In short: In Rex’s first creditors’ meeting, administrators revealed Rex’s debts totalled $500 million, owed to 4,800 creditors. During the meeting, administrators said they were still investigating what caused the company to accrue so much debt What’s next? Administrators are still working through the company’s books. Administrators for beleaguered regional airline Rex say the company…
On the effective date, the company would also subscribe to 100 per cent equity share capital of NLRPL. | Photo: Shutterstock 1 min read Last Updated : Aug 12 2024 | 9:44 PM IST Oberoi Realty on Monday said the National Company Law Tribunal has approved its resolution plan for Nirmal Lifestyle Realty, and…
At least a dozen South Australian solar installers have lost tens of thousands of dollars in an alleged rebate rort, 7NEWS can reveal. The company at the centre of the scandal, Emerging Energy Solutions, has gone into liquidation owing creditors across the country more than $86 million. Clayton Solar and Electrical in Adelaide is among…
In short: Rex Airlines’ administrators say pilot shortages and supply chain issues contributed to the business’s $500 million debt. Administrators say they are confident they will find a buyer for the regional carrier and have received several expressions of interest. What’s next? A second creditors meeting is expected to be held in early September. Administrators…
44% of closure in Corporate Insolvency Resolution Process (CIRP) ends with commencement of liquidation, according to IBBI. The liquidation process is usually initiated when no resolution plan has been received under the CIRP. For the CIRPs yielding liquidations, average liquidation value as of claims stood at 6.3 with CIRP initiated by financial creditor’s liquidation value…
“The liquidation is being carried out as part of the rationalisation of the Carter Holt Harvey group and the directors have resolved that the company will be able to pay its debts,” notices published in the Herald and the New Zealand Gazette said. Companies Office records showed LQNZ4 (CHHE) is owned by Qeynos New Zealand,…
A bus manufacturer with operations in Queensland and South Australia has gone into voluntary administration. BusTech is the second-largest independent bus manufacturer in Australia, making diesel, hybrid and zero emission technology buses. It has more 270 employees across its two companies in Queensland and South Australia. Know the news with the 7NEWS app: Download today…
The latest ASIC release shows corporate insolvencies for June 2024 remain at their highest level since monthly data was first published in Jan-1999, with CCI’s discussions with business recovery and insolvency specialists suggesting the number will continue to increase. The rising value of Australian Tax Office (ATO) outstanding collectable debt tells the same story, providing…
Franklins European Bathrooms liquidation: Westpac among creditors owed $31.2m – what happens next? New Zealand Herald Read the original article here
Rex staff told to provide ‘quality service’ to ‘secure their jobs into the future’ Bay Post-Moruya Examiner Read the original article here