123RF Several liquidators approached by Stuff say the use dummy directors is sometimes reported to the Companies Office as conduct not consistent with being a good director. Patsy directors are being appointed to companies just before they go into liquidation owing large amounts of money. Why? Martin van Beynen reports. Stephen Bruce Murdoch, 36, is…
New Delhi, Nov 25 (IANS) The National Company Law Tribunal (NCLT) has ordered the commencement of a corporate insolvency resolution process of Ansal Properties (NS: ) and Infrastructure. The creditors of Ansal Properties have been asked to submit their claims with proof by December 1 to the interim resolution professional. The classes of creditors ascertained…
In two separate orders, the Mumbai bankruptcy court dismissed Canara Bank‘s petition to admit GTL Infrastructure and GTL Ltd for corporate insolvency. The two-member bench relied on the Supreme Court‘s order of Vidarbha Industries Power for GTL Infra and the failure of lenders to adhere to the central bank’s guidelines for GTL, according to the…
Anthony James Killarney, 62, from Brentwood, has been given an 11-year ban for falsely claiming a 50,000 Bounce Back Loan for his property development firm. Killarney was the sole director of K11 Developments Ltd, which was incorporated in August 2015 and traded as a property development company based in Essex until it went into liquidation…
FIRM Construction has gone into voluntary administration, just days after the State Government stripped the building company of its contract to build a primary school in Wellard. It was also building the new Metronet Bayswater station. The company had three more government contracts for construction projects at Westminster Primary School, Ocean Reef Senior High School…
The sale to Webuild was the preferred course of action to address Cloughs working capital needs and avoid Clough being placed into voluntary administration, Murray & Roberts said. The intercompany loan has been written off as part of the sale agreement to Webuild, in which the Italians pay just $500,000 in cash to buy Clough.…
The Singapore International Commercial Court (SICC) has amended its rules to hear cross-border restructuring and insolvency matters, which took effect on 1 October, aiming to enhance the island country as an international debt restructuring hub. The key changes made by the Singapore International Commercial Court (Amendment No. 2) Rules 2022 are an amendment to Order…
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Limited liability of shareholders is an important feature of modern companies. Article 3.1 of the Company Law provides that the liability of a shareholder shall be limited to the amount of their capital contribution/the number of their subscribed shares. However, under special circumstances, such as when a shareholder neglects to fulfil liquidation obligations, resulting in…
Supplied Business partners Josh Emett and Fleur Caulton pictured outside Queenstown’s Rata restaurant. (File photo) The Madam Woo restaurant chain, founded by celebrity chef Josh Emett and restaurateur Fleur Caulton, has been put into voluntary administration as part of hospitality group Go To Collection. Malcolm Hollis and John Fisk of PwC were appointed administrators by…