Accepting the reality there was “no future for the business” BMS Technology directors, John and Beverley Reid made the agonising decision to enter into voluntary administration. The Adelaide-based hardware distributor had been operating for 31 years and expanded into office and warehouse facilities in Perth and Melbourne. Peter Macks and Ian Burford of Macks Advisory…
The uptake of cloud-based solutions among local businesses and increased market competition are two factors that have played a part in seeing Queenslands Data Centre Technologies enter voluntary liquidation. Joint liquidators, David Hambleton and James Imray of Rodgers Reidy, were appointed on 14 October; more than two decades after the Data Centre Technologies began operating,…
The Canadian Press Published Wednesday, October 18, 2017 4:03AM EDT Last Updated Wednesday, October 18, 2017 12:30PM EDT TORONTO — An Ontario judge has approved Sears Canada’s request for a revised retention bonus plan for key head office staff and store managers who stay through its liquidation process. The number of people covered by the…
KOLKATA: The National Company Law Tribunal has ordered liquidation in Nicco Corporation, a specialised cable maker and a defaulter of nearly Rs 300 crore of bank loans, and one of the first movers to bankruptcy court. The NCLTs Kolkata bench passed the order Tuesday as lenders led by State Bank of India rejected the debt…
WA rugby could be driven to extinction by the Australian Rugby Union as it chases costs for the legal actions launched to save the Western Force being axed from Super Rugby. The costs, understood to be around $1 million, could force RugbyWA into voluntary administration but ARU chief executive Bill Pulver has made it quite…
Nicco Corporation was the first company to be referred to NCLT after the BIFR was scrapped. Photo: Mint Kolkata: The Kolkata bench of National Company Law Tribunal (NCLT) has put cable manufacturer Nicco Corporation Ltd under liquidation process to meet the demands of the creditors. The company has been put under liquidation under Section 14…
By: ENS Economic Bureau | Kolkata | Published:October 18, 2017 2:20 am According to sources, Kunal Banerjee proposed to start liquidation process as the committee rejected resolution plans prepared by the Kolkata-based firm. The Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday ordered liquidation proceedings against Nicco Corporation after its lenders voted…
The Insolvency and Bankruptcy Code, 2016 (IBC), is a watershed in the history of Indias banking credit culture. Replacing a plethora of legislation it provides for a single-window, time-bound process designed to revive a company or failing which to liquidate it. Based on equity, asset maximization and promotion of entrepreneurship, the IBC aims to balance…
The recently introduced Insolvency and Bankruptcy Code, 2016 (IBC), has been put to a real test with the admission of corporate insolvency resolution proceedings (CIRP) against Jaypee Infratech for defaulting on a loan from IDBI Bank. Rahul SudOf counselSNG & Partners The IBC aims to remove the bottlenecks and expedite the CIRP, with a paradigm…