Insolvency Guardian Media Centre
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Cathay Cineplexes to undergo creditors’ voluntary liquidation amid mounting debts The Online Citizen
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A crucial vote on Jon Adgemis’ proposed personal insolvency agreement has been pushed back to October 9, after his bankruptcy trustees adjourned last Friday’s creditors’ meeting without a resolution.
The embattled publican, who owes around $1.8 billion, had put forward a deal that would return creditors just 0.15 cents in the dollar, partly funded by a $3 million contribution from his mother and sister.
The Australian Financial Security Authority (AFSA) intervened, warning trustees Scott Pascoe and Benjamin Ho they risked fines of $39,600 or up to two years in jail for failing to conduct adequate investigations or meet communication standards.
AFSA’s inspector-general Neville Matthew said the trustees’ handling…
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REVEALED: Latest business liquidations in Brisbane The Courier Mail
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Martine McCutcheon ‘declared bankrupt’ just months after heartbreaking split from husband MSN
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SL will go bankrupt again in 2028: Sajith Daily Mirror – Sri Lanka
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SL will go bankrupt again in 2028: Sajith Daily Mirror – Sri Lanka
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Former employees and entities rendering services to a company that is undergoing insolvency process will be obligated to share information with the resolution professionals, as per the Insolvency and Bankruptcy Code (IBC) amendments approved by Parliament recently.
Earlier, RPs could seek information only from the existing “personnel” during the corporate insolvency resolution process (CIRP). But their nature of work involves getting details on past transactions or financial statements of a company, they often would not get assistance from past employees or service providers like auditors and legal advisors (of the company) that resulted in significant delays.
Wider powers for resolution professionals
“The latest…
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Business start-ups rise as insolvency activity falls in Wales – R3 Insider Media Ltd
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[SINGAPORE] Struggling cinema chain Cathay Cineplexes has ceased operations as of Monday (Sep 1), shortly after its voluntary liquidation was announced earlier in the day.
The cinema chain, which owes money to landlords of several of its outlets, will undergo voluntary liquidation, said its parent company mm2 Asia.
“Cathay Cineplexes had attempted to negotiate amicable resolutions with the various creditors, but (it) was unable to arrive at mutually agreeable restructuring outcomes of its payment obligations owed to these creditors,” said the media company, which operates the cinema chain.
In an Instagram post on Monday, the cinema chain said that it had “ceased operations with immediate effect”.
Its website displayed no movie…
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SINGAPORE: Cathay Cineplexes is set to undergo creditors’ voluntary liquidation amid its financial woes, operator mm2 Asia announced on Monday (Sep 1).
The board has resolved that it is no longer feasible for Cathay Cineplexes to continue operating, given its financial position and the absence of restructuring options, among other things, mm2 Asia said in a filing on the Singapore Exchange.
The cinema operator had attempted to negotiate “amicable resolutions” with the various creditors, but it was unable to arrive at “mutually agreeable restructuring outcomes” of its payment obligations owed to the creditors, it added.
The board resolved to appoint Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) as joint and several…
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Court reverses Damien Grant’s insolvency fees, rules in favour of subcontractors Business Desk NZ