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Employees at the Oriel Hotel were reportedly told yesterday (January 17) that the venue had closed due to the firm going into liquidation.
The Journal made attempts to contact the hotel, and received a recorded message stating the “hotel is now closed due to the company being in liquidation”.
A hotel since the 1960s, the property was originally built as a private residence in the 19th century before later becoming a boys school.
The closure has been met with sadness, with its closure likely to impact couples’ wedding plans.
One person who was due to get married there this summer found out about the news on Facebook, with another posting: “My wedding has just been cancelled.”
On 23 March 2020, the Federal Parliament passed the Coronavirus Economic Response Package Omnibus Bill 2020 (the COVID Act).
The COVID Act received Royal Assent on 24 March 2020 which amended, amongst other things, the Corporations Act 2001, the Bankruptcy Act 1966 and the Bankruptcy Regulations 1996 to temporarily release directors from a risk of personal liability for insolvent trading, as well as increase the minimum amount and time-frame for both statutory demands and bankruptcy notices.
Directors’ liabilities
The COVID Act inserts section 588GAAA into the Corporations Act 2001 (the Act), “Safe Harbour—Temporary Relief in response to the Coronavirus”. Under this section a director…
The Singapore Government introduced temporary measures to relieve officers from new wrongful trading provisions as part of its response to COVID-19 in April 2020. The provisions establishing liability for wrongful trading are set out in the Insolvency, Restructuring and Dissolution Act 2018 (Singapore) (the “IRDA”) – which is yet to become effective. Singapore’s measures are in line with the position taken by many other jurisdictions, but they come at a time when the IRDA provisions aren’t even operative. This post asks, “what does this temporary relief from wrongful trading liability tell us about Singapore’s new insolvency law regime?”
In short: More small businesses are choosing to close because of falling profits during the cost-of-living crisis but their numbers aren’t included in insolvency figures
What’s next? The federal government and Reserve Bank have been asked to consider small operators as they continue to fight inflation
Jessica Bailey has a strong record of conquering challenges in the small business world.
She opened her online vegan grocery store 22 years ago, at a time when both online shopping and veganism weren’t on Australia’s radar.
But Ms Bailey grew her sales to a point where she was able to open shopfronts in Sydney and Melbourne, expanding into a new premises in Fitzroy 13 years ago that would be become her flagship store.
The National Company Law Tribunal (NCLT), has ordered the liquidation of M/s Tulip Hotels Private Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The decision comes after the failure of the Corporate Insolvency Resolution Process (CIRP) to yield a resolution plan within the prescribed timeline.
The CIRP for Tulip Hotels began on May 16, 2023, after a petition filed by J.C. Flowers Asset Reconstruction Private Limited (JCFARPL), the Financial Creditor, was admitted. Mr. Gaurav Ashok Adukia was initially appointed as the Interim Resolution Professional (IRP), later replaced by Ms. Padma Ganesh following an order on July 17, 2023.
The partner of comedian Tony Slattery is fundraising to pay for his funeral after saying the couple had no ‘plan B’ because his death was ‘so unexpected’, with fans donating £20,000.
The star, who has died aged 65, had battled depression and drug addiction which had led to a withdrawal from lucrative work on the UK comedy circuit.
At the height of his fame he was spending £4,000-a-week on cocaine while downing two bottles of vodka per day as he battled bipolar and dealing with the terrible trauma of sexual abuse by a priest when he was eight.
The crowdfunding campaign, organised on behalf of his partner Mark Hutchinson, is asking for donations to fund a fitting farewell to the funnyman famed for his appearances in 80s Channel Four…
PETALING JAYA: The Insolvency Department says some individuals abuse their bankrupt status to avoid burdensome loan repayments for large debts.
Its director-general, Datuk M. Bakri Abd Majid, said these individuals would intentionally declare themselves bankrupt so that their loan repayments could be lowered, reported Sinchew Daily on Saturday (Jan 18).
He said that with the bankruptcy status, the department would decide the monthly loan repayment according to the individual’s capacity.
He added that the monthly repayment of large loans, set by the department, was usually insufficient to repay the full loan amount.
A
liquidator’s initial report into an insolvent Auckland-based
labour hire company – Prolink NZ – has estimated that the
company owes about $4.01 million to creditors.
The
company remains the centre of a major
investigation by Immigration New Zealand (INZ) that
commenced as early as September 2023, alongside former
licensed immigration advisor Cook Huang, after complaints
from migrant workers who say they have been cheated
thousands of dollars, but have had little to non full-time
work.
The directors of the company are Haiyan Luo and
Shaojun Han, and 100 percent of the shares are owned by
Haiyan Luo.
