical that while the 2017 Forbes India List says that the combined net worth of Indias 100 wealthiest stood at a whopping $479 billion, top corporate borrower groups in India are unable to repay loans and make timely interest payments. Tackling NPAs The government has taken the high moral ground to deal with…
RugbyWA is out of voluntary administration after Rugby Australia waived a legal debt of more than $1 million. RA spent about $1.7 million in legal costs after RugbyWA challenged the Western Force’s axing from the Super Rugby franchise. RugbyWA entered into voluntary administration last month, saying the axing of the Force meant it simply didn’t…
THE new owners of the Gold Coast Titans have taken their first step towards long-term sustainability by appointing former Storm and Broncos chairman Dennis Watt to provide the football club expertise they have been so badly lacking. The NRL announced on Friday that a local consortium consisting of Darryl Kelly and his wife Joanne and…
New Delhi: The high-level panel tasked with identifying issues in implementation of the insolvency law has sought suggestions from stakeholders as the government works on ways to iron out practical difficulties. The first meeting of the 14-member Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, was held on 8 December, where the panel…