Lanco Infratech Ltd, against which Corporate Insolvency Resolution Process has been initiated, has said that the management of the affairs of the company vests with Savan Godiawala, who has been appointed as the Interim Resolution Professional. Mr.Godiawala was appointed as the IRP with effect from August 7, under the provisions of the Insolvency and Bankruptcy…
A class action will seek to recoup as much as $100 million in GST that may have been incorrectly charged on the sale of apartments in the ACT. International litigation funder IMF Bentham, which is working with Corrs Chambers Westgarth, announced the law suit to the ASX on Tuesday morning. It has lodged a statement…
MUMBAI: The National Company Law Tribunal (NCLT) on Monday admitted proposals for the merger between Aircel and Reliance Communications‘ wireless business, as well as the latter’s sale of its tower business to Canada’s Brookfield. The Anil Ambani-owned telco’s shares were up nearly 19% intraday, closing 16.1% higher on Monday at Rs 24 a piece on…
Contract Services: 102 jobs to go as building firm folds 14 August 2017 From the section South East Wales Image copyright Google Image caption Contract Services has blamed ‘unexpected cash flow’ problems A south Wales building and maintenance firm has called in liquidators with the loss of 102 jobs. Contract Services (South Wales) Ltd has…
NEW DELHI: The government is exploring ways of resolving a long-brewing real estate crisis that’s left home buyers in the lurch as developers have struggled to complete projects. With many of these delayed for up to five years and more, one of the proposals under consideration is raising money to finish stalled buildings by selling…
A large construction firm has gone into liquidation with the loss of 102 jobs. Contract Services (South Wales) Limited has traded in Port Talbot and Caerphilly for 21 years. But it faced unexpected cash flow pressures earlier this year and has now ceased trading. Business rescue and recovery specialists Begbies Traynor are now taking the…
Image copyright Google Image caption Contract Services has blamed ‘unexpected cash flow’ problems A south Wales building and maintenance firm has called in liquidators with the loss of 102 jobs. Contract Services (South Wales) Ltd has operated from Port Talbot and Caerphilly for the last 21 years. It ceased trading on 11 August, and called…
A top unsecured creditor of bankrupt Dynamic International Airways LLC is attempting to force the High Point charter airline into liquidating its assets. The bare-bones filing in U.S. Bankruptcy Court for the Middle District of N.C. came about seven weeks after Dynamic lost a legal fight in U.S. District Court for the Middle District. Since…
The National Company Law Tribunal has created history under the new Insolvency and Bankruptcy Code it last week ordered winding up of two companies – VNR Infrastructures and Bhupen Electronic – after the borrowers and lenders failed to come up with a plan to revive operations. These companies, though small, set a precedent that the…
Business insolvency is a very real risk for many small businesses but countless business owners are not spotting warning signs early enough. The reality is that around 60% of businesses dont make it past the first three years, which is why business owners should seek help early on to ensure their financial health. But first,…