More than 12,500 firms across the North East are now in financial difficulty, latest research reveals, with business trade bodies warning the figure is just the tip of the iceberg. Business distress has soared by 31% across the region since the end of 2019, with more than 3,000 more businesses now reporting financial trouble, according…
By Wayne Robinson | 20 January 2021 One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m. Magnify in administration: John Duplock Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being…
Lotus Dining Group Pty Ltd is a dormant holding company which doesn’t trade or operate any restaurant and its voluntarily liquidation did not impact on the operation and trading of Lotus restaurants. Lotus temporarily closed all but its Barangaroo restaurant in March due to lockdown laws imposed at the height of the pandemic. “It is…
Real estate firm The Agency has made a bid in court to fight an administration action brought by a former director over a disputed fee, winning a ruling that the administration will end on February 1. The ruling is subject to the real estate group paying$400,000 into the court by January 22. Investment group Magnolia…
THE Singapore Exchange (SGX) has raised queries regarding New Silkroutes Group’s wholly-owned oil-trading subsidiary, International Energy Group (IEG), which the group has not been successful in winding up. The agreement for the disposal of IEG to TK Energy lapsed on June 30 last year, after the buyer failed to disburse loans to New Silkroutes Capital…
By Wayne Robinson | 20 January 2021 One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m. Magnify in administration: John Duplock Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being…
By Wayne Robinson | 20 January 2021 Ascent Partners has formed a strategic alliance with turnaround professionals Rodgers Reidy / TBA Solutions, in order to provide Australian printers who have experienced significant sustained downturns, with options for the pathway forward. Options for printers: (l-r) Brent Morgan, director, Rodgers Reidy and Richard Rasmussen, director, Ascent Partners…
The Egyptian Trade Union Federation (ETUF) voiced on Tuesday its rejection to the decision of liquidating the Egyptian Iron and Steel Company (EISC), a week after the hotly debated resolution was passed officially by the company’s board of directors. In an official statement released following a meeting held earlier today, the ETUF called on all…
The Supreme Court on Tuesday upheld amendments in the Insolvency and Bankruptcy Code which prescribe that at least 100 allottees from the same real estate project should support the initiation of corporate insolvency resolution process in the National Company Law Tribunal (NCLT) against their property developer. The Insolvency and Bankruptcy Code (Amendment) Act of 2020…
eCommodities Plc has been placed into provisional liquidation following an investigation by the Insolvency Service. The Official Receiver has been appointed as the provisional liquidator after a hearing at the High Court in London on 10 December 2020. This followed an application by the Insolvency Service on behalf of the Secretary of State for Business,…