Mumbai: Lenders to Dewan Housing Finance Corp Ltd have moved the Mumbai bench of National Company Law Tribunal (NCLT) to initiate personal insolvency proceedings against the erstwhile promoters Kapil and Dheeraj Wadhwan, according to a person aware of the matter. DHFL owes 87,031 crore from financial creditors, including 39,000 crore from banks. “We will contact…
The loosening will remove the existing professional requirements for insolvency practitioners to have 4000 hours of supervised work experience in the past five years and a postgraduate qualification in insolvency law. Australian Restructuring Insolvency and Turnaround Association chief executive John Winter said the proposed legislation was “broken” and it was “completely flawed” that accountants could…
Queensland companies are continuing to collapse by the dozen despite the state’s economy slowly recovering from the devastating COVID-19 shutdown. In November 60 companies were put into liquidation or administration – far less than before the pandemic. Previous modelling suggests thousands of Queensland small businesses continue to rely on the federal government’s JobKeeper program and…
The Supreme Court is likely to hear 19 petitions challenging the constitutional validity of provisions relating to insolvency of personal guarantors under the IBC on Thursday. In the last hearing on October 29, the top court had transferred to itself all the petitions pending before various High Courts, challenging the said IBC provisions. The SC…
Satellite communications on a North Sea platform supply vessel (source: Eidesvik) 01 Dec 2020byMartyn Wingrove Castor Marine has stepped in to save SeaVsat, which provides satellite internet access to offshore vessels and rigs, through an acquisition from administrators Netherlands-headquartered SeaVsat was declared bankrupt on 23 November, leaving customers at sea in uncertainty about their connectivity…
Queensland companies are continuing to collapse by the dozen despite the state’s economy slowly recovering from the devastating COVID-19 shutdown. In November 60 companies were put into liquidation or administration – far less than before the pandemic. Previous modelling suggests thousands of Queensland small businesses continue to rely on the federal government’s JobKeeper program and…
Journalists who lost their jobs when the weekly newspapers they worked for ceased publication are to receive money they are owed after a near-three-year fight. Editorial staff who were employed at Lyme Regis-based View From Newspapers will now receive notice pay settlements and additional payments awarded by an employment tribunal after Duncan Williams, the final…
Background The majority of people in the UK want to pay the right tax at the right time because they believe that it is the right thing to do and appreciate that tax revenue funds public services for everyone. HMRC provides a flexible range of support for those who would like to pay on time…
Plea filed by Alcock Ashdown said it could not repay debt of Rs 600 cr; this is the second state PSU to approach NCLTGujarat government-run company Alcock Ashdown (Gujarat) Limited (AAGL) has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) for insolvency, saying it was not in a position…
Article 0 Comments An application for an order of liquidation has been filed in a Travis County, Texas, district court for a Houston-based nonstandard auto insurer now in receivership. With the agreement of its board of directors, ACCC Insurance Co. was placed into receivership on Oct. 21 by Travis County District Judge Tim Sulak at…