They were once the giants of Australian retail. The only places to shop. Everything you wanted, all under the one roof. Key points: QBE is Australia’s largest provider of trade credit insurance, and it will no longer cover contracts with Myer and David Jones This is because the risk of the big department stores defaulting…
Restructuring advisory firm Cor Cordis has been appointed as the voluntary administrator of Mayfair 101’s IPO Wealth Holdings. The move follows the appointment of receivers to IPO Wealth in May by Vasco Trustees after two repayments were missed. The AFR reported that these missed repayments were worth $3 million and followed the freezing of redemptions…
A Traralgon clothing and homeware retailer is praising locals for their support as it re-opens its doors after the company went into voluntary administration in February. Traralgon Ishka is trading again after the company shut its 58 stores due to the double whammy of being hit by COVID-19 in March and going into voluntary administration…
The registration of Ms Amanda Young as a liquidator has been cancelled following a decision by a disciplinary committee that she was not a fit and proper person to be registered as a liquidator. The Committee concluded that Ms Young had improperly used her position, falsified books and misappropriated funds totalling $238,502.23 from four liquidations.…
BOMBSHELL allegations of fraud and a misappropriation of customer funds has rocked travel agency Fly 365, which collapsed leaving almost 1000 creditors owed a whopping $26.9 million. An investigation into the actions of Fly 365 Pty Ltd directors Scott Mayne and Mustafa Filizkok has been completed by liquidator Nicarson Natkunarajah, with his findings handed to…
Written by Aashish Aryan | New Delhi | Published: June 21, 2020 12:39:14 am State-run BHEL, which was also a secured creditor for Surana Power, had won an arbitration award against Surana Power. The National Company Law Appellate Tribunal (NCLAT) has ruled that liquidation process of a company under the Insolvency and Bankruptcy Code (IBC)…
Written by Aashish Aryan | New Delhi | Published: June 20, 2020 1:21:59 am Following the award, BHEL, which is also one of the secured creditors, refused to give its consent for liquidation as it would have resulted in it getting lesser share according to IBCs waterfall mechanism. The National Company Law Appellate Tribunal (NCLAT)…
Provisional liquidators of South African regional carrier SA Express are attempting to find a buyer for the airline, claiming that they are engaging with six or seven parties which have expressed interest in the company. Their effort follows court approval on 15 June to extend their powers, in order to explore the possibility of attracting…
Construction disputes expert Lawrence Davies of Pinsent Masons, the law firm behind Out-Law, said the eagerly anticipated decision means that contractors can expect to receive a significant increase in adjudications brought by insolvent sub-contractors, especially in light of the economic difficulties many companies in the construction industry are likely to face as a result of…
The ASC letter, formally announcing both the withdrawal of funding which forced the sport into voluntary administration and the transfer of its high performance program to the AIS, points out EA has received $13 million in grants in the past four years. It is our view, the letter states, it is the fundamental structure of…