The government sought to tighten the Insolvency and Bankruptcy Code (IBC) through an ordinance to ensure that wilful defaulters and promoters of companies in loan default over an extended period of time wont be able to get their hands back on assets during the resolution process. The ordinance comes in the wake of concerns that…
At a meeting on Nov 15, the board considered its combined financial position, including all of its subsidiary companies in China. In an update to the Stock Exchange of Hong Kong, the board stated: The combined net liabilities of such subsidiaries in the Peoples Republic of China as at 31 March 2017 could have been…
In the news release, Fashion to Figure Receives Court Approval to Begin “TOTAL LIQUIDATION SALE”, issued 22-Nov-2017 by SB Capital Group, LLC over PR Newswire, we are advised by the company that while the remaining 19 Fashion to Figure stores will be included in the company’s liquidation, they will not necessarily be closing, as the…
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At least 100 brides to be around the country are in the throes of a pre-nuptial frock emergency after luxury Perth bridal house Pallas went into voluntary administration. It was another dark day for Perth retail yesterday with 23-year-old WA streetwear chain Live Clothing also going into the hands of external administrators. Pallas, with salubrious…
NEW YORK, Nov. 22, 2017 /PRNewswire/ — It was announced today that New York based Fashion to Figure will close its remaining 19 stores across 6 states following a total liquidation of the Company’s inventory. On Wednesday, a U.S. Bankruptcy Court judge in New Jersey approved an order authorizing a joint venture of SB Capital Group, LLC,…
Creditors owed more than $400,000 by Laurie Mains-owned Clan Construction Commercial Ltd have a big decision to make on Friday. Those owed money will have to decide whether to either accept 60c in the dollar owed or take their chances with Mr Mains liquidating the company. The former All Black and All Blacks coach has…
The Cherry Orchard apartments in Port Erin – A new management company is being formed to run the Cherry Orchard complex as a block of flats. Residents were given the news last week, but owner Robert Gillings assured them they need not worry about the future. A disagreement over charges at the complex led to…
Chinese government-owned construction giant China Railway Construction Group’s first venture into Australia with local partner Brisbane-based construction company Rimfire Constructions has collapsed. The joint venture formed by the two parties, CRCG-Rimfire Pty Ltd which debuted in the Australian market exactly a year ago has been placed under voluntary administration. Grant Thornton is handling proceedings, with…
The Cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code (IBC) to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources. The IBC is one of Prime Minister Narendra Modi’s biggest reforms. Some owners are reported to be getting ready to stake a claim for these…