SUPPLIED Gareth Hoole is a director of Ecovis KGA and a member of the Restructuring and Turnaround Association of New Zealand. ANALYSIS: In troubled economic times some businesses, despite their best efforts and use of the survival tools available, simply cannot continue and management must make the tough call that there is no longer a…
DUBAI/SINGAPORE (Reuters) – Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters. The business, founded 20 years ago, grew into a company generating $3 billion in…
Friday, May 08, 2020 8:35 a.m. EDT by Thomson Reuters By Maha El Dahan, Roslan Khasawneh and Anshuman Daga DUBAI/SINGAPORE (Reuters) – Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by…
Altus Intelligence. One of the fail safe features of the drone is its ability to make a soft landing from about 10 metres above the ground, through the use of a parachute. A New Zealand-based drone company that established a foothold in the United States has gone into liquidation. Altus Unmanned Aerial Solutions International Ltd…
The company’s existing shareholders had lost money even before the coronavirus crisis. Virgin’s share price was only 19 cents one year ago, less than half the value of four years ago. The shares fell to 8.6 cents before going into a trading halt last Tuesday. Loading The priority for the government is the welfare of…
Etihad Airways has contacted the lenders to revive the non-functioning airlines, Jet Airways, weeks after the National Company Law Tribunal (NCLT) has approved the corporate insolvency resolution process (CIRP) against the Jet Airways, reported by Economic Times. While Etihad has shown interest in participating in the CIRP of Jet, lenders have asked them to look…
Voluntary Administration Process Commences for Bradbury Industrial Services Pty Ltd Bradbury Industrial Services Pty Ltd (Bradbury Industrial) today announced that it has appointed Trent Hancock of PKF Chartered Accountants as Voluntary Administrator. Bradbury Industrial has made this difficult but prudent decision due to solvency concerns. As Administrator, Mr Trent Hancock and the PKF team will…
The boost in revenues helped deliver higher pre-tax profits of 3.5m, up from 2.3m in 2018. The results for the year to 30 April 2019 show continued growth for the company which has achieved compound annual growth in adjusted earnings per share of 14% over the past four years. The board is recommending an increase…
A well known Tasmanian businessman and a wine industry identity are the new owners of Winemaking Tasmania. The Cambridge facility was placed into voluntary administration in May and the assets have been sold to Tasmanian Vintners. Rod Roberts and Peter Fogarty are equal partners in the company which has offered all employees ongoing jobs. Read…
With the UK-based Liberty House Group failing to implement its resolution plan, the Cuttack Bench of the National Company Law Tribunal (NCLT) on Monday passed order for liquidation of Adhunik Metaliks Ltd and group company Zion Steel. The Bench, comprising Justice M B Gosavi, Member (Judicial), cancelled the resolution plan of Liberty House and ordered…