[SINGAPORE] Private members’ club 1880 suddenly announced its permanent closure effective Tuesday (Jun 17), with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. This follows the abrupt closure of its Hong Kong branch on May 30. It was also building a six-storey beachside hotel in Bali that never opened.

1880 was founded in 2017 by Canadian entrepreneur Marc Nicholson, and occupies 22,000 square feet of space on the third level of InterContinental Singapore Robertson Quay. It has a restaurant, bar, spa and co-working space.

A source told The Business Times that since Monday, a few club operators have stepped forward, offering to take over the local business. BT previously reported…

Starleaton has announced an online closing down sale of its machinery after the company was placed in liquidation last week.

“After 45 years in the print, signage, and graphics industry, Starleaton is closing down,” the company said in an email promotion.

“This is your final chance to secure premium brands and quality products at unbeatable clearance prices.

“Everything is priced to clear – once it’s gone, it’s gone.

“If you’re looking to stock up or purchase multiple items, get in touch for exclusive bulk discounts and tailored bundle pricing.

“Act fast – stock is limited and moving quickly.”

Brands promoted online as part of the sale promotion include Canon (up to 60 per cent…

Directors of direct-to-consumer (D2C) homecare company Kuber Industries have filed an insolvency plea against rollup ecommerce platform GlobalBees for unpaid dues worth Rs 65 crore.

In a stock exchange filing, GlobalBees’ listed parent, FirstCry, said that Ashutosh Garg, Paritosh Garg and Manju Agarwal have petitioned the New Delhi bench of the National Company Law Tribunal (NCLT) for an alleged claim of Rs 64.92 crore, along with 18% interest per annum accruing from May 9 till the date of payment.

The filing did not have any details on the three individuals, but FirstCry’s red herring prospectus, filed on July 30 last year, stated that the trio were shareholders of Kuber Industries.

According to information provided in the prospectus,…

The Principal Bench, National Company Law Appellate Tribunal (NCLAT), New Delhi, has dismissed Indian Bank’s appeal challenging the NCLT’s rejection of its application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), seeking to initiate personal insolvency proceedings against Anjanee Kumar Lakhotia, former director of MBL Infrastructure Ltd.

The appeal arose from an order passed by the NCLT, New Delhi Bench. The case has its roots in the insolvency proceedings of MBL Infrastructure Ltd., which was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2017. A resolution plan submitted by Anjanee Kumar Lakhotia, the then promoter and suspended director, was approved by the Committee of…

Audio-visual technology supplier and distributor ActiveVision NZ has gone into liquidation after an attempt to reach a compromise with creditors appears to have failed or been abandoned.

According to a document posted to the Companies Office, the company owed around $1.2 million after proposing a deal whereby creditors would receive 70% of what they were owed by the end of September 2027, over a four-payment schedule.

The compromise proposed all of the payments would be deemed full and final settlement of the debt owed and any personal guarantee given in relation to those debts would be irrevocably waived and released when the final payment was made.

Creditors would also have to continue to provide goods and/or services to…

[WASHINGTON] Struggling chipmaker Wolfspeed will be taken over by creditors including Apollo Global Management under a proposal that would put it into bankruptcy just long enough to slash billions of US dollars in debt, according to sources familiar with the plan.

The company will soon announce a deal with lenders for a so-called prepackaged bankruptcy, said the sources, who asked not to be named because the information is private. In the weeks after that restructuring support agreement is signed, Wolfspeed would ask creditors to vote on the deal and then file a Chapter 11 case, according to one of the sources.

US bankruptcy rules allow firms to round up votes before filing an insolvency case. If enough creditors vote in favour, the…

An EY-backed resolution professional (RP) has filed lawsuits at the National Company Law Tribunal (NCLT) claiming former Byju’s directors owe compensation to the company for fraudulent transfers of the company’s assets, according to people familiar with the matter.

The lawsuits invoke a provision under the Insolvency and Bankruptcy Code which provides legal recourse to reverse transactions undertaken by a company’s previous management.

Shailendra Ajmera, the RP of Think and Learn, which houses Byju’s ed tech business and is undergoing insolvency, has claimed in the lawsuits filed in late April that two separate sets of transactions were detrimental to the company. One of them resulted in a $533 million investment held by a US…

Gregor Heard is ACM’s national grains industry reporter, based in…

The owners of Christchurch’s London Canteen have let their customers know with “heavy hearts” the cafe at Oderings Garden Centre in Barrington has gone into liquidation.

The canteen is under the company Table Bloom with directors listed as Simon Suffolk and Jisuk (Julie) Han who are shareholders with Edmund Tanner.

Christchurch liquidator Brenton John Hunt from Insolvency Matters was appointed on June 16.

The canteen owners posted on a Facebook page they were devastated.

‘‘It’s with heavy hearts that we share that London Canteen has closed its doors. Unfortunately, due to circumstances beyond our control, we’ve had to make the tough decision to enter liquidation. This has been an incredibly difficult decision and one we never…