Prefabrication and lightweight timber builder Strongbuild was placed into voluntary administration at 9 am on Thursday morning after Frasers Australia pulled out of a contract just two weeks from commencement leaving a massive $6 million gap in expected earnings. Strongbuild managing director Adam Strong told The Fifth Estate, was that a lending facility that had…
Reform of UK corporate insolvency and restructuring frameworks is desperately needed. That is the message from accountants and industry insiders as the UK fails to improve its standing in the World Bank insolvency rankings. While the UK stands still at 14th place, other countries have worked hard to improve their insolvency and restructuring frameworks. For…
The resolution of corporate debtors under the Insolvency and Bankruptcy Code (IBC), nearly two years since its inception, is facing a significant challenge to resolve cases in a time-bound manner. Delays in the Corporate Insolvency Resolution Process (CIRP) and the significant rise in the number of applications being moved against defaulting corporations, are a…
M/s. SKE Projects Private Limited, one of the Financial Creditor had filed an application with Honble National Company Law Tribunal (NCLT), Ahmedabad for initiation of Corporate lnsolvency Resolution Process (CIRP) against Jaihind Projects Limited u/s 9 of the lnsolvency and Bankruptcy Code (IBC). The Honble NCLT after hearing the application vide its Order dated 02-11-2018…
The Fourteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 25 October 2018 at 1:00 PM at Orion Room, The Learning Galaxy, 8th Floor, Iconic Wing, Urmi Estate, 95, Lower Parel (West), Mumbai 400013, India. The outcome of the meeting is attached herein. Pdf Link: Ramsarup Industries Ltd. – Corporate…
CBL Insurance will be wound up after the High Court in Auckland approved an application by the Reserve Bank of New Zealand to liquidate the business. The business has been in court-imposed interim liquidation and its parent company CBL Corporation in voluntary administration since February. The courts decision looks set to hasten the demise of…
Adhunik Metaliks, the Calcutta-based beleaguered steel maker, may face liquidation after Liberty House of the UK failed to make an upfront payment to the creditors within the stipulated time. The National Company Law Tribunal (NCLT) suggested that the committee of creditors (CoC) may consider moving an application seeking the liquidation of Adhunik. Liberty has sought…
CBL Insurance will be wound up after the High Court in Auckland approved an application by the Reserve Bank of New Zealand to liquidate the business. The business has been in court-imposed interim liquidation and its parent company CBL Corporation in voluntary administration since February. The courts decision looks set to hasten the demise of…
Banks have lost an additional income of 4,000 crore due to the delay in resolution of the initial 12 large insolvency cases referred by the RBI last June. Of the 12 large insolvency cases, only four have been resolved so far. The other cases remain unresolved even after over 450 days of their being admitted…
The Labour Party will seek to deter company directors from committing serious tax offences if elected. The Labor Party has promised to “name and shame” dodgy company directors that engage in illegal phoenixing activities if it wins the federal election next year. Under the proposed new policies, Labor would give the Commissioner of Taxation the…