Failed online travel agency Bestjet has gone into liquidation after its $10 million collapse left thousands of customers out of pocket. Bestjet, and its subsidiaries Wynyard Travel and Brooklyn Travel, were placed into administration on December 18. At a second meeting of creditors in Brisbane this morning, it was resolved to appoint Nigel Markey and…
The Australian grown cosmetics empire Napoleon Perdis Group has gone into voluntary administration putting jobs and 56 local stores at risk. Company directors had been trying to find a buyer for months. Administrators Simon Cathro, Chris Cook, and Ivan Glavas of Worrells Solvency Accountants will now consider a restructure or pursue the sale option while…
Robayne, the Perth-based equipment and coatings distributer has gone into voluntary liquidation which is being handled by FTI Consulting. The company was founded in 1974 as has expanded in recent years, especially in rural areas and has 14 branches around Australia. The liquidation proceedings may result in the company continuing to trade, or going into…
While the number of insolvency cases are expected to pile up over the next few quarters, timely conclusion of cases within the law mandated 180-270 days can free up as much as Rs 67,000 crore to the system, says a report. Since the bankruptcy law came into being from May 2016, close to 3,000 companies…
In a notable order passed recently, the Supreme Court permitted the withdrawal of Corporate Insolvency Resolution Process(CIRP) even after the Resolution Professional issued invitation for expression of interest from resolution applicants to submit resolution plans under Regulation 36A of CIRP Regulations 2016. As per Regulation 30A, withdrawal of insolvency application has to be sought before…
MUMBAI: While the number of insolvency cases are expected to pile up over the next few quarters, timely conclusion of cases within the law mandated 180-270 days can free up as much as Rs 67,000 crore to the system, says a report. Since the bankruptcy law came into being from May 2016, close to 3,000…
This is in reference to the captioned subject. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 6th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on January 22, 2019 to discuss the…
In a rather uncommon development in IBC driven resolution process, the Mumbai bench of National Company Law Tribunal has directed the Police Commissioner, Ahmedabad to provide police assistance to a Resolution Professional who complained about ex-director of the corporate debtor abusing her and creating hindrance in the Corporate Insolvency Resolution Process. A bench of Member…
In a bid to complete the resolution of large stressed accounts, the central government has set a March deadline for lenders and resolution professionals to speed up resolution plans of nine of the twelve high-value insolvency cases, with special focus on Essar Steel and Jaypee Infratech, according to media report. These twelve accounts, which also…
29 January, 2019 by Hospitality Magazine Mike McEnearneys Sydney city restaurant, No.1 Bent street is out of voluntary administration after creditors voted for the deed of arrangement, according to Good Food. AdministratorsHoganSprowles were appointed on 29 November, with creditors then meeting on 11 December to consider the companys financial future. Advertisement … Read the full…