South Australian construction company Wake Concepts has appointed a liquidator and terminated about 100 staff members. Wake Concepts specialised in the construction of wall and ceiling linings, with its major project at the time of liquidation being Adelaides Festival Tower in the CBD. Insolvency firm Heard Phillips Lieberenz was appointed on September 19 with Anthony…
Sponsored Content Katrina Edge and Bruce MacNeil, of Ogier (Jersey) LLP, explain how global events and economic pressures are forcing many companies to seek advice on debt and corporate restructuring REPORTS in June of a 40% year-onyear increase in corporate insolvencies in England and Wales demonstrate the combined impact of government Covid-19 support being withdrawn,…
In a momentous legal judgment, the National Company Law Appellate Tribunal (NCLAT), Delhi has delivered its decision regarding the contentious insolvency case concerning Hindustan National Glass. The NCLAT has upholded the entire insolvency resolution process meticulously followed by the Resolution Professional and endorsed by the Committee of Creditors (COC). This landmark ruling follows a series…
Investors increasingly look for financial stability and an all-encompassing business ecosystem that will stand firm in the face of headwinds. (Photo by RadioDave via Shutterstock) The UAEs ecosystem for restructuring and insolvency has evolved significantly in less than a decade, developing its own playbook of international best practices, adopting learnings from the most impactful approaches,…
The National Company Law Tribunal (NCLT), Mumbai Bench comprising of Mr. Kishore Vemulapalli (Judicial Member) and Mr. Prabhat Kumar (Technical Member), dismissed a petition filed in TCL Cables Pvt. Ltd. vs. Shapoorji Pallonji & Company Pvt. Ltd. by TCL Cables Pvt. Ltd. (Operational Creditor) for initiation of Corporate Insolvency Resolution Process (CIRP) against Shapoorji Pallonji…
The High Court is considering strange case of Mars Cap Ltd and Australian company Probis. The matter was listed for mention again in the High Court later this month. Two companies on either side of the Tasman are facing liquidation and administrators are chasing up to US$100 million in missing funds, some of which seems…
Company bosses have been hit by a host of problems – from soaring costs and higher borrowing rates to cash-strapped customers. Alistair Bacon, chairman of regional insolvency trade body R3 Eastern and founder of AMB Law in Ipswich, said the challenges were taking their toll as the number of insolvent businesses in England Wales hits a…
But when presented with the deed of company arrangement, Mader said the ATO opposed it in favour of placing the company in liquidation, which would have involved selling off its assets and dissolving the business as a means of recouping the debt. We just couldnt understand why we still had about 60 employees who stuck…
New Delhi, Sep 18 (PTI) The NCLT on Monday ordered the liquidation of Overnite Express after admitting the plea of its lender Deutsche Bank AG against a resolution plan submitted by a member of the debt-ridden company’s suspended board. While the Insolvency and Bankruptcy Code (IBC) bars promoters of a corporate debtor from submitting a…
The NCLT on Monday ordered the liquidation of Overnite Express after admitting the plea of its lender Deutsche Bank AG against a resolution plan submitted by a member of the debt-ridden company’s suspended board. While the Insolvency and Bankruptcy Code (IBC) bars promoters of a corporate debtor from submitting a resolution plan under the CIRP,…