By Hadeel Al Sayegh 3 Min Read DUBAI (Reuters) – Arabtec Holding shareholders authorised the board of the Dubai-listed construction company on Wednesday to file for liquidation due to its untenable financial position following the fallout from the coronavirus pandemic, an internal company email said. Slideshow ( 2 images ) Shareholders also authorised Arabtec to…
Estate Agent Hsin Lan Huang (37), from Hammersmith, West London, has been banned for seven years, while convenience store boss Pratikkumar Dineshbhai Patel (32), from Knowle, Hampshire, is disqualified for six years. The pair are now banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the…
The Marine Discovery Centre in Eden has entered voluntary administration as it is unable to afford the $1 million it needs to make essential safety repairs to the wharf building, required as part of its lease agreement. Key points: The Department of Crown Lands gave the centre 28 days to rectify “serious” safety issues with…
TravelPharm Group, which operated airport pharmacies across the country, has been placed into liquidation following a court order. Liquidator Steven Khov of Khov Jones was appointed by the High Court in Auckland following a creditors successful application to liquidate the health retailer. Jones said it was too early to say how much the company owed…
Ahead of the budget, the government has announced new rules that will allow small businesses at risk of collapse to continue to work out their problems instead of appointing an administrator. They are needed because of an avalanche of insolvencies awaiting the end of an effective moratorium on bankruptcies (a so-called regulatory shield) that expires…
Iain McGregor/Stuff Jonny Collett, pictured working as a painter and decorator in 2009, remains in business after his company collapsed. Tradespeople left thousands of dollars out of pocket by a construction company collapse are angry its owner remains in business under another name. Christchurch builder Jonny Collett put his company, J.E. Collett Builders Ltd, into…
Bench took decision after banks from whom the ex-IAS officer took loan objected to the pleaThe Ahmedabad bench of National Company Law Tribunal has rejected a petition filed by former IAS officer Sanjay Gupta to put up one of his group companies in liquidation under the bankruptcy law. The bench took the decision after the…
Bain Capitals acquisition of Virgin Australia Holdings (VAH) is on track for October completion, administrator Deloitte has indicated in a letter to creditors and employees. Creditors had on 4 September accepted a proposal that is structured around 10 deeds of company arrangement (DOCAs) for all 41 VAH entities in voluntary administration. I confirm the DOCAs…
Unlike in the US or Europe, Korea has not implemented drastic measures against Covid-19, such as compulsory lockdowns, and whether Covid-19 has significantly dented Korea’s economic activity remains unclear. However, the country’s manufacturing sector relies heavily on exports and these are declining, rendering any likelihood of an economic rebound in the second half of the…
Guest post by Jonathan Munnery, UK Liquidators The coronavirus pandemic continues to leave a visible footprint as it disrupts every sector, leaving no shopfront untouched. As each business, from start-ups to SMEs establish strategies to protect their livelihoods, the economic pressure deriving from Covid-19 has pushed unstable businesses over their last leg of trading. As…