The liquidator of a restaurant and café in Castleknock, Dublin, resigned after discovering the operating company’s bank accounts had been “drained of funds”, the High Court has heard.

Castleknock Hospitality Ltd, which ran the Twin Oaks and Acorn restaurant/café, went into voluntary liquidation last September having closed last May after just under two years in operation.

PJ Lynch, of PJ Lynch & Co Chartered Accountants, was appointed liquidator but he resigned in November due to what he said were issues including that the company director and secretary continued to pay creditors after his appointment as liquidator.

On Thursday, Revenue, which is owed nearly €187,000 and is the sole preferential creditor, applied to the High…

The South Australian government says it has sought advice from insolvency experts about the situation at the Whyalla steelworks — and has acknowledged the possibility that the site’s owner, which has fallen behind on its royalty payments, could go “into administration”.

Treasurer Stephen Mullighan told state parliament on Tuesday that GFG Alliance was “in arrears”, describing it as “a serious issue for the state”.

But the government has refused to disclose the amount owed, saying it is more focused on creditors getting paid.

Takeda Pharmaceutical Company ( (TAK) ) has shared an update.

Takeda Pharmaceutical Company has submitted an extraordinary report detailing its decision to dissolve its specified subsidiary, Shire Pharmaceuticals International Unlimited Company, through liquidation. This move results in a significant change in the voting rights structure, marking the completion of a merger process where Takeda now holds no voting rights in the subsidiary. The liquidation process will follow local regulations, although the exact completion date is yet to be determined. This strategic decision reflects Takeda’s ongoing efforts to…

Regional insolvency and business recovery specialists McTear Williams & Wood said IBTC Limited – the company trading as International Boatbuilding Training College – will close its doors with effect from today.

It will see 11 staff being made redundant at the college at Oulton Broad with its assets being sold off in the new year.

In a statement directors Lyn and Mike Tupper blamed the closure on negative economic events such as Brexit, covid and the Ukraine war and also a shift in what constitutes “quality training” and falling student numbers.

The IBTC logo. Picture: IBTC Limited (Image: IBTC Limited)

Based on the edge of The Broads since 1975, at Sea Lake Road, Oulton Broad in Lowestoft, IBTC has ensured that

BEIJING — Just as a single decisive move can energize a chess game, China”s latest initiative to address local government debt risks marks a crucial step in revitalizing the growth prospects of the world’s second-largest economy.

The move comes as China gears up to navigate economic headwinds both at home and abroad, with a supportive fiscal policy serving as a crucial pillar to sustain a steady and robust recovery.

Local governments, the linchpins of the country’s fiscal outlays, were stuck in a dilemma of high debts and falling revenues, bringing challenges to the efforts of bolstering the economy. With the debt-relief package, a well-timed financial adjustment to ease local governments’ financing strains, the…

In the words of Ravi Mittal, Chief of IBBI (Insolvency and Bankruptcy Board of India), IBC may have played a key role in revival of real estate in the country. Of the 1400 real-estate companies admitted for resolution 46% were rescued and 18% were liquidated. Resolution of realtors such as Jaypee Infratech has provided relief for over 10,000 buyers. There is a sliver of hope, but the ground-reality…

While there are many challenges that come with building a house, it probably can’t get much worse than hearing your builder has gone bankrupt and that work to your home has stopped, effective immediately.

The so-called ‘profitless building boom’, triggered by the COVID pandemic, is still playing out in the Australia construction sector, seeing thousands of home builders collapse with more still to come, according to industry watchers. If you’re signing a contract to build your own home, it’s important to know what to do if it happens to you.

Why are builders going bankrupt?

Australia’s construction industry is still feeling the effects of the COVID-era ‘perfect storm’ that has sent thousands of builders, and associated trades, to the…

PT Sri Rejeki Isman Tbk (SRIL), commonly known as Sritex, has officially been declared bankrupt after the Supreme Court rejected its appeal on Wednesday, December 18, 2024, marking a critical turning point for the textile giant.

The Supreme Court hearing, led by Justice Hamdi, confirmed the verdict by the Semarang Commercial Court on Monday, October 21, 2024, which had declared Sritex bankrupt.

The court deemed Sritex failed to fulfill its debt obligations to PT Indo Bharat Rayon (IBR), one of its creditors, as stipulated in the homologation agreement on Tuesday, January 25, 2022.

The decision also implicated three subsidiaries of Sritex − PT Sinar Pantja Djaja, PT Bitratex Industries, and PT Primayudha Mandirijaya…

Drinks giant Coca-Cola looks set to buy part of the Australian-owned company Billson’s Brewery which was facing liquidation until it received a lifeline from creditors earlier this month. 

The company went into voluntary administration in July this year, owing more than $7 million to 142 unsecured creditors. 

The business is housed in a 159-year-old brewery in Beechworth in north-east Victoria. 

In a written statement, owners Nathan and Felicity Cowan, who started the company in 2017, said they were “thrilled” to have entered into agreement to see the Billson’s brand and alcoholic line to Coca-Cola.

“We wholeheartedly believe that the brand is in the best possible hands for it to thrive long into the future,” Mr Cowan said

“This…