The New Delhi bench of the National Company Law Tribunal has started corporate insolvency resolution proceedings (CIRP) against Applied Electro Magnetic for not paying salary to an employee for a long time, the Times of India reported. This is possibly the first ever instance of NCLT giving such a ruling under the Insolvency and Bankruptcy Code…
The Court of Appeal has dismissed the application of representative creditors regarding the distribution of a surplus of LBIE’s estate and their entitlement to statutory interest for periods after the administration starting. This decision is the latest in the series of the Waterfall proceedings which relate to the administration of Lehman’s European business, LBIE. Upon…
This follows WWSA chief executive officer Peter Lombard refusing to answer questions about the alleged closure of the business after team leaders were informed that the company could be shutting down and liquidating its assets. TimesLIVE has established that team leaders were sent a text message on Wednesday informing them to no longer engage in…
The governments new and improved rules for insolvency resolution are not good enough and will pave the way for huge political embarrassment for the government. Neither the original rules nor the new ones preclude original promoters who ran their companies into bankruptcy repossessing their assets on the cheap, shorn of debt. This is a bad…
BOUNTY Mining Limited has raised $17 million to purchase Cook Colliery mine, with plans to resume operations by early next year. Bounty will settle the acquisitions, which also includes the Minyango Coal Project, for $31.5 million, with $6.7 million paid on completion and the balance deferred and paid over 18 months. The purchase includes all…
Ten’s history shows Australia’s third free-to-air network struggling against a backdrop of declining advertising revenue, increasing competition and leadership tussles. 1964 – Launched as ATV-0 and owned by the Ansett transport and media group 1979 – Rupert Murdoch gains a 50 per cent stake in Ansett, giving him control of channel 0 1980 – The…
Gadens has appointed James Roland as partner in Sydney. Roland returns to the national firm from TurksLegal, where he has been a partner since 2014. Before TurksLegal, he was a senior legal counsel at National Australia Bank, where he moved to after a brief stint as senior associate in Gadens in 2009. Roland, who has…
TORONTO, Nov. 8, 2017 /CNW/ – Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (NEX: RDI.H; JSE: RDI) provides a further update as to the developments with respect to its three subsidiaries in South Africa which were placed in provisional liquidation on September 12, 2017. These subsidiaries are Rockwell Resources RSA (Pty) Ltd (Rockwell RSA), HC…
A Supreme Court judge is due to hand down his decision on the transfer of Ten Network’s shares to US media giant CBS, marking the crucial final stage of the $41 million takeover over the troubled free-to-air broadcaster. A hearing in the NSW Supreme Court in Sydney concluded last Thursday, following days of delays made…
The liquidator of a collapsed construction giant has found evidence it says indicates the company’s director and founder knowingly traded while insolvent, according to a confidential report obtained by the ABC. Key points: Walton Construction placed into voluntary administration in October 2013 owing tens of millions of dollars to subcontractors Confidential liquidator report from…