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Two companies linked to NZ Wagyu, which was placed in liquidation last July, were last month also placed in liquidation, owing unsecured creditors a combined $5.8 million.

Origin Corporation and Blue Sky Meats (Gore) have common shareholding with Christchurch-based NZ Wagyu, which collapsed last July leaving 142 creditors $7.7m out of pocket.

The collapse of all three related companies potentially exposes unsecured creditors to losses of $13.5m.

Liquidators have calculated there are 131 unsecured creditors from the collapse of NZ Wagyu, mainly farmers, transport companies, contractors, stock feed suppliers and rural servicing business.

The 11 secured creditors are financers and some…

Shortly before its abrupt collapse in August,Queensland battery manufacturer Redflow Energy appeared to be riding high.

The 19-year-old company was capitalising on global demand for large-scale battery systems, with multi-million-dollar contracts in California and a growing list of prominent customers at home, including the Bureau of Metereology, Optus and Queensland government-owned energy provider Stanwell.

The innovative “flow battery” maker met regularly with federal government ministers and was tipped as a potential recipient of “Future Made in Australia” funding to support clean energy manufacturing.

But,…

R3’s analysis of Creditsafe data showed a minor drop from 211 in November to 203 in December.

This figure, which includes administrator and liquidator appointments and creditors’ meetings, is significantly lower than October’s 293, the highest since March 2022.

The South East’s insolvency-related activities are the sixth highest in the UK, behind Greater London, the North West, East Anglia, Yorkshire and Humberside, and the West Midlands.

READ MORE: Warning for company directors as Covid-19 loan deadline looms

Neil Stewart, chairman of R3’s Southern and Thames Valley region (Image: Jonathan Perugia) However, the number of firms in liquidation owing money to creditors in the South East rose from 243 in November…

Optimism surrounding a declining inflation rate has waned in recent months as Americans saw inflation rise in October, November and December. That increase partially came during the Federal Reserve’s latest interest-rate-cutting campaign, which now seems halted until additional progress is made in lowering the inflation rate to the Fed’s target 2% goal. For now, then, prices on many common items are likely to stay high and savings secured via lower borrowing interest rates will be delayed, perhaps until much later in 2025.

Against this…

The multimillion-dollar debts keep mounting for companies associated with a failed Southland Wagyu beef operation, which promoted its cattle as receiving massages and having music played “to keep them soothed and calm”.

According to its website, Black Origin Wagyu combined the origin of Japanese breeding genetics and 200-year-old techniques with New Zealand’s grass, grain, water and air.

The cattle were grazed for their first two years on farms throughout the country before being finished on grain at a “state-of-the-art” barn in Rakaia. A meat processing plant operated in Gore.

In December last year, Origin Corporation — which was described as a holding company operation with passive investment in subsidiary companies — was…

The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea against HUL, filed by an operational creditor seeking initiation of insolvency proceedings against the FMCG major. The appellate tribunal has upheld an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on September 5, 2024 had set aside a plea filed under Section 9 of IBC by K Lakshmi Narayana, Proprietor of Lalithambica Enterprises, alleging default. The NCLT had found that the sum of the invoices, which was within the three-year limitation period, was less than the threshold limit of Rs 1 crore.

Besides, the appellate tribunal noted that HUL’s submission relates to a pre-existing dispute, for which a legal notice was…

(Bloomberg) — Holdout creditors who claim tainted baby powder gave them ovarian cancer urged a judge to reject Johnson & Johnson’s plan to force an end to all related cancer lawsuits.

The proposed settlement — worth more than $8 billion — wrongly denies ovarian cancer victims the right to pursue their claims in court, lawyers for women who refused to join the deal said in a Friday objection. Holdouts also challenged a claim from J&J and its supporters that the settlement is backed by more than 80% of claimants.

Under the proposal, a bankrupt unit of the health care giant would establish a trust that would determine how much each cancer victim would get based on a set of detailed criteria. All lawsuits related to allegations that…

Adilabad:The state government has sanctioned ex gratia and pending arrears to 20 families of farmers who committed suicide due to crop loss and mounting debts in the erstwhile Adilabad district. This long-awaited relief comes as part of a broader order (GO No. 15) issued on the High Court’s direction, benefitting 141 families across the state.

The sanctioned amount of Rs 6 lakh per family is expected to help these bereaved families repay debts owed to moneylenders and focus on their children’s education. Among the beneficiaries, 18 families are from Adilabad district, with one each from Asifabad and Mancherial districts.

A majority — 85 per cent — of the farmers who took their own lives were tenant farmers who lacked land…

JIND: On the occasion of the 76th Republic Day, tractor and vehicle marches were held at different locations in Haryana. In Jind district, farmers started their march from Narwana road bridge in Jind city via Patiala Chowk, Rani Talab, and culminated at the New Bus Stand. In the procession farmers, laborers, employees, and retirees participated to press for their demands. The march was joined by members of the Kisan Sabha, CITU, Sarv Karmchari Sangh, Bharatiya Kisan Union Ghasi Ram, Retired Employees Association, DYFI, and other organizations.
Kisan Sabha’s state vice-president Phool Singh Sheokand, stated that the country’s resources are being sold off at dirt-cheap prices to benefit the capitalists. Due to the policies of the…