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Highlights: Company begins to recognize initial revenues from April 1 management contractsNew CEO initiates process to accelerate strategic transformation and
Melbourne-based contract brewing operation Sample Brewing is being offered for sale after the business called in administrators on Tuesday. Administration
Company begins to recognize initial revenues from April 1 management contracts
New CEO initiates process to accelerate strategic transformation and facilitate financial restructuring
Announces intent to reorganize around three core business divisions with performance measured at division-level EBITDA
Implements Board and management changes in support of restructuring process; Transitions CEO responsibilities from Founder James Haas to government contract veteran Matthew Burden who also is Chairman of Independent Restructuring Committee
Strategic initiatives underway should enable Company to achieve its strongest financial year since its inception
2019s restructuring enables GreenGro to capitalize on recently passed Farm Bill wh…
In February 2019 Michael Stanley, the owner of racehorses through Layezy Racing Owners Club was declared bankrupt. Stanley, a former police officer, attracted investors to the syndicate who paid over funds in exchange for a share of winnings in races in which the horses ran.
Philip Duffy and Allan Graham of corporate restructuring and debt advisory firm Duff & Phelps were appointed as his trustees in bankruptcy immediately in February.
In the latest development the Insolvency Service has now confirmed that on 8 May the following companies – Layezy Ltd, Layezy Racing Ltd, Number 1 Guide Ltd and Stanley Property Services Ltd – were subject to winding up orders and were put into compulsory liquidation. Duffy and Graham of Duff & Phelps were…
The National Company Law Tribunal, Hyderabad, has admitted Lanco Kondapalli Power Ltd for insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
Axis Bank, the lender for the group company of Lanco Infratech Ltd, had dragged the Kondapalli project for insolvency proceedings following default in payment of statutory dues.
Lanco Infratech Ltd, a listed entity which is the parent holding company, has also gone through the insolvency resolution process. Following the failure to get a suitor for the holding company, liquidation process is currently under way.
Lanco Kondapalli is the first project that the Lanco group had taken up and over a period, it has set up a gas and naptha power project of 368 MW. Later, another …
LGBTI news journal Star Observer has entered voluntary administration due to drying up advertising revenue.
The journal, which has been a staple for the LGBTI community since 1979, was founded by Michael Glynn at a time when gay men were facing violence from police.
Star Observer chairman Sebastian Rice says it faced financial troubles due to advertisers not paying bills on time.
Cash flow is the lifeblood of any small organisation. The Star Observer is an LGBTI community owned not-for-profit that has always relied on advertising revenue to raise money. We do not receive any government funding, Rice says.
The board saw an unexpected slowdown in our advertising clients paying their bills, which caused us to run low on cash in the bank. …
We would like to inform you that pursuant to an Order no. CP(IB) No. 990/KB/2018 dated 6th May 2019 of the National Company Law Tribunal, Kolkata Bench, Liquidation has been initiated for Advance Powerinfra Tech Limited as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said order is enclosed herewith.
Mr. Sanjay Kumar Sarkar, IP Registration No. IBBI/IPA-003/IP-N000169/2018-19/12117 has been appointed as the Liquidator. As per Sec 34 of the Code, on the appointment of Liquidator, all the powers of the Board of Directors, Key Management Personnel of the Company shall cease and the same shall be exercised by the Liquidator.
NEW DELHI: The principal bench of the National Company Law Tribunal (NCLT) has directed market regulator Securities and Exchange Board of India (Sebi) to de-attach the properties of a corporate debtor attached during its execution proceedings.
The matter brings into focus the issue of the in-built disagreement between the Sebi Act and the provisions of the Insolvency and Bankruptcy Code (IBC).
In an order earlier this week, the Tribunal said: “Sebi is directed to de-attach the properties of the corporate debtor and hand over the possession to the Resolution Professional to conduct the Corporate Insolvency Resolution Process (CIRP) expeditiously, in accordance with the timeline in the Code.
A Sydney woman battling mental health issues has told how she is surviving off the charity of friends and family after an apparent Centrelink bungle left her with a $3,500 welfare debt and no income for more than two months.
Charlotte Coulter, 29, told Guardian Australia she was wrongly kicked off the $276.55-a-week Austudy payment in March because Centrelink failed to process a doctors certificate.
Of the $100 a fortnight her cash-strapped mother can afford to send her, Coulter, of Parramatta, is forced to pay $20 every two weeks to Centrelink despite having no formal income. She said she entered a payment plan out of fear that her case would be referred to a debt collector and is adamant she does not owe the money.
Melbourne-based contract brewing operation Sample Brewing is being offered for sale after the business called in administrators on Tuesday.
Administration of the brewing business, which launched in 2014, was taken over by Shane Cremin of insolvency firm Rodgers Reid on Tuesday.
Cremin told Brews News that the business continues to trade with plans to offer the business for sale as a going concern. Expressions of Interest are currently open and due to close next Friday.
Sample is understood to have debts of approximately $300,000 with founder and director Vedad Huric the largest creditor. The business currently has annual revenues of $2.6 million and is understood to be selling in excess of 500,000 litres per year.
A Federal agency has put a Pilbara Aboriginal corporation that earns millions of dollars a year in mining royalties from Rio Tinto in the hands of insolvency experts over governance and financial issues.
The Registrar of Indigenous Corporations yesterday placed Yinhawangka Aboriginal Corporation, based in Paraburdoo, into special administration.
The news comes less than a week after a medical centre in Karratha being funded by YAC was forced to close when the corporation defaulted on the buildings mortgage payments.
The 300-member-plus corporation is the registered corporate native title body for the Yinhawangka people, whose land covers almost 12,000sqkm in the central Pilbara.
It derives most of its income from the Rio Tinto royalties, di…
The details and effects of the plan, which is in negotiation as part of a Chapter 11 bankruptcy, were explored in a Raymond James report.
In a May 12 research note, Raymond James analyst Praveen Narra reported that as part of its Chapter 11 bankruptcy, Weatherford International Ltd. (WFT:NYSE) entered negotiations to restructure its outstanding notes, which will mean “equity holders [will] get minimal recovery of new common stock.” The analyst added that “while it is a challenging decision, we continue to see the prepackaged restructuring as the best course of action.”
In the proposed restructuring plan, existing notes would be canceled and exchanged for 99% of the com…
