In this weeks TGIF, we consider the recent case of Vita Group Ltd, in the matter of Vita Group Ltd [2023] FCA 400, in which his Honour Justice Jackman outlined practical changes to the way schemes of arrangement should be implemented through the Federal Court to make them simpler, faster and more cost efficient. Key…
The company behind Karen’s Diner, the restaurant that gained internet infamy for its deliberately bad service, has collapsed. Viral Ventures (Australia) Pty Ltd, which runs both Karen’s Diner and Broadway Diner, went into liquidation on May 30, announcing on June 5 that Chris Johnson and Andrew McCabe from Wexted Advisors have been appointed to wind…
The Supreme Courts 3 May judgment, in MK Rajagopalan v Dr Periasamy Palani Gounder & Anr, shows insolvency resolution plans must be approved by a committee of creditors before being put to an adjudicating authority. The court upheld an order by the National Company Law Appellate Tribunal (NCLAT) that the successful resolution applicant was ineligible…
The government will likely amend the insolvency law to enable “customised resolutions” of bankrupt residential real estate projects to ensure swift delivery of flats to homebuyers in stressed housing projects. The planned changes to the Insolvency and Bankruptcy Code (IBC) would allow resolution depending on the nature of the projects, instead of stipulating one rigid…
At todays Annual General Meeting (AGM), EFL Clubs voted to approve several changes to the EFL Regulations that will come into effect immediately. These include: OWNERS AND DIRECTORS TEST New disqualifying conditions have been added to the Owners and Directors Test (OADT) to ensure that the EFL and Premier Leagues tests remain aligned. The list…
Having resolved these issues, the NCLT examined the Section 10 application on its merits. It observed that all the necessary requirements under Section 10 were fulfilled, including the presence of debt, occurrence of default, completeness of the application, and the Corporate Applicant’s eligibility. Consequently, the NCLT admitted the Section 10 application, imposed a moratorium under…
The cash-strapped Go-First airline announced the suspension of its flight operations till 12 June citing operational reasons. The airline updated the information on its official Twitter handle. Passengers who made their flight bookings, will receive refund on the original mode of payment shortly, said the airline in its official notification. Also Read: Go First must…
WHAT WILL YOU LEARN? Module 1: History behind the enactment of the Insolvency and Bankruptcy Code, 2016 & BLRC Module 2: Introduction to the Corporate Insolvency Resolution process Module 3: Drafting of applications filed for initiation of CIRP under section 7, 9 & 10 Module 4: Admission order, moratorium & interim finance under IBC. Module…
The Insolvency and Bankruptcy Code, 2016 (Code for short) provides the procedure for the conducting of corporate insolvency resolution process (CIRP for short) that may be filed by the financial creditor or operational creditor against the corporate debtor. The Code provides that the Adjudicating Authority shall appoint the Interim Resolution Professional under Section 16 of…
Major Tasmanian cooperage, MasterCask, has entered voluntary administration as it seeks a resolution to unresolvable internal shareholder issues. Yesterday (6 June), Cam Brett, President of the Tasmanian Whisky and Spirits Association, shared the following message with members of industry group, Australian Distillers. I have received advice today from the largest secured creditor of MasterCask, which…