THE Singapore Exchange (SGX) has raised queries regarding New Silkroutes Group’s wholly-owned oil-trading subsidiary, International Energy Group (IEG), which the group has not been successful in winding up. The agreement for the disposal of IEG to TK Energy lapsed on June 30 last year, after the buyer failed to disburse loans to New Silkroutes Capital…
By Wayne Robinson | 20 January 2021 One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m. Magnify in administration: John Duplock Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being…
By Wayne Robinson | 20 January 2021 Ascent Partners has formed a strategic alliance with turnaround professionals Rodgers Reidy / TBA Solutions, in order to provide Australian printers who have experienced significant sustained downturns, with options for the pathway forward. Options for printers: (l-r) Brent Morgan, director, Rodgers Reidy and Richard Rasmussen, director, Ascent Partners…
The Egyptian Trade Union Federation (ETUF) voiced on Tuesday its rejection to the decision of liquidating the Egyptian Iron and Steel Company (EISC), a week after the hotly debated resolution was passed officially by the company’s board of directors. In an official statement released following a meeting held earlier today, the ETUF called on all…
The Supreme Court on Tuesday upheld amendments in the Insolvency and Bankruptcy Code which prescribe that at least 100 allottees from the same real estate project should support the initiation of corporate insolvency resolution process in the National Company Law Tribunal (NCLT) against their property developer. The Insolvency and Bankruptcy Code (Amendment) Act of 2020…
eCommodities Plc has been placed into provisional liquidation following an investigation by the Insolvency Service. The Official Receiver has been appointed as the provisional liquidator after a hearing at the High Court in London on 10 December 2020. This followed an application by the Insolvency Service on behalf of the Secretary of State for Business,…
eCommodities Plc has been placed into provisional liquidation following an investigation by the Insolvency Service. The Official Receiver has been appointed as the provisional liquidator after a hearing at the High Court in London on 10 December 2020. This followed an application by the Insolvency Service on behalf of the Secretary of State for Business,…
Clarks could soon be owned by ex-Olympic gymnast Li Ningsinvestment arm Viva China, which aims to buy up 51 per cent of the British footwear retailer for a consideration worth US$69 million (51 million). Viva said it had earlier helped facilitate the acquisition of the business out of voluntary administration by funding a loan to…
Egypt’s Iron and Steel Company workers in the country’s Helwan city organised a protest on Sunday at the company’s headquarters, against a recent decision to liquidate the state-owned organisation. The protestors called on the government to intervene to stop the liquidation move, which they told Youm7 would displace some 8,000 employees. They also demanded the…
In a recent judgement which could have wide-reaching ramifications, the National Company Law Appellate Tribunal (NCLAT) upheld the order of the National Company Law Tribunal (NCLT) that set aside termination of a power purchase agreement (PPA) between the corporate debtor, Lanco and the Gujarat distribution licensee, GUVNL. It held that the Insolvency and Bankruptcy Code,…