Indias Debt market is bad and over Rs 25,000 crores that is blocked as Stressed Assets in the economy can be unlocked in five years with the ICSI training insolvency professionals through the ICSI Insolvency Professional Agency, Mamta Binani, President, Institute of Company Secretaries of India, said at a joint national conclave on Insolvency &…
New Delhi: Beginning Thursday, the National Company Law Tribunal (NCLT) formally takes over winding-up matters under the Companies Act 2013. The government earlier notified that all pending proceedings and cases of reconstruction and winding-up will stand transferred to the NCLT from 15 November. It also notified rules empowering the NCLT to be the appropriate adjudicating…
Share this: The manner in which the law is currently being implemented seems to focus more on expeditious operationalisation rather than effective implementation. The Bombay Stock Exchange (BSE) building is illuminated during a special muhurat trading session for Diwali, the festival of lights, in Mumbai, India, November 11, 2015. Credit: Shailesh Andrade/Reuters/Files The Insolvency and…
The company behind All Tomorrow’s Parties (ATP) has gone into liquidation after being subject to a winding-up petition by HM Revenue & Customs. The petition to wind up ATP parent firm Willwal Ltd was granted by the High Court on November 21. Willwal’s most recent accounts on Companies House, dated May 31, 2015, showed debts…
Crown cashing out of Macau venture James Packer was about as far away from Macau as you can get this week as he wound up his 12-year partnership with Chinese gaming tsar Lawrence Ho. The globe-trotting Australian billionaire oversaw the latest shake-up of his Crown Resorts empire from the Ellerstina polo ranch outside of Buenos…
About 50 workers at Fire prevention equipment company Fire Security Services have lost their jobs. Fire security equipment and services company Fire Security Services has gone into liquidation with the loss of about 50 jobs. The company, established in 1976, sold and serviced fire protection products such as sprinkler systems, fire alarms, portable fire equipment.…
Robert Steven Pacific T & R’s plant at Miro St, Taupo. A large Taupo employer has gone into liquidation weeks before Christmas, with all employees losing their jobs. Pacific T&R opened its Miro St plant in February 2015. It employed 44 people. The privately-owned company was breaking new ground; extracting rosin from pine tree stumps, which are…
A medical institute that was included in this years Shonky Awards has entered voluntary administration. However, the business is continuing to trade while administrators seek potential buyers. GTC Medical, trading as the Medical Weightloss Institute (MWI) is a Sydney-based medical business that has previously attracted complaints to both healthcare and consumer protection bodies. On Thursday,…
NEW DELHI: The Insolvency and Bankruptcy Board of India (IBBI) today notified regulations for liquidation process whereby an insolvency professional is barred from acting as a liquidator unless that individual is independent of the corporate debtor concerned. The regulations come into force with immediate effect. IBBI, set up under the Insolvency and Bankruptcy Code, seeks…
Perth-based architecture firm DAPM Architects is in the hands of liquidators, less than a week after it was spun-out of national group DesignInc, but its managing director says the collapse represents an opportunity for a new beginning. DesignInc announced last week that its Perth outpost would leave the group, with DAPM to be headed up…