Insolvency Guardian Media Centre
The Federal High Court Headquarters has announced the creation of an ‘Insolvency Unit’ for the Court, aimed at addressing the implementation of laws relating to company restructuring and dissolution in Nigeria.
According to the court, the laws related to “Company Voluntary Arrangements (CVA), Administration, Receivership, Winding Up (Dissolution), and various forms of restructuring of companies” in Nigeria.
The unit was created following approval by the Chief Judge of the Federal High Court, Justice John Terhemba Tsoho.
This was disclosed in a statement signed by Sulaiman Amida Hassan, Esq., Chief Registrar, Federal High Court of Nigeria, and made available to Nairametrics on Sunday.
Intention for Insolvency Unit…
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On 4 March 2025, the Victorian Supreme Court made orders that a special purpose liquidator be appointed to replace an incumbent liquidator to finalise a long-running liquidation.
The decision demonstrates the flexibility of the Court’s powers under section 90-15(1) of the Insolvency Practice Schedule (Corporations) to replace liquidators if it is in the best interests of the creditors.
Background
Pluton Resources Limited (company), was an ASX-listed company specialising in the exploration, development and production of iron ore for the steel industry. The external administration of the Company has a long history being subject to various forms of external control since 2013. Relevantly, liquidators have been appointed…
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Austrans is not the first business associated with O’Shea that has collapsed.Credit: Instagram
O’Shea, who took over the 37-year-old business from his father, said it had been sabotaged by a rival transport company, which he accused of illegally suspending its services to derail Austrans and its holding company, Vermile Pty Ltd.
“I categorically deny all the allegations in the liquidator’s report. The report is vague, outdated and contains inaccuracies concerning the inflated debt of $116 million which has been substantially exaggerated due to excited creditors adding a decimal point here, and a few extra zeros there,” O’Shea said.
“When the time comes for Cor Cordis to substantiate the debt of $116 million, I’ll be happy…
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Topline
President Donald Trump announced Friday he plans to move the federal student loans portfolio from the Department of Education to the Small Business Administration (SBA), the biggest of several steps his administration is taking that affects how the government handles federal student loans and student loan forgiveness.
President Donald Trump signs an executive in the Oval Office at the White House on February 14 in … More
Key Facts
Department of Education Dismantling: Trump said Friday the Office of Student Aid would be moved to SBA “immediately,” after the president signed an executive order Thursday to “greatly minimize the agency”—but initially said federal student loans and Pell…
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Some Tshwane residents keen to take advantage of the city’s municipal services debt-relief programme are worried there is a catch and that their debts won’t just be cancelled without any sort of punishment.
The newly introduced debt-relief programme is aimed at assisting residents and businesses to settle their municipal arrears. .
The initiative offers substantial debt write-offs under specific conditions and aims to boost revenue collection and discourage illegal electricity and water connections.
Despite the programme’s amnesty waiver on tampering fees, which expires at the end of March, many residents have been hesitant to take part in the scheme.
Oupa Mtshweni, leader of the Mamelodi Concerned Residents Association, …
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People walk into a Hudson’s Bay store in Hamilton, Ont., on March 21.Carlos Osorio/Reuters
As an order processor at the Hudson’s Bay Co. distribution centre in Toronto’s east end, Kevin Grell has been working harder than usual in recent weeks – all while fearing for his livelihood.
“I see a lot of blankets and throws going out; water bottles, mugs, anything with the stripes,” said Mr. Grell, who packs and ships e-commerce orders for the Bay, referring to the company’s instantly-recognizable stripe design. “It’s actually been very busy.”
As Canadians hearing the news of the possible demise of Hudson’s Bay have been inspired to shop – flocking to stores and looking online to find deals, and a…
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Sharvain Facades goes into voluntary administration MSN
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Nova Property Group, the rescue vehicle of the failed R4.6 billion Sharemax property syndication scheme, is insolvent.
Nova’s annual financial statements (AFS) for the year ending February 2024 reveal a company in severe financial distress, with mounting debt, unpaid taxes and severe cash flow constraints. It is also clear that Nova cannot repay the former Sharemax investors – who have become debenture holders in Nova – in the foreseeable future, if ever.
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Despite this, Nova’s board, under the leadership of chair Connie Myburgh and CEO Dominique Haese, insists that the company remains in a “sound financial position” and is capable of continuing as a going…
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Hudson’s Bay Co. ULC can begin liquidating all but six of its stores on Monday, an Ontario court decided on Friday, ending an era of department store dominance for Canada’s oldest company.
The Ontario Superior Court approved the retailer’s wind-down proposal as it tries to find restructuring solutions with its creditors and landlords. The liquidation will last until mid-June. Justice Peter Osborne also approved keeping on key employees to help with attempts to restructure the remaining stores.
The six stores spared from the liquidation process are located in Ontario and Quebec, including the flagship Yonge-Queen location in downtown Toronto. HBC owes around 1.1 billion Canadian dollars ($766 million) in secured debt.
Ashley Taylor,…
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Former prime minister Thaksin Shinawatra’s recent idea to solve the problem of non-performing loans (NPLs) in the household debt sector is just a further extension of two similar programmes introduced by a previous Pheu Thai-led government to ease the financial burden of small debtors and SMEs.
The first programme tackles informal debt introduced by the previous prime minister Srettha Thavisin using “carrot and stick”…
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TORONTO — After a week spent seeking a lifeline, Hudson’s Bay says it has found a way to keep a half-dozen stores open — for now.
Canada’s oldest company was in court Monday to seek permission from an Ontario judge to liquidate all but six stores starting Monday.
The six stores Hudson’s Bay wants to save from the liquidation sale include the flagship location on Yonge Street in Toronto, as well as a store in the city’s Yorkdale mall and another at Hillcrest Mall in Richmond Hill, Ont. The remaining three are in Montreal, the Carrefour Laval mall and Pointe-Clare, Que.
The company did not say how deep the discounts at the remaining stores will be during the liquidation period, which would run until June 15. It is promising to…
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Credit: Markus Winkler via Unsplash https://unsplash.com/@markuswinkler
Scott McCorkell, the founder of the failed North Sydney advertising agency that bears his name, and his advisors face fresh legal action in the Federal Court.
The current liquidator of McCorkell and Associates, Michael Hogan, is taking action against McCorkell and those who advised him in a process described in previous court hearings as phoenixing.
Phoenixing is where assets are moved to a new company leaving behind debts and liabilities in the old business.
McCorkell, and accountant Andrew Fraser of BDJ Partners and business valuer Andrew Whittingham of Groves & Partners, face allegations that they broke a long list of sections of the…