Letters editor
Subcontractors need wage protection
Almost on cue, another prominent builder goes bust a week before the Easter break, leaving hundreds of unsuspecting subcontractors owed millions and with little or no prospect of recovering even a small proportion of the monies owed to them (“Just the beginning: more builders face collapse, subbies say”, March 29).
The economic and emotional impact on subcontractors and their families from these all-too-familiar collapses cannot be overstated. Many of the subbies affected by the collapse last week of Victorian builder Project Group will have received numerous promises of payment for work done months earlier. These payments will in many cas…
Read the full article at: http://www.afr.com/opinion/letters-to-the-editor/letters-phoenix-builders-company-tax-and-kim-beazley-20180404-h0ybhe
Sebis proposals will plug several of the disclosure gaps that exist in the current insolvency process pertaining to listed companies. Photo: Abhijit Bhatlekar/Mint
The lot of minority shareholders of companies undergoing insolvency proceedings is a sorry one. The popular narrative might be one where the promoters (who are also the management) have mismanaged affairs or worse. In reality, since the company has defaulted on its loan and not the promoters, all shareholders, being owners, take responsibility. Thats why their board is suspended, and a resolution professional is in charge, acting on behalf of the committee of creditors (CoC).
Still, minority shareholders of listed companies deserve better, at least in terms of transparency. A ce…
Read the full article at: https://www.livemint.com/Money/jSJfzcm5Q1JxcH3K2fm3uJ/Insolvency-may-suspend-many-rights-but-not-the-minoritys-ri.html
Collingwood and Geelong are among other AFL clubs trying to negotiate the sale of gaming assets, but the Demons are the first to complete a sale.
As reported by The Age, Colllingwood have been in deep discussions with the Melbourne Racing Club over the sale of gaming assets.
Melbourne chief executive Peter Jackson said the club was in a position to get out of the gaming industry and had time to make up the revenue shortfall.
“For this football club, this is the best time to get out,” he said.
Jackson said the Demons intended to use the funds from the sale of Leighoak to reinvest them in other enterprises that would bring a return to the club.
The proceeds of the sale would not be used to retire the club’s debt, which is about $5 million, h…
Read the full article at: https://www.theage.com.au/sport/afl/demons-announce-gaming-industry-exit-20180404-p4z7p7.html
Coimbatore: In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has said that time barred debt or stale debt those for which no action has been taken for three years from due datecannot be a reason for not allowing initiation of corporate insolvency resolution process under IBC (Insolvency and Bankruptcy Code).
A debt is deemed time barred if the lender or the supplier of goods and services does not recover the money or does not take legal action within three years from the due date. For instance, if an amount is due in April 2015, recovery action should be taken in an appropriate forum/court by April 2018.
NCLAT held that merely on the basis of the averment that the debt covered by the claim of the operational cr…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/time-barred-debt-no-reason-for-insolvency-under-ibc/articleshow/63602200.cms
Sajjan Jindals JSW didnt swap places with Rewant Ruia-connected offshore trust Aurora in the Numetal consortium bidding for Essar Steel, according to several people with knowledge of the matter.
Instead, JSW has come on board Nu Metal & Steel Pvt. Ltd, a drop-down subsidiary of Numetal Mauritius, as an investor with a 25 per cent stake, they said. This entity is registered locally and is also known as Nu Metal India. It had been reported that JSW replaced 25 per cent stakeholder Aurora in Numetal.
In fact, JSWs name is not even mentioned as a resolution applicant, or bidder, in the revised offer, which was submitted on April 2. The company will not have any board representation or management rights either if Numetal wins the bid, said …
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/essar-steel-rebidding-jsw-only-an-investor-in-numetal-india-arm-not-a-resolution-applicant/articleshow/63605428.cms
HUNDREDS of employees at a 60-year-old takeaway chicken brand were informed they no longer had jobs in an email over the Easter long weekend.
Red Lea Chickens, founded in western Sydneys Blacktown in 1957 by Croatian immigrant John Velcich, was placed into voluntary administration on March 29.
Due to the financial position of the companies, we regret to advise that the administrators are unable to trade the business and have no alternative other than to undertake an orderly wind-down of operations, administrators McGrathNicol said in a notice on the Red Lea website. Further information will be provided to creditors and suppliers in the coming days.
More than 500 employees at the Blacktown processing plant, where a meeting was held by admini…
Read the full article at: http://www.news.com.au/finance/business/retail/you-cant-make-money-from-8-chicken-cheap-chooks-production-woes-blamed-for-red-lea-collapse/news-story/3c9d1416bc231d3506e3e6b733fd713c
The going-out-business sales are in full swing at Toys R Us stores across the country.
The iconic toy giant announced in March that it will shut or sell all of its 735 US stores after a 70-year run.
Heres everything deal-seeking shoppers need to know:
How long do I have to use my Toys R Us gift card?
Stores will honor gift cards through April 21.
Customers can not return a gift card for cash.
What happens to my rewards?
You can no longer use your loyalty rewards coupons toward purchases. You might still see these points accrue in your account, but you wont be able to redeem them.
The company will honor its Endless Earnings program through April 21.
Can I use coupons?
No. The company will not accept any coupons in …
Read the full article at: http://wtkr.com/2018/04/03/the-sales-are-here-all-your-toys-r-us-liquidation-questions-answered/
More than 500 workers in Sydney have had their jobs terminated after the collapse of Red Lea Chickens, which has been placed into voluntary administration after 60 years in business.
Workers from the Blacktown processing plant and Sydney retail stores were told their jobs no longer existed in an email sent to them over Easter and now face a wait for money owed.
The administrators say Red Lea’s financial position is unsustainable after the business’s investors withdrew funding and they have launched an investigation into the company’s affairs and the…
Read the full article at: http://www.abc.net.au/news/2018-04-04/red-lea-chicken-goes-into-voluntary-administration/9615518
A high-level panel on reviewing the Insolvency and Bankruptcy Code (IBC) has suggested widening the pool of those who can bid for insolvent companies.
Earlier, the government had inserted Section 29 (A) to the Code, debarring related parties and connected persons of defaulting entities from bidding for a company.
In a report, submitted to the government last week but put in the public domain on Tuesday, the committee recommended narrowing down the list of debarred entities to only those closely related to defaulting promoters.
The committee said debarring those remotely related to defaulting promoters might shrink the pool of resolution applicants.
So, now those…
Read the full article at: http://www.business-standard.com/article/companies/ibc-committee-wants-wider-pool-of-bidders-for-insolvent-companies-118040400060_1.html
West of Sunshine.
The Sydney Film Festival today announced the first batch of 26 titles which will premiere at this years event and an additional screening venue.
Advertisement
A selection of family films and Screenability, the platform for screen practitioners with disability,…
Read the full article at: https://www.if.com.au/first-sydney-film-festival-titles-and-new-venue-announced/