Sears Canada workers are feeling confused and angry after learning on Tuesday that the retailer is planning to close its remaining 130 stores. If Sears gets court approval, it will start liquidating the stores as early as Oct. 19, putting the retailer out of business and about 12,000 employees out of work. “Many of us feel frustrated,…
The judgment of the National Company Law Appellate Tribunal (NCLAT), in Macquarie Bank Limited vs Uttam Galva Metallilcs Limited (Company Appeal (AT) (Insol) No. 96/2017), which is further followed in Centech Engineers Private Limited & Anr vs Omicron Sensing Private Limited (Company Appeal (AT) (Insolvency) No. 132/2017), gives a strong warning against the dealing of…
(Adds context throughout) By Nichola Saminather Oct 10 (Reuters) – Sears Canada moved a step nearer to permanent closure after several attempts to find a buyer failed, with the retailer saying it will seek court approval on Friday to shutter its remaining 130 stores, leaving 12,000 employees without jobs. The retail chain is the latest…
Sears Canada Inc. will seek court approval to liquidate its remaining stores on Friday with the loss of about 12,000 jobs after it failed to receive a viable bid for the company. The Toronto-based retailer expects to begin liquidation sales on Oct. 19 at the earliest, according to a statement Tuesday. Sears Canada said it…
Sears Canada was granted an Initial Order and protection under the Companies’ Creditors Arrangement Act (“CCAA”) on June 22, 2017. It subsequently received the Court’s approval of a sale and investment solicitation process (SISP) to seek out proposals for the acquisition of, or investment in, the Sears Canada Group’s business, assets and/or leases, and to implement one…
The existing insolvency and bankruptcy code, at present, applies only to corporate defaulters. Photo: iStockphoto New Delhi: The government on Tuesday expanded the scope of the new insolvency rules to bring individual businesses under its purview. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) published the draft rules dealing with insolvency resolution process…
Water technology firm VA Tech Wabag Ltd has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT) initiating corporate insolvency resolution process. NCLT, last week, issued an order under the provisions of the Insolvency and Bankruptcy Code, 2016, and appointed an…
VA TECH WABAG, a construction company that focuses on water project, denied reports that it was insolvent and said it was appealing the recent order of the Chennai bench of National Company Law Tribunal. The bench, at its hearing held on 6th October 2017 has passed an order for initiation of Corporate Insolvency Resolution Process…
Green Marine was involved in many of the world’s leading yacht races, building custom boats for the Volvo Ocean Race and Alex Thomson’s IMOCA 60, HUGO BOSS HUGO BOSS in the 2016-17 Vendée Globe The award winning Hampshire boat builder, Green Marine, has gone into liquidation, with the loss of 46 jobs. The company is…
DEAN KOZANIC/STUFF Christchurch businessman Bert Govan is head of the queue of creditors of his company Challenge Steel (in liquidation). Christchurch-based Challenge Steel shows debts of more than $10 million. But the majority owner, Govan Property Group owned by company founder Bert Govan, is the front-ranking secured creditor owed $4.8 million. An estimated $6.1m is owed to…