The outcome of the 24th COC meeting is summarized as herein below: 1.The COC agreed on a Monitoring Committee constituting three representatives as per the highest voting share of the COC members and an additional member of COC in the absence of any of the above three members. The same members were also identified as…
March 15 (Renewables Now) – Australian wave power specialist Carnegie Clean Energy (ASX:CCE) has entered into voluntary administration a few days after the Western Australia government cancelled a crucial financial assistance agreement. The company announced on Friday that Richard Tucker and John Bumbak of KordaMentha Restructuring were appointed as voluntary administrators. They are holding discussionswith…
KPMG has added leading insolvency specialist Ferrier Hodgson creating one of the largest turnaround teams in Australia. Big Four professional services firm KPMGhas finalised a deal with Sydney-headquartered corporate turnaround and insolvency management specialists Ferrier Hodgson after months of negotiation, with the talks first reported by the Australian financial Review last November. The deal includes…
The Australian arm of custom toy chain Build-A-Bear Workshop will close 10 of its stores by the end of the month after entering voluntary administration on Wednesday. Remaining stores will continue to trade as normal as the retailer considers its options moving forward. Build-A-Bear Australia chief executive Gavin Port said the business has been working…
The Australian arm of Build-A-Bear Workshops has been placed into voluntary administration with ten locations around Australia to close almost immediately. The much-loved venue gives kids the chance to customise their own toy, and are often used for childrens parties. The company has 30 stores and other retail outlets around Australia but ten of those…
This type of business fraud costs the Australian economy somewhere between $2.85 and $5.13 billion every year. (1) In 2017 alone, there were more than 20,000 phoenix operators in Australia. On average, each phoenix business leaves 44 other businesses in debt. And, phoenix activity jeopardises up to 67,000 employees per year. Domenic Calabretta, managing director,…
KPMG, the smallest of the Big Four audit and consulting firms, has struck a long-awaited expansion deal by buying one of Australias best-known corporate insolvency firms, Ferrier Hodgson. The combination will create one of the countrys biggest restructuring, insolvency and forensic advisory practices, with 27 partners and more than 200 staff. The acquisition, announced today,…
The Australian arm of customisable toy retailer Build-a-Bear Workshop has been placed into voluntary administration, hours after its listed parent company in the US reported a 7.5% drop in revenue and sluggish growth in international markets, partially blamed on the collapse of Toys R Us and issues posed by Brexit. Matt Sweeny and Gideon Rathner…
Sir/ Madam,Pursuant to an Order dated 08 March 2019 of the National Company Law Tribunal, Principal Bench, New Delhi, Corporate Insolvency Resolution Process (CIRP) has been initiated for Punj-Lloyd Limited (the Company) as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said Order has been received on 11 March…
Extension of Corporate Insolvency Resolution Process (`CIRP) for further period of 20 days. Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg. With reference to the above cited subject, I would like to inform that the Honorable National Company Law Tribunal, Hyderabad Bench (NCLT) vide its Order dated…