Smart Homes, based on the Queensway Link Industrial Estate in Stafford Park, Telford, entered voluntary liquidation owing £40,000 because it said the costs of chasing an unpaid bill were too high. The administrators said Smart Homes was never paid for one of its jobs, and couldnt afford court action to reclaim it. It is believed…
The fall out continues after the shock announcement by Western Downs based construction company Ostwald Brothers that they have been placed into Voluntary Administration. After the announcement was made yesterday, all staff were stood down for 48 hours while the administrators, Price Waterhouse Coopers who have been called in to take over the running of…
THERE will be deep concerns in many communities after news yesterday that Darling Downs civil construction company Ostwald Bros has had to call in administrators PriceWaterhouseCoopers. The decision to go into voluntary administration has put nearly 500 jobs at risk. Over the past 27 years the family-owned and operated company has been a major employer…
A HOME care service which provides 300 hours of work per week across Clydebank has gone into liquidation leaving an uncertain future for its 80 staff. M&J Care provides around 27 full care packages with a number of smaller packages being offered to residents throughout the West Dunbartonshire area. However, in an unusual step, the…
GEELONG based transport company Transtex Logistics PTY LTD has been placed into liquidation, notifying all drivers of the change Sunday afternoon. The liquidation was today confirmed by Romanis Cant Chartered Accountants who were appointed to liquidate the overnight delivery company. A notice to employees, allegedly sent via text message informed drivers that they…
A DARLING Downs civil construction company has gone into voluntary administration, putting nearly 500 jobs at risk. Dalby-based Ostwald Bros made the announcement this morning after it handed the reins to administrators PriceWaterhouseCoopers. It is understood the decision was mainly based on the company’s ongoing contractual disputes with Nexus Infrastructure and works on the Toowoomba…
Hemant Mishra/Mint The corporate insolvency and resolution process (CIRP) initiated against Jaypee Infratech Ltd under the Insolvency and Bankruptcy Code, 2016, has triggered an amendment in the insolvency code itself. Earlier, the code did not include homebuyers of under-construction projects as creditors under any category. However, according to the amendment carried out on 16 August,…
In a recent National Company Law Appellate Tribunal (NCLAT) ruling of Neelkanth Township and Construction Pvt. Ltd. v. Urban Infrastructure Trustees Ltd.[1] (11.08.2017), several issues with regard to the Insolvency and Bankruptcy Code, 2016[2] (IBC) were discussed. One of the issues for consideration before the NCLAT was whether the application under Section 7 of the…
Homebuyers in Delhi-NCR are preferring ready to move flats in the wake of recent developments in which thousands of investors were not handed over their units by the builders. While more than 32000 investors are facing uncertainty following Jaypee Infratech becoming bankrupt, the process for corporate insolvency resolution under the insolvency and bankruptcy code is…
Bad loans have now increased by 135 per cent from Rs. 2, 61,843 crores in the last two years. A non-performing asset, or merely NPA, is well-defined as a credit facility for which the interest or the instalment of principal or both, has remained overdue for a specified period of time. In other words, an…