A multimillion-euro facilities management company that has been implicated in a massive public sector corruption scandal in South Africa has gone into voluntary liquidation because local banks have closed all its accounts. On Monday, African Global Operations, which traded under the name Bosasa, said in a statement released by its chairman Joe Gumede that extensive…
Its been just over a year since iconic Australian label Lover, known for its halter-neck-style lace dresses and delicate bridal gowns, entered voluntary administration. The Australian fashion industry shook its collective head at the news of this downfall: another beloved local label had fallen victim to the difficult retail climate, and the industry prepared to…
Time taken to appoint Resolution Professional to be excluded from CIRP: NCLT Varun Marwah February 18 2019 Now time taken from the admission of a case by the NCLT till the appointment of the Interim Resolution Professional (IRP), will also be excluded from the IBC timelines, the Mumbai Bench has held. In the case of…
Trade unions have called on government to absorb Bosasa, now trading asAfrican Global Operations Group,workers after the company announced it would enter voluntary liquidation as a result of FNB and Absa closing its accounts. The company issued a statement on Monday, saying that 4500 workers would lose their jobs. “It is with deep regret that…
In the wake of the Hayne Royal Commission final report, the concept of shareholder primacy is now being examined, writes AICD Communications Executive Shelley Dempsey. Experts and directors react to the report here and discuss how to focus on more long-term non-financial measures. After the findings of the Hayne Royal Commission final report, robust debate…
Outcome of 16th Committee of Creditors Meeting Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg. We give below outcome of the 16th Meeting of the CoC: The Committee of Creditors reviewed the resolution plans submitted by the resolution applicants and decided to give final opportunity to each…
This is to inform you that the public announcement made pursuant to order passed by the Tribunal under Section 13 of Insolvency Code has published in Free Press Journal, Mumbai Edition Newspaper , Navakal Mumbai Edition Newspaper and Janadesh Silvasa Edition Newspaper on Friday February 15, 2019. Copy of Free Press Journal Mumbai Edition Newspaper…
IBBI, established in October 2016 under the IBC, has regulatory oversight over the insolvency professionals/agencies/entities and information utilities The Insolvency and Bankruptcy Code (IBC), 2016, will soon have provisions dealing with individual insolvency and bankruptcy, said MS Sahoo, chairman of Insolvency and Bankruptcy Board of India (IBBI). Sahoo on Friday said the first priority would…
With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP). Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or seeking other roles in the value chain, in the country and in…
Notice of 16th Committee of Creditors Meeting Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg. With reference to the subject cited above, I would like to bring to your kind notice that the 16th Meeting of the Committee of Creditors (COC) of the Company is scheduled to…