NEW DELHI: As many as 40 corporate insolvency resolutions, under the Insolvency and Bankruptcy Code, have been completed, Union Minister P P Chaudhary said today. The Code, which provides for market–determined and time– bound resolution process, is being implemented by the Insolvency and Bankruptcy Board of India (IBBI). “By December 2017, 40 transactions of corporate…
The developer of Perth’s 500 Hay Street hotel, cinema and office project has signalled its disappointment with struggling builder Cooper & Oxley’s decision to suspend works at the Subiaco site. Workers at the Subiaco Hay Street site confronted security guards on Tuesday in an effort to retrieve a large toolbox, 9 News Perth reported. Play Video…
Image: Shutterstock This time, Budget was much awaited, since Finance Minister had to do a tight ropewalk by balancing between expectations of masses to deliver achhe din and slipping fiscal deficit, in view of unstable GST collections. In the Budget, there has been a clear thrust on empowering rural economy by supporting agriculture and boosting…
The Insolvency and Bankruptcy Code, 2016 has been hailed as bringing a new dimension to business funding in India. While it is expected to change funding patterns dramatically, short-term pain can be quite deep. The resolution process under the Code entails a comprehensive restructuring process for the corporate debtor (i.e. company) such as changes of…
While the Joint Plan of Liquidation remains subject to further revision by the Plan Proponents, the Bankruptcy Court has scheduled a hearing on February 12, 2018 to consider the confirmation of the Joint Plan of Liquidation. The Debtors can provide no assurance that the Bankruptcy Court will confirm the Joint Plan of Liquidation at such…
One of Western Australia’s largest commercial builders has suspended trading as it reviews its “financial viability”. Jolimont-based Cooper & Oxley sent a letter via email to its subcontractors yesterday instructing them to stop work, saying it was not in a position to pay any accounts at present. The company later put out a statement…
The former director of a Victorian business has pleaded guilty to illegally withdrawing funds from her business while in liquidation, despite the business having debts of over $700,000. Lorraine Bullock is a former director of Twenty12, a liquor store that operated in Healesville, Victoria. The company was put into liquidation in October 2015, with multiple creditors…
Private equity giant Blackstone, drugmakers Strides Shasun and Nectar Lifesciences are ahead in the race to acquire debt-laden Orchid Pharma, The Economic Times reported citing two persons aware of the development. Dr.Reddys Laboratories and Aurobindo Pharma are no longer in contention for Orchid Pharma, the report said. Orchid Pharma is undergoing a corporate insolvency resolution…
A West Australian builder with a long history of delivering major commercial projects has reportedly written to subcontractors warning them to down tools as the company reviews its “financial viability”. Cooper & Oxley is more than 60 years old and has delivered more than $2 billion in projects over the past decade, including the 1309 Hay Street Hotel Development, Baldivis Senior College…
Date: 04.02.2018 Sydney bus manufacturer Custom Bus has laid off more than 100 staff after going into voluntary administration on January 18. Custom Bus went into voluntary administration on January 18 The Australian Manufacturing Workers Union (AMWU) says 109…