Insolvency Guardian Media Centre
The firm, formerly known as Bosasa, announced on Monday it had opted for voluntary liquidation after banks announced they would close the companys accounts, citing reputational risk.
PRETORIA – The liquidation of embattled firm African Global Operations has been broadly welcomed despite the potential loss of more than 4,500 jobs.
The firm, formerly known as Bosasa, announced on Monday that it had opted for voluntary liquidation after banks announced they would close the companys accounts, citing reputational risk.
The company has been at the centre of explosive state capture allegations surroundin…
Read the full article at: https://ewn.co.za/2019/02/19/outa-da-welcomes-liquidation-of-african-global-operations
Dear Sir / Madam,
With reference to our earlier disclosure made on 15th February 2019, we would like to inform you that meeting of the 12th Committee of Creditors of Sterling Biotech Limited scheduled to be held on Wednesday, 20th February 2019 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India has been postponed to Monday, 25th February, 2019, at 02:00 P.M. IST at IMC Bldg., IMC Marg, Churchgate, Mumbai – 400 020, Maharashtra, India.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sterling-biotech-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26310311.ece
A multimillion-euro facilities management company that has been implicated in a massive public sector corruption scandal in South Africa has gone into voluntary liquidation because local banks have closed all its accounts.
On Monday, African Global Operations, which traded under the name Bosasa, said in a statement released by its chairman Joe Gumede that extensive reputational damage had prompted two local banks to act against the group.
While the company had tried to open new bank accounts in South Africa and abroad,…
Read the full article at: https://www.irishtimes.com/business/energy-and-resources/south-african-company-accused-of-corruption-placed-into-liquidation-1.3798307
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/