McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate insolvency proceedings. The insolvency process was admitted after ICICI Bank, a financial creditor, moved to the National Company Law Tribunal (NCLT). McNally Sayaji was granted loans by ICICI Bank to the tune of 50 crore. Nearly half of the…
On 12 February 2021, the Supreme Court of South Australia handed down its penalty decision that Peter Ivan Macks liquidator registration be suspended for a period of three years, commencing on a date yet to be fixed. Mr Macks suspension will begin when His Honour Justice Doyle hands down final orders. Pursuant to the decision,…
By Wayne Robinson | 17 February 2021 The administrators at one of Melbournes major large format print businesses, Magnify Media, has pulled the plug, with the company set for liquidation after racking up debts approaching $5m. Magnify liquidated: John Duplock The business operated by well-known industry identity John Duplock has been under administration since Christmas…
Guest comment: Expected surge in Covid-19 insolvencies may mask true health of DB landscape Despite several recent high-profile corporate failures, and some of the most challenging operating circumstances imaginable for many companies throughout 2020, insolvencies in the UK have remained relatively subdued. This is widely expected to change once the government support measures introduced in…
Vancouver, British Columbia–(Newsfile Corp. – February 16, 2021) – North American Nickel Inc. (TSXV: NAN) (OTCBB: WSCRF) (CUSIP: 65704T 108) (the “Company” or “NAN“) is pleased to announce that Premium Nickel Resources (“PNR“) has been selected as the preferred bidder for the Botswana nickel-copper-cobalt (Ni-Cu-Co) assets, currently in liquidation, and formerly operated by BCL Limited.…
The ruling highlighted the potential for a group of different lease creditors to be grouped together to vote on a scheme of arrangement or restructuring plan proposed by a tenant company and which could have the effect that the landlords are forced to accept revised lease arrangements on less favourable terms. The High Court case…
Jet Airways, the Indian carrier that has been grounded since April 2019, has posted a net loss ofRs28.4 billion ($391 million) for the 2019-20 fiscal year ended 31 March 2020. This compares to a loss of Rs55.4 billion in the same period during FY2018-19. The carrier also reported a total income of Rs3.5 billion for…
16 February 2021 Consultancy.uk 2 min. read Business advisory firm FRP has strengthened its restructuring advisory team with the hire of two new Directors. Robert Wheeldon and Tony Sturge bring more than three decades of combined experience to the company. With more than 60 partners and more than 400 staff,FRP Advisory is one of the…
The minimum threshold at which creditors can issue a statutory demand on a company could rise by five times from its current amount as the Treasury considers aligning it with the personal bankruptcy threshold. The Treasury is now consulting on whether the current monetary threshold at which a statutory demand can be issued by a…
In this episode of A Different Lens, we ask experts from fields including science, business, arts, design, medicine and health, and engineeringwhat they think the future of travel looks like from driverless cars, personalised public transport and flying taxis, to SpaceXtravel. We also ask, why is implementation ofthese progressive initiatives so slow? And what risks…