Category Archives: Liquidation

BSE REVEALS the manner of dealing with companies undergoing Corporate Insolvency Resolution Process – Zee Business

BSE has revealed the manner of dealing with companies undergoing Corporate Insolvency Resolution Process. BSE in a release said, “SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“LODR Regulations”) was amended in the year 2018 vide SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018, and point 16 was inserted in Para A of…

Removalists pack up shop leaving contractors short-changed – Big Rigs

Iconic removalists WridgWays Australia has been placed into voluntary administration, leaving staff and contractors facing an uncertain future. In response to a damning story by A Current Affair, WridgWays Australia CEO Kobus Fourie released a statement today confirming the news, adding that the majority of employees were stood down. We are saddened by this turn…

Removalists pack up shop leaving subbies short-changed – Big Rigs

Iconic removalists WridgWays Australia has been placed into voluntary administration, leaving staff and contractors facing an uncertain future. In response to a damning story by A Current Affair, WridgWays Australia CEO Kobus Fourie released a statement today confirming the news, adding that the majority of employees were stood down. We are saddened by this turn…

NCLAT allows withdrawal of OYO insolvency case – Mint

The National Company Law Appellate Tribunal (NCLAT) has allowed the withdrawal of the ongoing insolvency case against its subsidiary OYO Hotels and Homes Private Ltd.(OHHPL), and in effect closing the proceedings against the company. OYO in a statement said that it will continue to work closely with its hotel partners for the closure of any…

Just In: NCLAT allows withdrawal of OYO’s insolvency proceedings – Moneycontrol.com

OYO has also made an out of the court settlement with the original party, Rakesh Yadav. The CEO and founder of Oyo Hotels, Ritesh Agarwal In a major disappointment to scores of hoteliers who had filed claims against Softbank-backed OYO Hotels’ subsidiary following an insolvency petition against the company, the National Company Law Appellate Tribunal…

Fly My Sky owes creditors more than $800000, including out of pocket customers – Stuff.co.nz

BROOK SABIN/STUFF For less than $100, Kiwis can fly to an island that’s mix of Fiji and Niue. Failed Auckland airline Fly My Sky owes more than $800,000 to creditors, including customers who bought airfares for flights that have been cancelled. Commercial Helicopters, the registered company behind the airline, went into liquidation on June 29.…

IFM-backed contractor folds over sham contracting claims – The Australian Financial Review

They thought they were going to hold this company to account over its system of work that has caused a lot of them extreme hardship and they also may well have missed out on employment entitlements they might have otherwise got, she said. This is an affront to workers around the country quite frankly. IFM,…

IFM’s Tandem leaves workers in the lurch – The Australian Financial Review

One awkward thing about the nations unionists teaming up with the nations bosses to responsibly steward the capital of the workers is that it sometimes leaves the unionists defending the workers capital over … well, the workers. As reported in this paper on Wednesday, embattled IFM-backed field services contractor Tandem has placed the majority of…

NCLAT to pronounce verdict in Oyo insolvency case on July 7 – Moneycontrol.com

The National Company Law Tribunal admitted a plea for corporate insolvency proceeding against Oyo group’s subsidiary Oyo Hotels and Homes Pvt Ltd in April following the hotelier’s complaint. The National Company Law Appellate Tribunal (NCLAT) will pronounce the order in the Rakesh Yadav vs Anuj Tejpal of Oyo Hotels case on July 7. The court…

Smiles Inclusive partners lose chance to claim $97m as Exit Solutions picks up final scraps – Business News Australia

Unsecured creditors in formerly ASX-listed, failed Gold Coast-based dental company Smiles Inclusive have been dealt the final nail in the coffin of their dreams to recover investments, including joint venture partner (JVP) debt claims of close to $100 million. Following a creditor vote last Wednesday in favour of liquidating Smiles Inclusive’s Totally Smiles (TS) dental…