Home builder Simsai Construction has gone into liquidation after a dispute with the Australian Taxation Office over debts nearing $4.5 million, it has been reported. The Perth-based company was working on approximately 100 houses when the business entered administration in early November. The company ran brands First Home Buyers Direct, Express Homes WA and Multi…
UK companies, and the national economy more broadly, are facing an incredibly difficult winter as the economic challenges that have pounded the country for close to two years now persist, with levels of financial distress soaring and corporate insolvencies on course for their highest levels since 2009. This has all been a long time coming,…
The National Company Law Tribunal (NCLT), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has held that the dues of Employees State Insurance Corporation (ESIC) are not at par with the dues of Provident Fund, Pension Fund or Gratuity Fund under IBC. Consequently, ESIC dues not…
NEW DELHI : In some relief for SpiceJet, the National Company Law Tribunal on Monday dismissed a plea by aircraft lessor Willis Lease Finance Corp. to initiate insolvency proceedings against the cash-strapped airline. But apart from Willis Lease Finance, three other lessorsCelestial Aviation, Wilmington Trust, and Aircastle Ltdhave similar pleas pending with NCLT to admit…
The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal…
New Delhi: Sustainability is set to become a central consideration for debt resolution under the Insolvency and Bankruptcy Code (IBC), in a move that could make India a pioneer in the decision-making process over whether and how to rescue distressed businesses. Rule-maker Insolvency and Bankruptcy Board of India and the ministry of corporate affairs have…
de Jonge Read founder and executive director Henry Hank de Jonge. At first glance, schooling accountants on saving businesses when one of your own companies is hopelessly insolvent would seem presumptuous. But maybe insights that cannot be acquired without enduring the stigma of unmanageable indebtedness imbue one with unmatched credibility? Certainly the recent placing of…
Experts, however, point out that the norms need to be detailed a little more to ensure innocent promoters with no malafide intent are not affected Certain amendments suggested are targeted specifically to eliminate conflict of interest, according to legal experts. The regulations proposed for Special Situations Funds (SSF) may finally stop promoters from round tripping…
Insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has a new Executive Director, Jitesh John. John, a 2001 batch Indian Economic Service Officer, previously served as an Economic Advisor in the Ministry of Power. He assumed charge of his new role at IBBI on Friday. John has a post-graduate degree in Economics and has…
Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly restructuring or liquidation that is consistent across the various jurisdictions involved. This note considers the recent Singapore cases that demonstrate this approach and highlights…