Forestry company in liquidation after Union Bank of India loan breaches

Aubade Global Resources supplied logs for export to its parent company. (Image: Getty)

Thu, 15 Dec 2022

A forestry company owned by a multinational timber conglomerate has been tipped into liquidation after multiple breaches on its loans from the Union Bank of India.Last week, Aubade Global Resources was put into liquidation by the high court at Auckland on the application of the bank, through its Hong Kong branch. The Official Assignee was appointed liquidator.According to its latest financial statements, the company, which was part of the Mayar Group, defaulted on its loans with the bank after not meeting the repayments since 2019.A...

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