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A bankruptcy court has ordered liquidation of debt-laden ABG Shipyard Ltd after lenders rejected an offer by the sole bidder Liberty House.
The development comes almost two years after the Reserve Bank of India asked lenders to initiate bankruptcy resolution proceedings against ABG Shipyard and 11 other companies under the Insolvency and Bankruptcy Code (IBC).
The National Company Law Tribunal (NCLT) sent the company into liquidation on April 25, ABG Shipyard said in a stock-exchange filing on Wednesday.
ABG Shipyard is the second shipbuilder to be sent to liquidation after Bharati Defence and Infrastructure Ltd in January this year.
The Mumbai-based company said that its Committee of Creditors (CoC) had previously noted that the offer by Li…
A bankruptcy court has ordered liquidation of debt-laden ABG Shipyard Ltd after lenders rejected an offer by the sole bidder Liberty House.
The development comes almost two years after the Reserve Bank of India asked lenders to initiate bankruptcy resolution proceedings against ABG Shipyard and 11 other companies under the Insolvency and Bankruptcy Code (IBC).
The National Company Law Tribunal (NCLT) sent the company into liquidation on April 25, ABG Shipyard said in a stock-exchange filing on Wednesday.
ABG Shipyard is the second shipbuilder to be sent to liquidation after Bharati Defence and Infrastructure Ltd in January this year.
The Mumbai-based company said that its Committee of Creditors (CoC) had previously noted that the offer by Li…
LONDON, April 30 (Reuters) – The number of companies falling into financial distress in England and Wales rose in early 2019, adding to signs that businesses struggled in the run-up to the original March Brexit deadline, official data showed on Tuesday.
There were 4,187 company insolvencies in the first quarter, up from 3,938 in the fourth quarter, the Insolvency Service said, citing seasonally adjusted data excluding bulk closures of companies set up by individuals for their personal affairs.
Most of these were creditors voluntary liquidations, when shareholders of an insolvent firm decide to close their company.
Britain had been due to leave the European Union on March 29 without a transition dea…
CJ Groups restaurant business unit CJ Foodville has sold its flagship coffeehouse chain A Twosome Place as part of the its business restructuring to Hong Kong-based private equity firm Anchor Equity Partners, the firm confirmed Wednesday.
The sale involved 45 percent stake held by CJ Foodville in A Twosome Place for 202.5 billion won ($173.3 million). When the deal is finalized, the sell-off will increase the PEFs share to 85 percent as it already owns a 40 percent stake in the coffee chain.
(CJ Foodville)
CJ Foodville said the sale is aimed at selling a well-performing brand for debt redemption and to focus on the management of its core businesses.
A Twosome Place is one of few CJ Foodville brands that is profitable. It currently op…
Debenhams is demanding reductions in business rates alongside cuts to rents as part of its attempt to reduce its store occupancy costs, according to documents seen by the Financial Times.
Last week, the struggling department store group confirmed it would launch a company voluntary arrangement a type of insolvency proceeding to restructure its expensive and inflexible leases. That followed a financial restructuring through which the groups creditors took control of its business and assets.
The formal documents prepared ahead of a creditor vote on May 9 split the leases held by subsidiaries Debenhams Retail and Debenhams Properties into various categories and asked for rent reductions of up to 50 per cent. But they also reques…
The implementation of the Insolvency and Bankruptcy Code (IBC) may have given banks a major tool to deal with bad loans, but the latest numbers show only a 13 per cent resolution, with lenders having to take an average haircut of over 50 per cent.
Numbers put out by the Insolvency and Bankruptcy Board of India (IBBI) show that 359 cases were admitted for the corporate insolvency resolution process (CIRP) during the January-March quarter, of which only 14 cases were approved for resolution and liquidation commenced for 73 debtors.
While it is a little more than two years since the provisions relating to the CIRP came into effect, the IBBI data showed that by the end of March 2019, the total number of cases admitted stood at 1,858. Of these…
Distress signal: construction, admin and retail are all seeing greatest number of insolvencies
Small business insolvency rose by 6.3pc in the first three months of 2019 compared with the previous quarter.
There were 4,187 company insolvencies between January and March this year, according to The Insolvency Service.
Construction, administration and retail sectors all struggling with higher wages and employer pensions auto-enrolment costs were the sectors most affected by small business insolvency.
The construction sector, which is notoriously dogged by late payments, has the highest level of insolvencies, up 0.6pc in 2018.
Mike Cherry, chairman of the Federation for Small…
The former One Nation senator Rodney Culleton and Huw Kingston, the independent challenging energy minister Angus Taylor in the New South Wales seat of Hume, have blasted the Australian Electoral Commission for failing to investigate the potential ineligibility of Clive Palmers United Australia party candidates.
Kingston, whose UAP opponent in the seat south of Sydney is under a cloud, suggested it was mad there were no penalties for ineligible candidates, while Culleton, who was elected to the Senate for One Nation but found ineligible, has accused the AEC of bias for not investigating UAP.
The AEC has confirmed to Guardian Australia that all candidates appearing on the ballot paper are eligible for public funding provided they win 4%…
The members of the Blayney Bowling Club voted unanimously on Monday night to appoint an administrator to the club, officially ending the long and at times emotional demise of the club.
Former club president Steve Chapman said that the meeting, that was only open to members, took 40 minutes to complete, and that it all went very smoothly.
“We gave everyone an opportunity to have their final swing at us at the end, but no one said anything,” he said.
“We stuck to the agenda and one hundred per cent of the members agreed on the proposal.”
The members also voted on how the remaining funds would be distributed once the final debts are paid and the site is sold.
Club legislation dictates that any surplus from the closure of a club goes to the neare…
Perth mining boss Michael Fotios has been declared bankrupt after a long-running battle with the Australian Taxation Office.
The Federal Court ordered yesterday his estate be sequestrated under the Bankruptcy Act, after an application by the Deputy Commissioner of Taxation. Mr Fotios declined to comment.
The bankruptcy will automatically disqualify him from being a director, including his chairmanships of listed entities Redbank Copper and Horseshoe Metals.
WestBusiness reported in February that Mr Fotios had been fined $51,500 in the Perth Magistrates Court after pleading guilty to seven Commonwealth tax charges.
The charges were for failing to lodge documents with the tax office relating to one of his private companies Delta Resource Manag…
