Excelsior Capital (ASX: ECL) faces its most dramatic shareholder meeting in years today, with investors voting on whether to liquidate the company entirely and remove its CEO. Shareholders controlling at least 5% have requisitioned resolutions, essentially a formal demand forcing the board to hold a vote to wind up Excelsior, appoint liquidators from BRI Ferrier, and replace CEO Danny Herceg and director Ryan Mount with two new directors. The board has unanimously recommended that shareholders vote against the proposals, setting up a high-stakes corporate governance battle that will determine the company’s future within hours.

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“Nearly five years on it has become a hunting ground for unqualified salespeople, unethical commission agents and offshore call centres pushing false hope to desperate directors,” he said.

“Unregulated lead…

Troubled fitness chain Derrimut 24:7 Gym has entered a critical phase of its bankruptcy and restructure, with expressions of interest now officially being sought for the business while administrators work to protect staff entitlements.

Amid mounting pressure from the Australian Taxation Office (ATO) over unpaid tax, superannuation and supplier debts, the chain’s operating entity was placed in voluntary administration earlier this month.

HM Advisory’s Stephen Dixon has been appointed as Administrator to Derrimut Gyms which includes three companies – Derrimut 247 Gym (VIC) Pty Ltd, Derrimut 247 Gym (SA) Pty Ltd and ACN 139 283 104 Pty Ltd. The latter is the Trustee of the Solomos Family Trust. 

HM Advisory has confirmed that more…

Many developing countries, particularly in Africa, are experiencing a rapidly worsening sovereign debt crisis, according to global economic experts. Economic stability is at risk if this crisis is not addressed quickly and thoroughly, and experts are calling on G20 leaders to commit to strong actions as they prepare to meet this month in Johannesburg, South Africa.

The upcoming South African G20 presidency will focus on African debt sustainability, as low- and middle-income countries urge reforms to avoid debt derailing development. There are several priority areas, including the G20 Common Framework for Debt Treatment, debt transparency, and innovative financial mechanisms such as debt-for-climate swaps. To achieve this goal, it will…

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South Africa will host the G20 summit this weekend, prioritizing debt relief for developing nations and efforts to reduce global inequality, while the United States boycotts the gathering. President Cyril Ramaphosa said Washington’s absence from the November 22–23 meeting is “their loss,” as tensions continue between the two countries over the summit’s agenda.

The US, the most influential member of the G20—which accounts for 85 percent of global GDP and about two-thirds of the world’s population—is skipping the event as part of President Donald Trump’s broader withdrawal from multilateral platforms. The boycott follows a similar move at the COP30 climate summit in Brazil, and comes amid US tariffs on several nations,…

The National Company Law Appellate Tribunal (NCLAT) at New Delhi on Tuesday imposed a cost of Rs. 15 lakh on Astral Agro Ventures, a Prospective Resolution Applicant (PRA), for obstructing the Corporate Insolvency Resolution Process (CIRP) of Megi Agro Chem Ltd.

The tribunal observed that the insolvency resolution process “cannot be reduced to a Tom & Jerry show” where a PRA, who doesn’t have any right to challenge continuously seeks extensions only to derail the resolution.

The tribunal described the appellant’s conduct as “pretentious” and “loaded with well-concealed chicanery.”

A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka noted,

“When on facts locus standi of the appellant is…

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The board of directors of medical technology company Chordate Medical has decided to propose that shareholders vote on a voluntary liquidation and delisting of the company’s shares at an extraordinary general meeting. This information was disclosed in a press release.

The board is making this proposal after concluding that there are no longer sufficient conditions to continue operations until a successful exit can be achieved.

“This is particularly due to the size of the company’s current working capital and the board’s assessment that there are no realistic prospects for the company to secure the additional capital increase required to continue operations while awaiting a successful exit,” the statement continues.

The extraordinary…