Hudson’s Bay Company, Canada’s venerable department store chain and the oldest corporation in North America, will begin to liquidate its entire business next week.

The Toronto-based company said Saturday that it filed documents with the Ontario Superior Court of Justice indicating that it was only able to secure limited debtor-in-possession financing, necessitating the liquidation of the entire business. The company said it made “exhaustive efforts to secure sufficient financing” to keep operating, but was unable to.

“A store-by-store liquidation process will begin as soon as next week,” the company said Saturday.

While the liquidation appears inevitable, Hudson’s Bay is holding out some hope for a…

New Delhi: A vendor of Ola Electric Mobility Limited — Rosmerta Digital Services Private Limited — has filed an insolvency petition against a wholly owned subsidiary of the electric two-wheeler maker over alleged non-payment of dues. The vendor of Ola Electric Technologies Private Limited has approached the National Company Law Tribunal (NCLT) in Bengaluru, claiming that the company has defaulted on payments for services provided.

According to an exchange filing, Rosmerta Digital Services has requested the tribunal to initiate a corporate insolvency resolution process. Ola Electric, in response, stated that it strongly disputes the claims made by the vendor and is seeking legal advice to protect its interests. The company assured that…

Fresh details have emerged about the collapse of the company behind Juicy Festival and Timeless Summer Tour, with liquidators revealing that the company’s inability to secure a liquor license was only part of a broader financial downfall that left the business unable to refund ticketholders or pay its creditors.

Thousands of concertgoers have been left out of pocket after Juicy Fest Limited was forced into liquidation.

Chris Lynch Media first revealed the scale of the fallout, with frustrated ticket holders still searching for answers as the company behind the event went silent.

In a newly released report on the Companies Office’ website, Blacklock Rose, the appointed liquidators, disclosed that Juicy Festival’s financial…

The Commercial Court in Dubai has issued a ruling to liquidate a real estate company after it was proved that its manager had been negligent in performing his duties and had breached his obligations.

The court also decided to appoint a liquidation expert to oversee the inventory of assets, determine rights and obligations, and sell the company’s properties at a public auction.

He will also notify creditors, settle debts, and will distribute the remaining funds to partners according to their shares. Additionally, he will have to publicly announce the liquidation ruling.

The details of the case date back to an earlier time when an Asian investor filed a lawsuit demanding the liquidation of the…

The insolvency petitions against Ola Electric Technologies are only the latest in a series of troubles the company is facing.

A Bloomberg News investigation recently found that over 95% of Ola’s 4,000 showrooms did not have the required approvals to display or sell unregistered vehicles.

This led transport authorities in several states to conduct raids, shut outlets, seize vehicles, and issue notices to the company.

Ola Electric Mobility, in a stock exchange filing on Saturday said that Rosmerta Digital Services has filed an insolvency petition against its wholly owned subsidiary Ola Electric Technologies before the National Company Law Tribunal.

The Bhavish Aggarwal-led firm added in the exchange filing that the petition submitted before NCLT’s Bengaluru Bench, alleged to default in payment towards the services rendered by the Operational Creditor and sought initiation of corporate insolvency resolution process (CIRP) against the Ola Electric Technologies Private Limited.

“We wish to inform you that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by M/s. Rosmerta Digital Services Limited, an…

Ola Electric Mobility Ltd has confirmed that its wholly owned subsidiary, Ola Electric Technologies Pvt Ltd, is facing an insolvency petition filed by its vehicle registration service provider, Rosmerta Digital Services Ltd.

The petition, submitted under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), has been brought before the National Company Law Tribunal (NCLT), Bengaluru Bench, alleging non-payment for services rendered.

In response, Ola Electric has strongly disputed the claims and stated that it has sought appropriate legal advice. The company asserted that it will take all necessary and appropriate steps to protect its interests and challenge the allegations in this matter.

This development comes amid Ola Electric’s…

New Delhi: A vendor of Ola Electric Mobility Limited — Rosmerta Digital Services Private Limited — has filed an insolvency petition against a wholly owned subsidiary of the electric two-wheeler maker over alleged non-payment of dues.

The vendor of Ola Electric Technologies Private Limited has approached the National Company Law Tribunal (NCLT) in Bengaluru, claiming that the company has defaulted on payments for services provided.

According to an exchange filing, Rosmerta Digital Services has requested the tribunal to initiate a corporate insolvency resolution process.

Ola Electric, in response, stated that it strongly disputes the claims made by the vendor and is seeking legal advice to protect its interests.

The company assured…