Shailendra Singh, former managing director at Percept Ltd, has dragged his estranged brother Harindra Singh to the National Company Law Tribunal and sought insolvency of the Mumbai-based media and entertainment group that he co-founded to clear his dues. In March last year, Shailendra Singh had stepped down as MD of Percept, which he had been…
The New Zealand and Australia arm of the international yoga festival Wanderlust has gone into liquidation owing an estimated $1.6 million. Wanderlust’s chief executive said they were working to ensure the Taup event went ahead, but if it did not ticket holders would receive a full refund (file photo). Photo: 123RF The annual festival attracts…
A TWO-month deadline has been set for Ballina-based caravan company, Kimberley Kampers, to pay back its employees and creditors after a rescue package was passed at this week’s creditors meeting. Sydney-based administrator Steven Nicols, of Nicols and Brien Business Recovery, said an overwhelming majority of the more than 50 employees and other stakeholders at the…
In what is being considered as a first in India’s insolvency resolution history, a state-owned entity has moved the National Company Law Tribunal (NCLT) to recover its arrears from another government-run firm. Andhra Pradesh Power Generation Corporation (AP Genco) has dragged a Telangana power distribution company to the tribunal, seeking to recover more than 3,700…
The company behind the Wanderlust festivals in Australia and New Zealand has been placed into liquidation. And there is definitely no calming for the burgeoning group of creditors who claim they are owed tens of thousands of dollars. scenestr has been contacted by local suppliers and small busnesses claiming they are owed from $300 to…
ET Bureau| Jan 18, 2018, 12.54 PM IST If relationship with any of the above comes to notice or arises subsequently, it has to be notified within three days of such notice, said IBBI. MUMBAI: Insolvency professionals will now have to disclose their relationship with all associated parties including the corporate borrower and lenders within…
Payments to Carillion executives have ceased (PA) Carillions collapse raises questions over weak corporate governance Independent.ie The Insolvency Service has ceased payments to Carillion executives, but questions are still raised over the strength of corporate governance at the collapsed construction and facilities management firm.How much were former executives actually earning in the lead up to…
The court applied the principles outlined in the 1990 case of Guinness v Saunders rather than the more recent decision in Global v Hale in finding that the directors had acted in breach of their fiduciary duty to act in the best interest of the creditors. They misapplied the company’s assets for their own benefit…
India is on the cusp of a major shift in its recovery, insolvency, and bankruptcy jurisprudence post introduction of Insolvency and Bankruptcy Code 2016 (hereafter, the Code). Several well established concepts are being challenged and at the same time, new concepts are being evolved. For instance, it is a well-known principle of law that every…
The Publican Group business was quietly placed into voluntary administration at the end of last year, after selling off all of its assets to Australian Venue Co. The Australian Securities and Investments Commission published that Richard Albarran, Cameron Shaw and Carl Huxtable of Chadwick Hall were appointed as administrators of the Publican Group in mid-December.…