Insolvency Guardian Media Centre
Its been just over a year since iconic Australian label Lover, known for its halter-neck-style lace dresses and delicate bridal gowns, entered voluntary administration.
The Australian fashion industry shook its collective head at the news of this downfall: another beloved local label had fallen victim to the difficult retail climate, and the industry prepared to mourn its loss.
But the period of voluntary administration might turn out to be a temporary setback. Lovers physical and digital doors have remained open since administrators were appointed in November 2018, and while the label has undergone a financial restructure, its been like a duck on water moving frantically below the surface, but cruising above.
Australian apparel b…
Read the full article at: https://www.broadsheet.com.au/national/fashion/article/another-romance-lover
NEW YORK, Feb. 18, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
Yangtze River Port and Logistics Limited (NASDAQGS: YRIV)
Class Period: February 2, 2016 – December 5, 2018
Lead Plaintiff Deadline: March 4, 2019
Join the action: https://www.zlk.com/pslra-1/yangtze-river-port-and-logistics-ltd-loss-form?wire=3
Allegations: Yangtze River Port and Logistics Limited made materially false and/or mislead…
Read the full article at: https://globenewswire.com/news-release/2019/02/18/1733878/0/en/CLASS-ACTION-UPDATE-for-YRIV-ALKS-ASTE-and-GE-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html
The regional airline Flybmi has formally appointed the restructuring firm BDO as administrators after ceasing to trade on Saturday.
The airlines immediate owner, British Midland Regional, operated 17 regional jet aircraft on routes to 25 European cities but cancelled hundreds of flights at short notice over the weekend, leaving numerous passengers stranded.
Thousands of passengers have been left out of pocket after Flybmi, which operated more than 600 flights a week from regional airports including Bristol, Newcastle, Aberdeen and east Midlands, said it was calling in administrators.
Tony Nygate, BDO business restructuring partner and joint administrator, said: As joint administrators, we are taking all necessary steps to ensure custome…
Read the full article at: https://www.theguardian.com/business/2019/feb/18/flybmi-appoints-bdo-as-administrators-after-ceasing-operations
Time taken to appoint Resolution Professional to be excluded from CIRP: NCLT
February 18 2019
Now time taken from the admission of a case by the NCLT till the appointment of the Interim Resolution Professional (IRP), will also be excluded from the IBC timelines, the Mumbai Bench has held.
In the case of Say India Jeweller Pvt. Ltd., the application was admitted on August 1, 2017. However, the appointment of IRP was deferred to the Insolvency and Bankruptcy Board of India. The IRP was appointed only 62 days after the admission order wa…
Read the full article at: https://barandbench.com/time-taken-to-appoint-resolution-professional-excluded-from-cirp-nclt/
Trade unions have called on government to absorb Bosasa, now trading asAfrican Global Operations Group,workers after the company announced it would enter voluntary liquidation as a result of FNB and Absa closing its accounts.
The company issued a statement on Monday, saying that 4500 workers would lose their jobs.
“It is with deep regret that the board of directors announces the closure of African Global Operations group of companies,” the company said in a statement attributed to director Johannes Gumede.
“We received formal notification from our financial institution of the decision to distance itself from the group and as a result, the closure of all the entities bank accounts on or before 28 February 2019.”
Cosatu spokesperson Sizwe Pa…
Read the full article at: https://www.iol.co.za/news/politics/government-urged-to-employ-bosasa-workers-as-company-files-for-liquidation-19366116
Mumbai: There is a need to strengthen the insolvency resolution process by having deterrents against failure or delays in implementing resolutions plans, a report said Monday.
In the last two years, Insolvency and Bankruptcy Code (IBC) was implemented, three concluded corporate insolvency resolution process (CIRPs) being brought back to the National Company Law Tribunals (NCLTs), it said.
“…the need of the hour is to strengthen the (resolution) mechanism to ensure that the resolution plans approved by the National Company Law Tribunal (NCLT) are
firmly implemented so that the sanctity of the process is maintained,” domestic rating agency Icra said.
The three cases which came back to NCLTs…
Read the full article at: https://www.firstpost.com/business/need-to-strengthen-corporate-insolvency-resolution-process-by-having-deterrents-against-failure-icra-6107401.html
NEW YORK, Feb. 18, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
Yangtze River Port and Logistics Limited (NASDAQGS: YRIV)
Class Period: February 2, 2016 – December 5, 2018
Lead Plaintiff Deadline: March 4, 2019
Join the action: https://www.zlk.com/pslra-1/yangtze-river-port-and-logistics-ltd-loss-form?wire=3
Allegations: Yangtze River Port and Logistics Limited made materially false and/or misleading stat…
Read the full article at: https://www.gurufocus.com/news/818159/class-action-update-for-yriv-gsm-mu-and-aste-levi–korsinsky-llp-reminds-investors-of-class-actions-on-behalf-of-shareholders
In the wake of the Hayne Royal Commission final report, the concept of shareholder primacy is now being examined, writes AICD Communications Executive Shelley Dempsey. Experts and directors react to the report here and discuss how to focus on more long-term non-financial measures.
After the findings of the Hayne Royal Commission final report, robust debate over governance will continue at the AICDs Australian Governance Summit next month and beyond, including in Canberra at a parliamentary committee examining Australias major four banks.
The banks will answer more questions before the House of Representatives Standing Committee on Economics, which will conduct public hearings on 8 and 27 March 2019. These hearings will provide an opportu…
Read the full article at: https://www.businessnews.com.au/article/The-Hayne-debrief-beyond-shareholder-primacy
[Los Angeles, CA, 2-18-2019] Debt Arbitration Marketresearch analysis is a highly useful tool in the hands of market players that allows them to effectively assess the global Debt Arbitration market and know where they stand in the industry in terms of revenue or sales growth. It comprehensively evaluates the global Debt Arbitration market with different perspectives for the purpose of providing a detailed, informative, and accurate analysis of regional growth, competition, market segmentation, and other important aspects. Furthermore, it offers a precise account of key breakthroughs and developments taking shape in the global Debt Arbitration market. It takes into consideration both the global and regional progress of the Debt …
Read the full article at: https://honestversion.com/debt-arbitration-market/
By Kipchumba Some
An Italian construction conglomerate that is building three mega dams in the Rift Valley worth more than Sh90 billion is being investigated for allegedly bribing senior government officials to win tenders.
CMC di Ravenna is alleged to have paid a bribe of an unknown amount from a Sh4.9 billion down payment it received last year for the design of Arror multi-purpose dam in Elgeyo Marakwet County.
One of the questions that the investigators are seeking to answer is why the company was given the down payment yet the process of acquiring land for the project had not been completed.
MANIPULATION
CMC is constructing the Arror dam in Marakwet West constituency at a cost of Sh38.5 billion. It is undertaking a similar project in …
Read the full article at: https://allafrica.com/stories/201902180109.html
The order placing TMF Services Ltd into provisional liquidation followed a hearing at the High Court on 14 February 2019 of an application issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.
The company is concerned with trading in non-ferrous, precious and scrap metals, as well as recycled cardboard, clothing and fabrics.
The Official Receiver has been appointed the provisional liquidator and has responsibilities to protect assets in the possession or under the control of the company pending the determination of the petition.
The provisional liquidator has the power to investigate the affairs of the company as necessary to protect assets including any third party, or tru…
Read the full article at: https://www.gov.uk/government/news/sileby-company-placed-into-provisional-liquidation
The Australian market has been identified as one of the underperforming markets for Dentsu, with the impacts of lower client spend and changing management contributing to its 2018 financial year results.
Following growth in the third quarter, Australia saw a sharp pullback in the fourth quarter resulting in negative growth for the full year.
Challenging client spend and the loss of key accounts, including confectionery giant Mondelz impacted the business.
Dentsustated that new management, led by the recently appointed ANZ CEO Henry Tajer, is developing a relevant, local strategy for the Australian market and will restructure the business accordingly.
“Challenging client spend and the loss of some accounts impacted the business.The rest…
Read the full article at: http://www.adnews.com.au/news/dentsu-results-australian-restructuring-imminent-to-mitigate-further-loss