Insolvency Guardian Media Centre
Read the full article at: https://www.businessnews.com.au/article/Insolvency-appointments-Oct-24-to-Nov-28-2018
Further to the initiation of the resolution process, the Resolution Professional, as per approval of the Committee of Creditors (COC) issued Invitation for resolution plan in Form G dated 30.10.2018, which is available on Insolvency and Bankruptcy board of India (IBBI) website at www.ibbigov.in
The last date for receipt of resolution plan is 30.12.2018 from the applicants whose Expression of Interest (EOI) has been approved by COC at their meeting held on 22.11.2018
For Interlink Petroleum Limited
Sd/-
Atul Mittal
Resolution Professional
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/interlink-petroleum-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25653488.ece
Richard Hinson has resigned from his position as chief executive of Retail Food Group as part of a major restructuring foreshadowed at last weeks AGM.
The Board thanked Hinson for his leadership since he started in the position just 8 months ago, and noted that RFG will renew its focus on serving franchise and non-franchise customers through promotion, innovation and service.
Under Richards leadership, relationships with franchisees have improved and a range of actions have been taken to stabilise the business and improve performance, RFG executive chairman Peter George said.
Richard has driven positive change at RFG, and on behalf of the Board, I would like to thank him for his efforts during the early stages of the turnaround and w…
Read the full article at: https://www.insideretail.com.au/news/rfg-chief-executive-resigns-after-8-months-201812
Image by Francisco Anzola https://www.flickr.com/photos/fran001/
Retailing under current regulations is like fighting with one arm tied behind your back, says Chemist Warehouse co-founder Jack Gance
Speaking to the Weekend Australians Victorian Business Editor, Damon Kitney, Mr Gance has again denied recent rumours of an Initial Public Offer or float but outlined changes to its ownership model.
In late 2017, rumours began to circulate that the discount giant was considering an ASX listingbut in March 2018, Mr Gance spoke to The Australians Eli Greenblat and said that while Chemist Warehouse had considered a number of options, it had no interest in an IPO.
Now, he has told Mr Kitney that such a move is not on our horizon.
We have no immed…
Read the full article at: https://ajp.com.au/news/cwh-restructuring-to-full-franchise-model/
History is repeating itself for the current owners of Laura Ashleys Australian business.
After acquiring the fashion and home furniture company in 2016, when then-directorDaryl Chait appointed administrators,the current owners have once again placed the brand into voluntary administration after finding the capital required to revive the brand too burdensome, according to a statement from administrators Craig Shepard and Leanne Chesser of KordaMentha Restructuring.
The business has been hurt by the same factors affecting many other fashion retailers a becalmed retail environment, rising fixed costs and fierce competition from online retailers, Shepard said.
The capital requirements to revive and grow the business became too burdensom…
Read the full article at: https://www.insideretail.com.au/news/laura-ashley-in-administration-once-again-201812
Image: Watpac.
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Contractor Watpac is negotiating the sale of its civil and mining business.
The company today revealed that it is undertaking due diligence with a potential buyer of this part of the business.
Watpac is working towards executing the legally binding documentation and completion of the transaction with the unnamed company.
The proposed transaction has an assessed potential value broadly in line with the current written down value of the companys assets, Watpac said in an ASX announcement.
Further announcements will be made as necessary in relation to the progress of the transaction in accordance with Watpacs continuous disclosure obligations.
The Watpac business also includes construction, speciality services and proper…
Read the full article at: https://www.australianmining.com.au/news/watpac-nears-deal-for-mining-and-civil-business/
LUXURY watch reseller James Kennedy has lost control of one of his companies in the latest blow to the embattled high end retailer.
Administrators were appointed last week to his company EGI Audio Visual (Retail), with creditors to meet on Thursday at the offices of accountants Ferrier Hodgson.
EGI Audio Visual was the company that Kennedy used to sell luxury Bang & Olufsen televisions, speakers and headphones.
Jaimee Belle Kennedy poses with husband James Kennedy at the Kennedy Marquee on Oaks Day. Picture: Sam Tabone/Getty
The Danish giant issued a $6 million debt demand from EGI Audio Visual in October.
The administration of EGI Audio Visual was the latest blow to Mr Kennedy, who has been battling with the loss of s…
Read the full article at: https://www.qt.com.au/news/kennedy-company-put-into-administration/3591619/
This is to inform you that Honble National Company Law Tribunal (NCLT), Hyderabad Bench vide Order No. CP (IB) No.326/7/HDB/2018 dated 28th August, 2018 has initiated Corporate Insolvency Resolution Process (CIRP) in Khaitan Electricals Limited (Company) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), based on the application filed by Bank of India, Financial Creditor of the Company.
Mr. Kamlesh Kumar Singhania (IP Registration No.IBBI.IPA-002/IP-N00023/2016-17/10050) was appointed as Interim Resolution Professional (IRP) with effect from November 28, 2018 under the provisions of IBC. As a result of the said Order, the powers of the Board of Directors stand suspended.
The above may kindly be treated as disclosure pursua…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/khaitan-electricals-ltd-corporate-insolvency-resolution-process-cirp-admission-of-application-by-tribunal/article25642758.ece
OTTAWABrampton East MP Raj Grewal said Friday night that he might not actually resign seat, despite admitting to a gambling addiction that drove him to borrow money from family and friends and prompted him to announce he would step down just last week.
The 33-year-old MP at the centre of a rolling controversy about reported police investigations into his gambling activity broke his silence Friday night in a video posted to his Facebook account.
/https://www.thestar.com/content/dam/thestar/news/gta/2018/11/30/brampton-mp-raj-grewal-rethinking-decision-to-resign-says-he-repaid-gambling-debts/raj_grewal.jpg)