Category Archives: Liquidation

Year-old Challenge Steel liquidated, directors abandon ship – The Dominion Post

DEAN KOZANIC/STUFF Christchurch businessman Bert Govan: ‘We want to say how sorry we are.” Christchurch-based Challenge Steel has been placed into voluntary liquidation one year after it was launched by businessman Bert Govan. Govan has held meetings with liquidator BDO and the clients and creditors understood to be owed several million dollars, apologising for the failure. Other Challenge Steel directors  Tony Sewell,…

Jai Balaji Industries dragged to NCLT by IFCI over unpaid dues – Financial Express

IFCI has filed the petition against the Kolkata-based company under Section 7 of the Insolvency and Bankruptcy Code (IBC). State-run lender IFCI has filed an insolvency petition against Jai Balaji Industries (JBIL) at the Kolkata bench of the National Company Law Tribunal (NCLT), seeking the initiation of corporate insolvency process against the steelmaker over unpaid…

PrideInn Hotels put under liquidation over Sh69m debt – Business Daily (press release) (blog)

Companies Tuesday, October 3, 2017 9:32 By PHILIP MUYANGA A past meeting at one of PrideInn hotels in Mombasa. FILE PHOTO | KEVIN ODIT | NMG   PrideInn Hotels and Investments Ltd has been put under liquidation for inability to pay a Sh69.3 million debt. High Court Judge Patrick Otieno allowed the winding up petition…

PUMA VCT 8 PLC : Notice re: Interim Dividend and Winding-up Circular – GlobeNewswire (press release)

ANNOUNCEMENT RE INTERIM DIVIDEND AND WINDING-UP CIRCULAR Interim Dividend Following significant further realisations from the VCT qualifying portfolio, the Board is pleased to announce that it has approved an interim dividend of 45p per Share. The ex-dividend date will be 12 October 2017 and the record date 13 October 2017. The dividend will be paid…

Insolvency and Bankruptcy code a game-changer; but here is what needs to be taken care of – Financial Express

Giving the largest creditor untramelled rights is neither in line with the IBC nor should it be the legislative intent. (Image: Reuters) Abir Roy The Insolvency and Bankruptcy Code (IBC) has been dubbed a game-changer in corporate circles, and the intent of the legislationto see whether corporate debtors can be put back on their feet…

Insolvency reforms: Crucial year ahead for regulator – Business Standard

Uncertainties cloud over approvals required for implementing sanctioned plans It has been a hectic first year for the insolvency regulator, which hit the ground running. A year ago, when M S Sahoo went to work in a small room in the building of the Institute of Cost Accountants of India, there were…

Individual insolvency norms a priority, says IBBI Chairman – Economic Times

Asserting that resolution plans should balance interests of all stakeholders, IBBI chief M S Sahoo has said operationalising the individual insolvency framework as well as developing the market for interim finance are among the priorities for the regulator. In one year of existence, the Insolvency and Bankruptcy Board of India (IBBI) has already put in…

WP Rugby has criminal charges laid by partner – Independent Online

CAPE TOWN The advertising partner for Western Province Rugby (WPR) has laid criminal charges against it, after directors and its chief executive failed to provide the liquidated companys statement of affairs to the Master of the High Court, as required by the Companies Act of 1973. Aerios chief executive Costas Constantinou said the failure constituted…

Thieving office manager almost plunged Middlesbrough business into liquidation – The Northern Echo (registration)

A TRUSTED office manager who stole almost £50,000 and plunged a family business to the brink of liquidation has walked free from court. Nicola Leadstone was taking an average of £500 a week but her barrister claimed there was no evidence of her living high on the hog. Yet Teesside Crown Court heard yesterday she…

Rockwell provides update regarding three subsidiaries with interim liquidation order issued by court in Kimberley … – Canada NewsWire (press release)

VANCOUVER, April 17, 2017 /CNW/ – Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX:RDI; JSE:RDI) provides an update to the interim liquidation order against three subsidiaries of the Company issued by a judge in Kimberley, South Africa, on March 23, 2017. The interim orders, which have yet to be confirmed in a final hearing, include Rockwell…