Courts in Hong Kong generally a creditor-friendly jurisdiction may wind up local companies and, if certain conditions are met, foreign companies incorporated in other jurisdictions. Hong Kong has no statutory corporate rescue regime similar to the UK administration regime and the US chapter 11 debtor-in-possession regime. Howard LamPartnerLatham & WatkinsHong KongTel: +852 2912 2570Email: [email protected]…
The firm had a portfolio worth more than $400 million, ranging from luxury apartments and affordable housing to retail projects, but on Friday formally went into liquidation, according to documents filed with ASIC. Creditors have been told to submit their debts or claims by August 5. Stevens Construction has collapsed two months after going into…
Restructuring and insolvency laws are adapting with more innovative approaches toward bankruptcy case management. here we look at developments and analysis from three major jurisdictions Chinas bankruptcy law system moves toward maturity It took 12 years to bring Chinas Enterprise Bankruptcy Law into existence, with it finally being enacted on 1 June 2007. On 16…
Valhalla Brewing, the Geelong-based brewing company that opened their brewery and taproom in the Federal Mills precinct last year, has become the latest indie operation to enter voluntary administration. Owner Scott Hunt said they appointed Worrells as administrators on Monday, citing a significant drop off in patronage at their two venues as the main cause…
A major developer which built apartments for John Singleton and supermarkets for Woolworths has been placed into liquidation less than two months after it collapsed. NSW Central Coast-based builder Stevens Construction was established in 2006 but went into voluntary administration in May, leaving 10 projects in limbo. In a press release published on its website…
By Felix ADDO, President of the Ghana Restructuring and Insolvency Advisors This is a summarized article of that published in the national insolvency journal, Corporate Insolvency and Restructuring Journal. Restructuring has become a household word in Ghana these days and for good reason. Most informed readers are aware of the current economic crisis facing the…
The South Australian branch of one of Australias most powerful unions has been placed into administration. It comes after the news the Victorian Construction, Forestry and Maritime Employees Union (CFMEU) was referred to the states corruption watchdog following allegations of bullying, intimidation and criminal links. The South Australian branch, which is under Victorian control, went…
By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 18:38 AEST, 15 July 2024 | Updated: 18:38 AEST, 15 July 2024 A construction company has plunged into liquidation after building an apartment complex for socialite entrepreneur John Singleton … Read the full article at: https://www.dailymail.co.uk/news/money/article-13634213/Stevens-Construction-NSW-Central-Coast-company-built-apartments-John-Singleton-supermarkets-Woolworths-Coles-goes-liquidation.html
A retailer with stores across the east coast of Australia collapsed after racking up an incredible $16 million in debt with customers owed almost half of the money. Johnnys Furniture had operated 14 stores across Queensland, New South Wales and Victoria. But shockingly the collapse led to alleged theft and verbal and physical abuse of…
Only 18 staff members remain at recently collapsed retailer Booktopia as 165 of their colleagues were sacked from the beleaguered company. The virtual bookseller announced last Wednesday it had entered voluntary administration after a major slump in share value, less than four years after it went public on the ASX. The major Australian retailer…