OrotonGroup feared it was in danger of collapse five months before falling into voluntary administration owing $40 million, raising questions about the company’s disclosure to shareholders.
According to documents filed by Deloitte, which was appointed administrator on November 30, OrotonGroup engaged the accounting firm on June 29 to assess the company’s financial position, with a particular focus on liquidity, and to review agreements with landlords and franchisor Gap.
As part of this work, Deloitte was asked to estimate the outcome for shareholders and creditors in the event the company went into voluntary administration.
Over the next few weeks, OrotonGroup held at least 17 meetings with its advisers, including Deloitte and…
Read the full article at: http://www.afr.com/business/retail/orotongroup-administrators-confident-of-sale-or-recapitalisation-20171210-h02atr
BIRMINGHAM, Ala. (AP) Police are investigating the slaying of a man found shot at an Alabama apartment complex.
Birmingham police say officers were called Sunday evening to the HighPointe Apartments complex. The victim was found shot in one of the apartments.
Al.com reports that police say their preliminary investigation shows the slaying may have results from an argument over a gambling debt or a dice game.
Police have not released the name of the victim.
A woman’s decomposing body was found in October in a wooded area at the same apartment complex. The woman was identified as 34-year-old Ieasha Shakinna Abrams, but th…
Read the full article at: http://www.heraldcourier.com/news/police-alabama-slaying-may-have-been-over-gambling-dispute/article_b2c66d9a-8c7e-53ce-8b87-aef31f193496.html
BIRMINGHAM, Ala. (AP) Police are investigating the slaying of a man found shot at an Alabama apartment complex.
Birmingham police say officers were called Sunday evening to the HighPointe Apartments complex. The victim was found shot in one of the apartments.
Al.com reports that police say their preliminary investigation shows the slaying may have results from an argument over a gambling debt or a dice game.
Police have not released the name of the victim.
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A womans decomposing body was found in October in a wooded area at the same apartment complex. The woman was identified as 34-year-old Ieasha Shakinna Abrams, but the cause of he…
Read the full article at: https://www.seattletimes.com/nation-world/police-alabama-slaying-may-have-been-over-gambling-dispute/
LAST year, there were 19,588 personal insolvency cases. Simply put, 0.06% of Malaysias population of 32 million were bankrupt.
That, Malaysia Department of Insolvency (MdI) director-general Datuk Abdul Rahman Putra Taha says, is not an alarming figure, although any number of bankruptcy cases is undesirable for any country.
The fact is that as the population grows, the number of bankruptcy cases will increase. But with the amendments we have put in place, we hope the figure will come down, Abdul Rahman tells The Edge in an interview.
For a start, the Bankruptcy Act 1967 is now known as the Insolvency Act 1967, and the Bankruptcy (Amendment) Act 2017 came into force on Oct 6.
In the past, it was easier to declare a person bankrupt. We …
Read the full article at: http://www.theedgemarkets.com/article/state-nation-stepping-efforts-bring-down-insolvency-rate
A man was shot to death Sunday evening during a dispute inside an apartment of Valley Avenue in Birmingham.
Birmingham police and firefighters responded to the scene about 8:15 p.m., according to South Precinct officials. The shooting happened in the 1200 block of Beacon Parkway East at HighPointe Apartments.
Authorities said the preliminary investigation shows that the argument possibly stemmed from a disagreement over a gambling debt or a dice game. The victim, whose name and age hasn’t yet been released, was pronounced dead a short time later.
Additional details are expected to be released …
Read the full article at: http://www.al.com/news/birmingham/index.ssf/2017/12/man_shot_to_death_during_gambl.html
The government will come up with a new framework for valuation professionals by the end of the current fiscal, he said. (PTI)Amid differences between lenders and bidders on the proper valuation of a stressed company, the government is considering a proposal to ask insolvency resolution professionals to get the enterprise valuation of the firm done, along with the current practice of assessing only the liquidation value, a senior official told FE. While the liquidation value will likely to be the base for bidding, the enterprise value is meant to indicate the ideal worth of the company as a going concern, he added. The idea is to enable both the parties to make a better assessment of the worth of the company and submit or a…
Read the full article at: http://www.financialexpress.com/economy/stressed-assets-valuation-new-norms-by-fy18-end-may-allow-for-better-assessment-of-worth/968761/
Vik Bansal, the chief executive of the $2.5 billion waste management company Cleanaway, says it will take at least two years to “fully digest” rival Toxfree as it adds an extra 895 waste collection vehicles and expands in medical waste management with a buy-out.
Cleanaway, which is already Australia’s biggest waste management company with more than 3,000 rubbish collection vehicles and 5,000 employees, on Monday made a $3.425 per share cash bid for Toxfree, which has been unanimously recommended by the Toxfree board of directors.
It values the Toxfree’s equity at $671 million and represents an enterprise value of $831 million. The deal is expected to be finalised in the June quarter of 2017-18 and is being done under a sche…
Read the full article at: http://www.afr.com/business/health/cleanaway-ceo-twoyear-digestion-plan-for-toxfree-20171210-h028wi
Drone engine maker Orbital has set up shop in the US, across the river from their biggest customer.
The Perth-based business (ASX:OEC) has leased a section on the Hood River in Oregon from where it plans to fully launch itself into the US tactical drone market.
On the other bank is Insitu, a subsidiary of Boeing which makes the drones themselves and is the customer that helped to turn Orbital around in 2014.
Orbital designed the N20 drone engine for Insitu, which is used in the US militarys ScanEagle drones.
It beat 40 global engine makers for a contract worth a minimum order value of $US33 million ($44 million) and a maximum of $US91 mill…
Read the full article at: https://stockhead.com.au/tech/orbital-moves-next-door-favourite-us-customer/
WELLARD has had a tough 12 months but there are signs the tide is turning, according to chairman David Griffiths.
Mr Griffiths addressed the companys annual general meeting recently at the Crown Convention Centre in Perth, where he highlighted the success of the first shipment to China and other measures undertaken to lift the company out of the doldrums.
I am pleased to say that progress with the restructuring and costs out program is continuing, Mr Griffiths said.
We estimate to have reduced overheads at an annualised rate of greater than $10 million (or about 27 per cent on the 2017 financial year), with further savings and efficiencies expected.
The market environment remains challenging, with the continuation of h…
Read the full article at: http://www.farmweekly.com.au/news/agriculture/agribusiness/general-news/wellards-financial-tide-turning/2756321.aspx
Bankers are looking to speed up the resolution of 28 accounts including Videocon Industries, Jaiprakash Associates and Uttam Galva Steel as a December 13 deadline looms. These companies are part of the Reserve Bank of India’s second list of defaulters to be referred to bankruptcy proceedings for recovery of more than Rs 2 lakh crore.
The accounts need to be restructured by December 13 or they’ll end up in the National Company Law Tribunal (NCLT) for the next step in the insolvency process. At that point, banks will have to provide for losses of up to 50% of the loan value, hitting their earnings.
Bankers said this worry may see the accounts of Jaiprakash Associates, Uttam Galva Steel, BILT and Jai Balaji getting recast by t…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/bankers-look-for-speedy-resolution-of-28-accounts/articleshow/62013747.cms