New Delhi, Jan 29 (PTI) Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution…
Discount grocery chain NQR has become the latest retail casualty of 2018, with the 18-store supermarket network placed into voluntary administration last Wednesday. NQR Pty Ltd, which was rescued from administration by the founders of Bakers Delight, the Gillespie family, in 2009, appointed Luke Targett and Bruno Secatore of Cor Cordis as administrators on January…
By Chris Thomson | posted on January 25, 2018 A RECENT purchase by Albanys Mount Romance sandalwood plant of a $3 million cache of wood has failed to stop the subsidiary that runs it, and parent company Quintis Ltd, going into voluntary administration. On Saturday, Quintis revealed that US hedge fund…
Non-food credit grew at 8.85% YoY in November 2017 as compared to 4.75% in November 2016. New Delhi: The performance of the banking sector in general and those in the public sector in particular continued to be subdued in the current fiscal, the Economic Survey 2017-18 said on Monday. According to the Survey, tabled in…
Discount supermarket chain NQR, owned by the founders of the Baker’s Delight chain, has gone into voluntary administration putting 351 jobs at risk unless a buyer is found. NQR, which has 18 stores across Victoria, appointed Luke Targett and Bruno Secatore from Cor Cordis as administrators on Wednesday. The chain has 18 stores around Victoria. Photo: Everard…
NEW DELHI: The government is considering a proposal to extend the time limit for the bankruptcy resolution process by up to 60 days following recent changes in the Insolvency and Bankruptcy Code (IBC) that have led to a reset in the process in many cases, said officials aware of the matter. This could mean more…
Creditors of failed manufacturing companies Ballarat Windows and Doors and Lontana have been advised they are likely to be left high and dry, with the companies owing more than $1.7 million. Ballarat Windows and Doors and associated company Lontana both went bust in 2017. Ballarat Windows and Doors sold its business and assets to…
industry > News Rolling Stone Australia’s February Cover Jan 27th 2018 | 9:44am | Staff Writer Tweet The future of Rolling Stone Australia has become clouded with the announcement that the local publishers of the iconic magazine have gone into liquidation. As reported by Mumbrella, the company holding the Australian rights, Paper Riot, was placed…
The number of corporate insolvencies edged up last year as businesses battled against headwinds including rising costs and shaky consumer confidence. Underlying corporate failures in England and Wales rose by 2.5 per cent in 2017 compared with the previous year, figures from the Insolvency Service show. This was after the impact of a series of…
The future of Rolling Stone Australia is in doubt after Paper Riot, the company holding the local rights to the iconic title, was placed liquidation on Wednesday. Paper Riot was founded by Rolling Stone Australia editor Matthew Coyte who set up the company in 2013 to take over the title from Bauer Media. Matt Coyte,…