Mining shell Ausroc Metals has received shareholder support for a reverse takeover of unlisted public company Woomera Exploration, which has a portfolio of projects prospective for lithium, cobalt and nickel. Shareholders this week approved the acquisition as part of a recapitalisation proposal aimed at pulling the company out of liquidation. In its past life, Ausroc…
Secures an interim finance facility up to Rs 100 cr from ECL Finance Amtek Auto announced that pursuant to agreement of Committee of Creditors for raising interim finance on 06 October 2017, the Company has entered into an agreement with ECL Finance, a Mumbai based subsidiary of Edelweiss Financial Services and availed interim finance…
TWO years after starting liquidation proceedings, the future is still unclear for creditors of a 60-year-old family-owned Toowoomba company. TFD Joinery Works ceased trading in September of 2015, but with all tangible assets sold, creditors are now waiting on court action to determine whether they will see any returns. Some may not even see a…
THE likely new owner of Cook Colliery mine promises to be “very different” to the now liquidated company which was at the helm when more than 100 people lost their jobs. Bounty Mining expects the sale of the formerly Gaungdog Rising Asset Management-owned mine to settle this week after more than three months of hurdles.…
Banks and other lenders must be breathing a sigh of relief, and celebrating an early “Christmas gift” from the Supreme Court of Appeal. The gift was delivered in Diener NO v Minister of Justice (926/2016) [2017] ZASCA 180 (1 December 2017). Two of the questions before the court were: whether or not a business rescue…
Major Perth architecture practice JCY has been placed into liquidation after being hit by the slowdown in work volumes, pricing pressures and losses on the Perth Childrens Hospital. JCY had 12 registered architects and 27 staff earlier this year, making it the eighth largest architecture practice in Perth, according to research by Business News for the…
Melburnians have been most likely to work as professionals, tradies, managers, salespeople and in administration since the turn of the century but who we work for has changed. More than a decade ago, Melbourne decoupled from the corporate giants once synonymous with this city and its employment market diversified, says urban economist Terry Rawnsley. More and more Melburnians work as tradespeople.. Photo: Louise Kennerley So despite…
Wollongong Coal is looking to improve its troubled finances which could be further hit by a long list of fines and unresolved legal claims worth more than $40 million by selling off just under 200 hectares of colliery land at West Dapto. Posting a half-yearly loss of $23.7 million, the Illawarra miner has also outlined…
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the liquidation of Gupta Coal India.(Representational image) The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the liquidation of Gupta Coal India, sources aware of the development told FE. The Nagpur-based firm had filed a petition for the initiation of…
Coimbatore: Operational hurdles, including that from non-cooperative promoters and staff of company under insolvency process is forcing interim resolution professionals (IRPs) to move National Company Law Tribunal (NCLT). In a recent case involving ABG Shipyard, Sundaresh Bhat, the IRP, moved the Ahmedabad bench of the NCLT to stop an electricity company from disconnecting power supply…