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Australia’s third-largest airline has gone into voluntary administration and cancelled flights on some of its routes.Rex Airlines specialises in flying
“It (resolution plan) shall be binding on the corporate debtor (Parental Drugs India), its employees, members, and creditors, including the central government, any state government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the resolution plan,” said division bench of judicial member VG Bisht and a technical…
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His pitch is to convince both the NSW and Queensland governments that their interests would be best served by keeping Star Entertainment afloat.
He will be arguing that an administrator would be disinclined to fund the casinos to keep their doors open, and that if governments want to protect the 9000 jobs at stake, they would be called on to tip in cash to do that.
McCann’s pitch will be that if the casinos’ doors closed, the tax revenue state governments receive would immediately dry up.
Of course the state governments want to protect jobs, but equally, they don’t want to be seen to be using taxpayer money to bail out casinos – particularly given Star’s previous litany of corporate misbehaviour issues.
Australia’s third-largest airline has gone into voluntary administration and cancelled flights on some of its routes.
Rex Airlines specialises in flying to dozens of smaller regional towns and cities across the country – many of which are not serviced by larger rivals Qantas and Virgin Australia.
Trading in Rex shares was halted earlier this week ahead of the announcement that Ernst & Young Australia has been appointed as administrator.
A deemed consent notice in The Gazette this week confirmed that Redmans Insolvency Services is set to be appointed once confirmed by creditors.
Kaybridge has been in business since 1972 providing groundworks, substructures and superstructures across the UK.
Latest results for the year to August 31 2023 show the firm had a turnover of £30.6m generating a pre-tax loss of £1.5m.
Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.
Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.The Enquirer has linked-up with Red…
EaseMyTrip’s co-founder Nishant Pitti may be selling a stake in the travel aggregator, but he clearly is keen on buying the bankrupt GoFirst. Pitti-backed Busy Bee Airways has made a renewed push in the National Company Law Appellate Tribunal (NCLAT), pitching for a revised resolution plan for GoFirst. Busy Bee has challenged the liquidation of the airline.
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GoFirst had voluntarily submitted to IBC proceedings in 2023. The National Company Law Tribunal (NCLT) had admitted the company into insolvency and appointed a resolution professional (RP). Pitti-backed Busy Bee, along with SpiceJet Chairman Ajay Singh, made a joint bid for GoFirst. This bid was rejected by the RP in July of 2024.
Using the same or similar name of a company that is in insolvent liquidation is prohibited by s 216 of the Insolvency Act 1986 (IA).
A director who acts in breach of s216 by being a director of, or being involved in the promotion, formation or management of a company that is using a prohibited name, risks personal and potentially criminal liability (s217 IA 1986) – unless one of three “excepted cases” set out in the Insolvency Rules 2016 (Rules) applies.
The purpose behind s216 IA was to stop the so called “phoenix” syndrome whereby a shelf company was brought to life using the same or similar name to a company that has gone into liquidation by the same directors. The prohibition and risk for acting in breach of s216 was…
