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…
There are now over 700 operational PFI/PPP projects in England and Wales across all sectors, with a capital value of over £60 billion. More interestingly, over £200bn remains outstanding to be paid to the private sector for the provision of services over the remainder of the contract term, making the potential scale of the issue…
Some breather Calcutta: Corporate resolution of financially stressed companies under Insolvency and Bankruptcy Code, 2016 received a leg up in the Union budget after the Centre allowed multiple tax relief to iron out some of the glitches from the process. The government allowed bidders to suck the benefit of unabsorbed depreciation or huge losses when…
Related Story: Custom Coaches jobs to go despite sale to consortium Related Story: Jobs to go as Custom Coaches closes in Adelaide A New South Wales bus manufacturer looks set to close after laying off more than 120 staff this week, with their union laying blame on the State…
Related Story: Custom Coaches jobs to go despite sale to consortium Related Story: Jobs to go as Custom Coaches closes in Adelaide A New South Wales bus manufacturer looks set to close after laying off more than 160 staff this week, with their union laying blame on the State…
2018 looks set to be another hard year for the retail sector, with news a retailer operating for almost six decades is the latest casualty of the industry malaise. Kangaroo Tent City & BBQs, an NSW manufacturer and retailer of camping and outdoor gear, announced its collapse on 2 February. The company, which operates six…
The Australian Taxation Office bid to wind up the company behind Damian Griffiths’ Les Bubbles restaurant has been dismissed after the company went into liquidation on Thursday. The matter was heard briefly in The Federal Court in Brisbane on Friday where Registrar Katie Lynch dismissed a wind-up application filed by the ATO in November last year.…