Satya Prakash Pathak, former Chief General Manager of State Bank of India, is the 'Administrator' to manage the affairs of the Mumbai-based bank during the one-year period, the Reserve Bank of India (RBI) said.
Generally, the deputy registrar of cooperative societies (DtyRCS) appoints an administrator upon receiving complaints from members of the cooperative housing society (CHS), if they find that it is a fit case to expel the present managing committee. While the DtyRCS has the power to dissolve managing committees and appoint an interim administrator, it uses such powers sparingly and only to bring erring societies and their committees to book.
Builders and cafes hit as insolvencies spike 36 per cent A high-profile building company was among the 60 Queensland firms collapsing last month as the end of subsidies put increased pressure on finances.
Business by Glen Norris
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Subscriber only High-profile building company PlanBuild and a famous North Queensland restaurant were among the Queensland firms that collapsed last month as the end of subsidies such as JobKeeper put increased pressure on finances. The number of Queensland companies that had liquidators or administrators appointed during April increased 36 per cent to 60 from 44 in March. SM Solvency Accountants partner Brendan Nixon said he was surprised business failures had not increased more to date due to the impact of COVID-19. Insolvency experts warned last year of a tsunami of company collapses due to the pandemic.
Builders and cafes hit as insolvencies spike 36 per cent qt.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from qt.com.au Daily Mail and Mail on Sunday newspapers.
Month of misery as restaurants and retailers fail High profile restaurants and retailers were among the 50 company failures over the past month but experts warn more corporate collapses are on the horizon.
Business by Glen Norris, Emmaline Stigwood 8th Jan 2021 12:39 PM
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Subscriber only A steep increase in corporate failures is expected in the coming weeks as debt holidays introduced during COVID-19 come to an end. In December there were 46 company liquidations and five administrations across Queensland with high profile closures including national lingerie retailer Big Girls Don t Cry (Anymore), Noosa eatery Madmegs & Co and a key player in the job training sector Job Coaching Australia.