Mumbai: In a pivotal decision, the Bombay High Court on Wednesday overturned an earlier order staying the winding-up proceedings of Swadeshi Mills Company Limited, effectively reviving its liquidation process.

The judgment followed an appeal by shareholders Bipin Bagadia and Ashish Mooni, challenging the stay granted by a lower court. The stay had been sought by Grand View Estates Private Limited and Forbes & Co. Ltd., entities within the Shapoorji Pallonji Group, which together hold a 52% stake in the company.

Advocates for the minority shareholders, Mohit Khanna and Vaibhav Jagdale, contended that the stay orders violated established legal principles. They cited Supreme Court…

Insolvency-related activities in Hampshire and the South East have slightly decreased, a report has revealed.

Trade body R3’s analysis of Creditsafe data showed a drop from 211 in November to 203 in December. This figure is still significantly lower than October’s 293, the highest since March 2022.

Neil Stewart, chairman of R3’s Southern and Thames Valley region, said: “Businesses have faced years of rising outgoings and falling margins since the pandemic, and now have to work out how they will fund further increases in wages and National Insurance as a result of the Chancellor’s national insurance plans” he said.

“If companies in some sectors, particularly retail and leisure, did not enjoy a festive bounce in trading figures,…

Star Entertainment shares have plunged by more than 20 per cent to an all-time low after the casino operator revealed its financial predicament has become more dire.

Star said on Wednesday evening it had $79 million in available cash at year-end, having burnt through $107 million in the past three months.

It has a potential lifeline in the form of a $100 million debt facility, but hasn’t been able to access that capital.

Star has already borrowed $434 million at a 13.5 per cent interest rate, and its lenders have imposed numerous conditions on that last debt tranche.

Star has more than 9000 employees at its casinos in Sydney, Brisbane and the Gold Coast.

“A number of these conditions remain challenging to meet given the Group’s current…

The Australian Government is taking decisive action to ensure the continuity of essential regional air services following Rex Airlines’ entry into voluntary administration in 2024.

In a significant move, the government has acquired $50 million of debt from PAGAC Regulus Holdings Limited (PAG). PAX is currently Rex’s largest creditor.

This acquisition aims to prevent the worst-case scenario – the liquidation of the regional airline. The government financial support measure aims to safeguard the vital connectivity of Australia’s regional and remote communities.

Latest Debt Acquisition by Albanese Government

By acquiring the debt, the government becomes the principal secured creditor. As such, it can actively…

A coalition of organisations, including debt help and mental health charities, has written to the Government , calling for an end to the “cruel and archaic” threat of imprisonment for non-payment of council tax in England .

StepChange Debt Charity, Christians Against Poverty, the Money and Mental Health Policy Institute and the Money Advice Trust are among those who have put their names to the letter.

It coincides with the release of research commissioned by StepChange,…

Ryan Boyajian, who along with fiancée Jennifer Pedranti appears on The Real Housewives of Orange County, is reportedly caught up in the $16 million gambling and theft scandal surrounding the former interpreter of Dodgers superstar Shohei Ohtani.

ESPN, citing multiple sources, reported that Boyajian is the bookmaker’s associate to whom interpreter Ippei Mizuhara wired money to pay his gambling debts.

Mizuhara today agreed to plead guilty to two federal charges related to the theft of nearly $17 million from the Dodger slugger’s bank account. Prosecutors say Mizuhara used that money to pay off illegal gambling debts.

Ippei Mizuhara, 39, could face more than 30 years in federal prison under the plea deal,…

One of the country’s biggest agribusinesses is joining court proceedings against oil company Olivado.

Seeka chief executive Michael Franks said his company was “particularly exercised” about the case.

Far North Avocado Suppliers, in liquidation itself, has applied to have Olivado liquidated at the High Court at Whangārei next month.

Seeka has joined the action against Olivado and requested lawyers take urgent action to place the company into liquidation.

Franks told the Herald that Seeka had serious concerns.

“Placing the company into liquidation will preserve the assets and maximise the potential returns to all creditors, without the risk of a fire sale at reduced values to the detriment of…

Pedestrians pass a branch of The Body Shop on Regent Street in central London.
Photo: AFP

• The Body Shop New Zealand has appointed voluntary administrators
• A buyer has not been found for the New Zealand business, after its UK parent went into administration last year
• Administrators are planning to sell all stock and to start winding down the business

Beauty brand The Body Shop’s New Zealand business has appointed voluntary administrators.

It comes after its UK parent company was placed into administration in February last year, with its international assets largely sold – but the sale excluded the New Zealand business.

Administrators Daniel Stoneman and Neale Jackson of Calibre Partners said a buyer has not been found for…

A growing number of small businesses in financial strife are turning to small business restructuring (SBR) instead of voluntary administration, using the system to retain control of their affairs while managing their debts.

But the SBR system is causing some creditors to ask if it provides the same deterrents against business failure as voluntary administration or liquidation.

Speaking to SmartCompany, one small business operator owed tens of thousands of dollars wondered if the system — designed to ease the administrative burden and cost of traditional administrator appointments — finds the right balance between collapsed businesses and those they owe.

Small business restructuring snapshot

The Morrison government…

Star Entertainment’s safe harbour adviser has begun preparing its lender group for a potential voluntary administration, as the embattled casino operator runs out of solutions to solve a potentially terminal cash crunch.

Street Talk can reveal FTI Consulting’s restructuring specialists on Monday held a meeting via video link with Star’s biggest lenders, running them through a detailed presentation that attempted to offer a blueprint on the business’s future.

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