Potential new home owners have been left out of pocket or facing delays as home builder Mega Homes faces a push to wind up the company. Creditors in the building industry are claiming to be owed sums as high as $480,000 each by the builder, Victorian Supreme Court filings show. It follows the liquidation two…
The dedicated bankruptcy court has stayed its earlier order to allow the withdrawal of corporate insolvency process of Sterling SEZ & Infrastructure, a firm owned by brothers Nitin and Chetan Sandesara, believed to be abroad and running away from Indian law. The Mumbai-bench of the National Company Law Tribunal (NCLT) on Friday stayed its earlier…
As you are aware the Company is under Corporate Insolvency Resolution Process as per Order dated 23rd March, 2018 issued by the Honble National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT has vide its Order dated 6th August, 2018 appointed Mr. Udayraj Patwardhan (Reg. No. IBBI/IPA-001/IP-P00024/2016-2017/10057) as the Resolution Professional of our Company. The…
An established Queensland farming family, whose members include an Italian bikini model and a Supercar driver, is tied to companies being examined for alleged debts of more than $11 million. The Barberas have been farming zucchinis, capsicum and tomatoes in the Bundaberg region for almost 50 years, currently operating under M & R Farms. Family…
Guarantee as a form of collateral security is popular in financing deals as the liability of a guarantor and the principal debtor are coextensive. Thus, the creditor has a remedy against both the principal debtor and the surety without the having to exhaust the remedy against one of the parties before proceeding against the other.…
Call to end asbestos waste levy Eighth person charged in baby formula smuggling ring Creditors of the crushed Payless Shoes will meet this month to decide whether to give the final boot to the Parramatta-based company after it collapsed two years ago with debts of more than $18 million. Administrators Ferrier Hodgson has confirmed total…
Axsesstoday has entered into voluntary administration after senior lenders revoked their support for the business. Axsesstoday, a publicly listed SME lender, went into voluntary administration after senior lenders said they were unable to continue supporting the business with ongoing waivers of breaches of loan terms. The lenders disclosure to the Australian Securities Exchange (ASX) states:…
THE director of a failed Sunshine Coast shopfitting company will make a settlement offer to creditors next month. The business, KDH Enterprises which operated as KDH Design, went into liquidation in February 2017. It employed 30 staff and had clients throughout Australia and New Zealand such as Jeanswest, Bras N Things, Billabong and Surf Dive…
THE director of a failed Sunshine Coast shopfitting company will make a settlement offer to creditors next month. The business, KDH Enterprises which operated as KDH Design, went into liquidation in February 2017. It employed 30 staff and had clients throughout Australia and New Zealand such as Jeanswest, Bras N Things, Billabong and Surf Dive…
In a first, the Department of Telecommunications (DoT) has constituted an Insolvency Issues Committee to examine how it can protect its interest in cases where telecom operators are undergoing insolvency proceedings. The moves comes as two operators Aircel and Reliance Communications (RCom) are undergoing bankruptcy proceedings. As per rules under the Insolvency and Bankruptcy Code…