Published on :24 Jan, 2021 , 11:14 am Updated on :24 Jan, 2021 , 10:10 am The National Company Law Appellate Tribunal (NCLAT) has held that a Resolution Professional (RP) under the Insolvency & Bankruptcy Code cannot go into the issue of legality or illegality of a resolution applicant’s status as a willful defaulter when…
Introduction Petitioner Insolvency Just and equitable Consequences of presentation of a petition Grand Court’s discretion Introduction A Cayman Islands company may be wound up either voluntarily according to its articles of association or compulsorily by the Grand Court. This article provides an overview of the compulsory process. In certain circumstances, the Grand Court may recognise…
Horse Racing Ireland could be called upon by the Public Accounts Committee to explain the loss of 389,000 that arose after the company that used to undertake its cash-in-transit services went into liquidation in 2019. In August 2019, HRI was named as one of numerous creditors of Business Mobile Security Services, the holding company of…
Business A former registered liquidator who allegedly misappropriated close to $240,000 has pleaded guilty to fraud and dishonesty charges. Business Jotham Lian 22 January 2021 1 minute read object(stdClass)#17051 (8) { [“image_intro”]=> string(0) “” [“float_intro”]=> string(0) “” [“image_intro_alt”]=> string(0) “” [“image_intro_caption”]=> string(0) “” [“image_fulltext”]=> string(0) “” [“float_fulltext”]=> string(0) “” [“image_fulltext_alt”]=> string(0) “” [“image_fulltext_caption”]=> string(0) “”…
Racing in front of the new Curragh, the holding company for which is still trading at a loss Patrick McCann (racingpost.com/photos) Horse Racing Ireland could be called upon by the Public Accounts Committee (PAC) to explain the loss of 389,000 that arose after the company that used to undertake its cash-in-transit services went into liquidation…
Member Article The first month-on-month rise in the number of corporate insolvencies for almost a year should spur North East business owners with concerns about their own firms financial situations to seek advice now. Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, after the publication by the…
Cred Inc., a cryptocurrency services company, won bankruptcy court permission to solicit votes on its Chapter 11 liquidation plan that would create a trust to pay back unsecured creditors. Unsecured creditors hold $162.8 million in claims, according to court filings. But the combined plan and disclosure statement, approved Thursday solely for vote solicitation purposes, doesnt…
Insolvency and Bankruptcy Code 2016 (IBC), in a span of four years, has turned out to be the proverbial giant in the annals of Indian corporate law. The legislation catapulted India from a lowly 142 in 2014 to 63 in 2019 in World Banks Doing Business rankings. Though not a recovery mechanism, IBC resulted in…
A former registered liquidator from Lewisham, New South Wales, Ms Amanda Young, has pleaded guilty to one count of fraud relating to the liquidation of St Gregorys Armenian School Inc (St Gregorys) and one count of dishonestly using her position as liquidator of Mamak Pty Ltd (Mamak). ASIC alleged that between 10 December 2017 and…
More than 12,500 firms across the North East are now in financial difficulty, latest research reveals, with business trade bodies warning the figure is just the tip of the iceberg. Business distress has soared by 31% across the region since the end of 2019, with more than 3,000 more businesses now reporting financial trouble, according…