Photo: Mint New Delhi: The National Company Law Tribunal (NCLT) principal bench on Tuesday admitted Union Bank of Indias (UBIs) plea seeking initiation of insolvency proceedings against Era Infra Engineering Ltd for recovery of Rs681.04 crore, along with an overdue external commercial borrowing of $11.97 million. The order on admission of the plea was reserved…
Franchisees gagged Steve Beadle’s Red Rooster franchise in the Melbourne suburb of Lyndhurst went into liquidation three months ago and Beadle says he was “effectively a slave” working for free for seven years and ending up $500,000 in debt. But Beadle says most current and former franchisees can’t reveal their struggles with Craveable as they…
On Tuesday Baby Bunting confirmed that sales and gross margins had been damaged “both in the lead up to and since these competitors entered administration”. What we have seen in the industry during this financial year in terms of the extent of consolidation is unprecedented,” Baby Bunting chief executive Matt Spencer said in a statement.…
The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. That’s because creditors are afraid to take decisions. Current and former top bankers from at least four state-run lenders are under investigation for alleged impropriety over their lending decisions, while the…
Retailer Baby Bunting is the latest brand to highlight incredibly tough sales conditions in the lead-up to the end of financial year, confirming the collapse of two other baby goods providers this year has had an impact on its sales. In May the brand warned shareholders that things may not pan out as expected this…
The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. Thats because creditors are afraid to take decisions. Current and former top bankers from at least four state-run lenders are under investigation for alleged impropriety over their lending decisions, while the…
We seem to have lost sight of the laudable objective of reviving an entity. Photo: iStockphoto The Insolvency and Bankruptcy Code (IBC) of 2016 was meant to signal a break from the past. While there were larger macroeconomic objectives at play, such as solving the twin balance-sheet problem, developing a robust corporate bond market, improving…
KR Srivats The Insolvency and Bankruptcy Board of India (IBBI) may shortly go for some light touch regulations on the increasingly controversial aspect of fees quoted by insolvency professionals (IPs) handling corporate insolvency resolution processes (CIRP). The regulations will seek to improve transparency (disclosures) and promote best practices in the area of compensation for IPs…
Cape Town Telkom [JSE:TKG] announced on Monday that it would be cutting ties with Nkonki Inc as its joint auditors following developments that have led the latter to undergo voluntary liquidation. The company said, as per its announcement in August 2017 it was prepared to procure from Nkonki Inc as its external audit services to…
Image: Michelle – Ranson Media Perth Fringe World has taken legal action against independent promoter JumpClimb Pty Ltd, which staged shows under the festivals banner, and then collapsed leaving artists and contractors unpaid to the tune of an estimated $200,000. Fringe World is moving to put JumpClimb in administration to try and claw back the…