Latest news with #liquidation
Bloomberg
2 hours ago
- Business
- Bloomberg
UK's Troubled Prax Lindsey Plant Will Stop Refining Oil
The Lindsey oil refinery in northern England won't continue as a going concern, Energy Minister Michael Shanks told lawmakers Tuesday. The UK previously announced a liquidation order for the facility's owner, Prax Lindsey Oil Refinery Ltd., leaving the country's Insolvency Service racing to save the site. The plant recorded about £75 million ($101 million) in losses between its acquisition in 2021 and the financial year ending February 2024, Shanks previously said.
Irish Times
2 hours ago
- Business
- Irish Times
Tariffs and higher input costs hit Killarney Brewing and Distilling
The impact of 'high tariffs' and the Covid-19 pandemic caused 'significant and sustained challenges' for Killarney Brewing and Distilling (KBD), the company said after entering liquidation on Monday. In a statement, KBD said that 'despite the best efforts of all involved' the examinership process which was in place over the company since mid-April was unsuccessful. The company said that, as with many other drinks manufacturers, KBD faced 'significant and sustained challenges' over the past few years as a result of the 'lasting effects of the Covid-19 pandemic'. Founded by local businessmen Tim O'Donoghue and Paul Sheahan in 2013, the company had 64 employees in 2022. Mr Justice Michael Quinn of the High Court appointed James Anderson of Deloitte as liquidator at a hearing on Monday. READ MORE [ Liquidator appointed over Killarney Brewing and Distilling Opens in new window ] KBD said the pandemic led to delays in opening its distillery in Fossa and also caused 'global supply chain disruptions, rising input costs, and ongoing geopolitical and trading pressures.' 'More recently, high tariffs on Irish whiskey exports to the US and wider economic uncertainty have further impacted the business.' As reported previously, the company had reached a preliminary agreement to merge with a US-based entity but the company pulled out of the deal. 'In response, KBD entered the examinership process in the hope of securing new investment to protect jobs and stabilise operations for the long term,' the statement reads, noting that despite the 'tireless efforts' under examinership, an investor was unable to be secured in time. 'We remain proud of what we've built together and the craft, care, and creativity that defined our journey.'
Yahoo
a day ago
- Business
- Yahoo
Proof & Company closes Singapore distribution arm
Singapore-based Proof & Company has entered its local distribution business into "provisional liquidation". A statement from the distributor and hospitality group said the move came after "a period of mounting challenges for the F&B [food and beverage] and hospitality industry in Singapore, including the closure of some of the company's longest standing restaurant and bar customers". Brands distributed by the company's Singapore business include Widges gin, Michters whisky and Chartreuse liqueur. Sixteen jobs are expected to be affected by the move, Proof & Company told Just Drinks. In its release, the company said the provisional liquidators would "work closely with creditors, stakeholders, and management to evaluate potential paths forward". When asked how much the distribution business owed to creditors, Proof & Company said: "The appointed liquidators are currently reviewing and finalising the financials as part of the ongoing process." The news comes after Proof & Company's Australian subsidiary Sa'Pere Drinks, trading under Proof & Company Australia, went into voluntary administration in April. When asked if any other assets were in jeopardy besides the Singapore distribution division, the group said its distribution businesses in Hong Kong and New Zealand would "continue to trade... as normal". Proof & Company also noted its cocktail bar in Singapore, 28 Hong Kong Street, "will continue to operate independently". The group also has a consultancy business called Proof Creative, based in Hong Kong, which will also continue, the company's statement read. Set up in 2012, Proof & Company's distribution portfolio for New Zealand and Hong Kong include Tried & True Vodka, Scrappy's bitters and Mancino vermouth. In its statement, the group said it was established "during a period of regional growth in the spirits and hospitality industry and is widely regarded for its innovative approach". It pointed to experiencing "markedly different" conditions in the market in the last two years. "Significant market challenges in China, an extended downturn in Australia, and a recent acceleration in bar and restaurant closures in Singapore have all impacted the company's distribution operations," the business said. "Proof & Company closes Singapore distribution arm" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Irish Times
a day ago
- Business
- Irish Times
Liquidator appointed over Killarney Brewing and Distilling
A liquidator has been appointed over Killarney Brewing and Distilling (KBD) company in another blow to the Irish drinks sector. James Anderson of Deloitte was appointed as the liquidator by the High Court on Monday. The move came after a disagreement between the Revenue Commissioners and the KBD about who would be appointed, KBD had sought for Mr Anderson, who was already the existing examiner for the business to be appointed as the liquidator over the company in a High Court hearing on Friday. On Friday, barrister Sally O'Neill, for the Revenue Commissioners, disputed the appointment of the existing examiner, petitioning the court to appoint Myles Kirby of Kirby Healy Chartered Accountants as the examiner instead. READ MORE A decision on the case had been postponed until Monday by Mr Justice Michael Quinn after Revenue opposed the company's choice of liquidator. Ms O'Neill had argued that Revenue should be heard in the decision as to who would be appointed as the liquidator, pointing to precedent set during the liquidation of Star Elm Frames Ltd. Taking a period for deliberation, Mr Justice Michael Quinn said Star Elms was a 'very helpful case but a very different case' and noted some differences between the two situations. He noted the significance of Revenue's debt, which he said stood at €1.3 million and accounted for as much as 90 per cent of the debt in some of the companies, the fact they are acting for the public good, and that they were the only unsecured creditor to have become involved in the process. Mr Justice Quinn said the rest of the companies' debts stood above €22 million. He said it was 'quite common' for examiners to be appointed as liquidators, noting that such appointments 'should not be presumed' but said there are 'efficiencies' in doing so in large cases. Mr Justice Quinn said he recognised there were 'efficiencies' in this case in Mr Anderson continuing his involvement, and appointed the company's preferred choice of liquidator. The business has been under examinership since mid-April but did not secure the investment necessary to keep the business afloat in time. The distillery's staff were told that operations would cease on Thursday in advance of the hearing. Founded by local businessmen Tim O'Donoghue and Paul Sheahan in 2013, the parent company of the group has not filed accounts since 2023. In its most recent filings with the Companies Registration Office, the company reported a turnover of more than €2 million for 2022. The business lost €1.61 million in 2022 and had accumulated losses of €4.15 million.
RNZ News
2 days ago
- Business
- RNZ News
Auckland mayor's chief of staff on leave after property development company goes bust
The mayor's chief of staff placed his company into liquidation last month, owing Inland Revenue $560,000. File photo. Photo: RNZ / Diego Opatowski One of Auckland Council's top executives is on leave while the council investigates the insolvency of his property development company. Jaswant Singh - known as Jazz Singh - is the mayor's chief of staff. He placed his company Traxx Investments, into liquidation last month, owing Inland Revenue $560,000. Council chief executive Phil Wilson said the mayor asked him to look into the matter over the weekend. "While I'm doing this and until we fully understand the situation, it wouldn't be appropriate to comment further. "In the meantime, and by mutual agreement, Jazz is taking a few days' leave." Singh is the sole director and shareholder of the property development company he set up in 2003. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
