Navigating cross-border bankruptcy: Gilbert + Tobin has assisted in the recognition of foreign bankruptcy proceedings in Australia, acting for the trustees in bankruptcy in a successful application to recognise Singaporean bankruptcy proceedings. Background In the recent decision of Duncan (Trustee) v Shrestha, in the matter of Shrestha [2022] FCA 1601, Gilbert + Tobin acted for…
The National Company Law Tribunal has admitted real estate and construction company Renaissance Indus Infra under the corporate insolvency resolution process (CIRP) following a plea by its financial creditor Catalyst Trusteeship. The lender had moved the bankruptcy court after the company defaulted on its dues worth nearly Rs 444 crore. The tribunals Mumbai bench has…
The National Company Law Tribunal has admitted real estate and construction company Renaissance Indus Infra under the corporate insolvency resolution process (CIRP) following a plea by its financial creditor Catalyst Trusteeship. The lender had moved the bankruptcy court after the company defaulted on its dues worth nearly Rs 444 crore. The tribunals Mumbai bench has…
PARIS A French commercial court has officially declared Kremlin-backed media outlet RT France bankrupt, the company’s President Xenia Fedorova announced on Friday. “The court of Nanterre took the decision to put RT France in liquidation a media that has not pleased [French President] Emmanuel Macron since its launch and, which was sanctioned by the EU…
Citizens Advice has warned people are at risk of “spiralling into debt” amid the cost of living crisis. The data comes to light as Citizens Advice warns people are at risk of “spiralling into debt” amid the cost of living crisis. A person becomes insolvent when they are unable to pay their debts, and are…
A bankrupt conman is again being pursued by furious developers in a dispute over a multimillion-dollar property deal on Melbournes fringe, as the corporate regulator faces pressure to act on years of warnings about the faux French fraudster. Henri-Claude Louis Philippe Du Pont, who was born in regional Tasmania as Phillip Wickham before taking on…
On March 31, two large Australian building companies collapsed, joining a long line of business failures in the construction industry. Porter Davis Homes had 1,500 partially built houses in Victoria and 200 in Queensland, as well as almost 800 signed house-building contracts ready to start. The Lloyd Group had 59 projects underway, mostly for state…
Thursday, April 6, 2023 INTRODUCTION In Part I of the Year End Wrap (available here), we analysed some of the empirical data on recoveries and investments under the Code as well as impact of legislative/regulatory amendments on investments and acquisitions under the Code. In Part II, we have analysed some of the significant judicial pronouncements…
Lightyear, the Dutch solar EV maker that was declared insolvent at the beginning of the year, is getting back to work developing the mass-market Lightyear 2 model after successfully going through a restructuring process. The Netherlands-based company is better known for the radical, $250,000 Lightyear 0 solar car that briefly made it into production for…