After going into a brief trading halt on Monday, New Zealand medical cannabis company Greenfern Industries emerged to announce it was going into receivership.
The brief statement said in part:
“Damien Grant and Adam Botterill of Waterstone Insolvency have been appointed as receivers and managers over Greenfern Industries Limited (NZX: GFI). This appointment has been made pursuant to the powers granted under a General Security Agreement between GFI and Emdex Limited, dated 20 December 2024.”
Waterstone is also handling the insolvency of another NZ cannabis firm – the company behind Medical Kiwi, which entered liquidation on February 4. Medical Kiwi was not NZX listed, but raised funds through sources including crowdfunding.
The GFI…
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Rob Shelton | Lehi Free Press
In a devastating blow to local crafters and DIY enthusiasts, JOANN Fabric and Crafts announced Sunday the closure of all 800 stores nationwide, including the American Fork location in Utah.
The American Fork store, situated in a shopping center that recently lost Big Lots, will begin liquidation sales immediately. The closure marks the second major anchor tenant to vacate the shopping center in recent months, raising concerns about the future viability of the retail complex.
“Following a comprehensive sale process and auction, GA Group together with the Prepetition Term Loan Agent, has been selected as the winning bidder to acquire substantially all of JOANN’s assets,” a company…
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MicroStrategy is down over 55% from peak, fueling forced liquidation concerns MSN
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At the same time, CDEL’s subsidiary Coffee Day Global was battling another insolvency petition by IndusInd Bank over an alleged ₹94 crore default.
On July 20, 2024, the NCLT admitted Coffee Day Global to insolvency and appointed Shailendra Ajmera as the interim resolution professional to run the company’s operations.
However, this was later amicably settled with IndusInd Bank withdrawing its insolvency application after transferring the debt to ASREC (India) Ltd., an asset reconstruction company.
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Eni’s net profit drops sharply as disposals help to cut key debt ratio -February 27, 2025 at 02:34 am EST Marketscreener.com
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Australia is witnessing a significant rise in business insolvencies, (opens a new window) which has important ramifications for directors and officers (D&O) and the financial lines insurance sector.
This increase highlights the vulnerabilities present in the corporate landscape and emphasises the urgent need for robust D&O insurance policies to help safeguard business leaders against potential liabilities.
Rising insolvency rates in Australia
Recent data from the Australian Securities and Investments Commission (ASIC) indicates a sharp uptick in company insolvencies.
From 2023 to 2024, 7,742 businesses entered external administration, marking a 36.2% increase compared to the previous year.
Sectors such as construction, accommodation and…
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The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Café Coffee Day (CCD), dismissing a bankruptcy plea filed by IDBI Trusteeship over an alleged ₹228 crore default.
The ruling came in response to a petition by Malavika Hegde, a shareholder and director at CDEL, challenging the National Company Law Tribunal’s (NCLT) 8 August 2024 order, which had admitted IDBI Trusteeship’s insolvency plea against the company.
NCLAT had already provided interim relief by staying the proceedings on 14 August 2024. However, the proceedings had resumed as the NCLAT was unable to pass its final order within the Supreme Court’s deadline of…
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CPR Land Rights Initiative invites you to a talk on
Bailing Businesses, Boosting Banks: Understanding the Evolution of Insolvency and Bankruptcy Law in India
Friday, 28th February 2025, 3:30 PM – 5:00 PM IST
Speaker:
Ms. Misha, Partner, Shardul Amarchand Mangaldas & Co.
Moderator:
Dr. Namita Wahi, Senior Fellow, CPR & Founding Director, Land Rights Initiative
This is the ninth in a series of talks on “Legal History” as part of the Land Rights Initiative Speaker Series. This series is part of the Land Rights Initiative’s 10 year anniversary celebrations.
This event will be held in hybrid mode at the CPR Conference Room (Dharma Marg, New Delhi) and online over Zoom. Please register below to attend either in person or via…
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Elon Musk warns Trump Cabinet: ‘America will go bankrupt’ The Daily News Online
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When the owner of Petersham Nurseries was forced to close two London restaurants and a deli in February, the chain blamed several factors, from rising costs to Brexit, but also Rachel Reeves’ November budget.
Petersham (UK) Limited, which is owned by the Boglione family behind the Petersham Nurseries garden centre in Richmond, will not be alone in feeling the pinch from the UK chancellor’s move to increase the minimum wage and employers’ national insurance contributions from April.
In Europe and elsewhere there are fears of an uptick in corporate distress. And with a trade war looming and economic conditions faltering, many restructuring specialists expect a wave of work as companies struggle with further financial…
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