The Expression of Interest (EoI) floated for the slump sale of assets Nicco Corporation which had been put under liquidation by the Kolkata bench of the NCLT failed to evince any interest from bidders. The liquidator for Nicco Corporation, Vinod Kothari, in an e-mailed response, said since the slump sale did not incite interest, the…
The board of the pharmaceutical cash shell company said it had evaluated several potential reverse takeover candidates with major shareholders in the first quarter of 2018 but had concluded a potential takeover was not deemed to be practical. Woodford is the largest shareholder, owning about 33% of the business. Abaco Capital makes up 0.05%, roughly…
Having concluded hearing from all the parties in the Essar Steel insolvency case, the Ahmedabad bench of National Company Law Tribunal (NCLT) is likely to pronounce the order no later than April 12. On Friday, legal counsels of VTB-backed Numetal, ArcelorMittal, resolution professional (RP) and Essar Steel’s Committee of Creditors (CoC) presented their concluding…
The National Company Law Tribunal (NCLT) in Mumbai dismissed a petition filed by F J Elsner Trading GMBII against Jyoti Structures Ltd, providers of turnkey solutions in the field of power transmission, who were the first referred to the NCLT by State Bank of India (SBI) back in August 2017. …
2:15 pm Gainers: Titan Company, BPCL, HPCL, Lupin and Sun Pharma are biggest gainers, rising up to 4 percent. HDFC Bank, ITC, Bajaj Finance, IOC, Tata Motors and Reliance Industries were up 0.2-0.9 percent. 2:08 pm Market Update: Benchmark indices continued to consolidate around previous day’s closing values amid US-China trade war. Investors await corporate…
A MUSWELLBROOK company refutes union claims that it owes hundreds of thousands of dollars in employee privileges. The Construction, Forestry, Mining and Energy Union (CFMEU) recently stated it was currently working to claw back more than $200,000 in entitlements for ex-staff at BIGLIFT Cranes and Heavy Haulage. The CFMEU alleges the business is more than…
Long established family company, Shearer Contracting Pty Ltd, has been placed in voluntary administration which may see up to 50 local jobs lost. Many of these are long-term employees that have worked with the company for three decades. Rapsey Griffiths Insolvency and Advisory have been appointed administrators of the company. Partner, Chad Rapsey, says they have commenced an…
A MUSWELLBROOK company refutes union claims that it owes hundreds of thousands of dollars in employee privileges. The Construction, Forestry, Mining and Energy Union (CFMEU) recently stated it was currently working to claw back more than $200,000 in entitlements for ex-staff at BIGLIFT Cranes and Heavy Haulage. The CFMEU alleges the business is more than…
60 jobs go as Hexham firm hits the wall HEXHAM company Total Fabrication Services has gone into liquidation, leaving more than 60 employees owed more than $1.5 million in entitlements. Although the employees should receive some entitlements through the federal governments Fair Entitlements Guarantee scheme, the Australian Manufacturing Workers Union says the company was three months behind with…
Joanne Hardwick (pictured) has joined Piper Alderman’s insolvency and reconstruction team, a move which she says is an exciting opportunity for herself and the future of the firm. Hardwick has worked alongside industry leaders and has both Australian and international experience in commercial litigation, insolvency and reconstruction law. The opportunity to join…