Collapse of shopping centre kiosk business John’s Nuts has left franchisees in “terrible condition”, says administrator – SmartCompany.com.au

Liquidation

The administrator of collapsed snack business Johns Nuts says franchisees have been left in a very challenging condition after the company entered voluntary administration at the end of January. On January 30, Michael Caspaney of Menzies Advisory was appointed to the five companies that operate the Johns Nuts business, a kiosk-style snack food operator that…

Failed Sydney predictive analytics vendor Veriluma gets $660000 lifeline – CRN Australia

Liquidation

Creditors of capsized Sydney analytics software vendor Veriluma have accepted a $660,000 acquisition proposal from wholesale investor Canary Capital. Canary was one of several potential suitors for Verilumas two entities, Veriluma Limited and Veriluma Software. Administrators had been sizing up their rival bids to recapitalise ASX-listed Veriluma, which fell over in late 2017 after ongoing cash-flow difficulties and millions…

Lenders initiate insolvency proceedings against Winsome Diamonds and Jewellery – Economic Times

Liquidation

MUMBAI: Four years after Jatin Mehta of Winsome Diamonds and Jewellery duped banks of Rs 7,000 crore, lenders have now initiated corporate insolvency process against the firm. The Ahmedabad NCLT gave a green light to initiate bankruptcy on 13th February and Sunit Shah has been named the interim resolution professional. Creditors have been asked to…

Will steel king LN Mittal and the Ruias both lose the tug-of-war over Essar Steel? – Business Today

Liquidation

After six months of painstaking insolvency proceedings and due diligences, the beleaguered Essar Steel received just two bids last week, from ArcelorMittal and Numetal Mauritius. And now it looks as though the tug-of-war between steel king LN Mittal and the Ruias may end up seeing no winner because the legal and financial consultants advising the…

Winsome Diamonds faces insolvency proceedings: Report – Moneycontrol.com

Liquidation

Moneycontrol News The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against debt-ridden Winsome Diamonds and Jewellers, according to a report by the Hindu Business Line. The corporate insolvency process commenced on February 13, and  creditors have been asked to submit their claims by February 27, the report said. The Debt Recovery Tribunal (DRT) estimates…

Evolution Of Law Of Corporate Insolvency [Part- IV] Dimension Of Role Of Resolution Professionals Final Balance … – Live Law

Liquidation

IRPs/RPs/Liquidators form the fifth pillar of the ecosystem under IBC. Unlike the previous regime under Companies Act, they are professionals with expertise in accounting/law/Secretarial practice/ relevant experience in the field. Criticality of their role can be gauged from the fact that on admission of application by NCLT,  IRP assume power of managing the affairs of…