GreenSpace will reap CAD1.8m from the deal and also royalties based on revenue Loss-making Canadian food manufacturer GreenSpace Brands is undergoing a strategic restructuring process which will include the disposal of its Rolling Meadow Dairy brand and a reduction in its headcount. Nine jobs are set to go as part of changes to the business…
The Insolvency and Bankruptcy Code, 2016, has been construed as a complete code. Based on that construction and noting that the code contained no provision expressly making the Limitation Act applicable, and as the act could not be considered as applicable by necessary implication, time-barred debts were allowed to trigger insolvency proceedings. To remedy this,…
The Australian-grown cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk. Company directors had been trying to find a buyer for the makeup chain for months. The administrators Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants will now consider a restructure or pursue…
In a seemingly unprecedented order, the National Company Law Tribunal, Mumbai bench rejected an application filed by a corporate debtor under Section 10 of the Insolvency and Bankruptcy Code(IBC) with Rs.10 lakhs costs, on finding that it was filed suppressing winding up order passed against it by the High Court. The suppression was detected almost…
Please enable Javascript to watch this video SEATTLE — As the cost of going to college continues to rise each year, a college right here in Seattle is giving students a break on their tuition. School officials say the reduction not only helps more students afford college but also helps students decrease their debts. Students…
Napolean Perdis directors attempted to sell the business for several months, prior to the appointment of administrators yesterday. The beauty brand regularly sponsored fashion showcases and once held concessions with David Jones. Worrells Solvency Accountants confirmed the business, helmed by Napolean Perdis, appointed administrators Simon Cathro, Chris Cook and Ivan Glavas on January 31. The…
Image copyright HMRC Image caption From left to right: Hedayat, Shahab and Shahin Hashtroudi, who were jailed at Southampton Crown Court Three businessman brothers who led an expensive lifestyle while making 3m in a series of tax scams have been jailed. Shahab, Shahin and Hedayat Hashtroudi failed to pay VAT and stole income tax and…
A university admin worker has declared bankruptcy, almost six years after she told a group of students to leave an indigenous-only computer lab at the Queensland University of Technology. Cindy Prior became the subject of a nationwide debate around racial discrimination when she told a handful of QUT students to leave the lab in May…
The bankrupt former owner of a Victorian waste facility has appealed after being slapped with a 90-day jail sentence for breaching fire safety orders at the debris-laden site. David McAuliffe, who now lives in the Whitsundays, was bailed on Friday afternoon by Geelong Magistrates Court. McAuliffe breached Victorian Civil and Administrative orders on three occasions…
Under the Insolvency and Bankruptcy Code, 2016, the corporate insolvency resolution process (CIRP) can be initiated by an operational creditor if there is no dispute in relation to the default on the part of the corporate debtor. Abhishek DuttaAureus Law Partners The application filed with the National Tribunal (NCLT) must be preceded, under section 8,…