Credit: NBN National Broadband Network (NBN) retail service provider (RSP), Tellnet, has been placed into liquidation owing $330,000 to secured and unsecured creditors. Tellnet registered with the Australian Securities and Investments Commission (ASIC) in August 2013. It offers NBN plans for both business and personal use. For business users, Tellnet also offers a full range…
The government may remove the blanket ban on corporate guarantors of failed businesses bidding for stressed assets during the resolution process as it seeks to soften some of the rigidities in a recent ordinance amending the Insolvency and Bankruptcy Code (IBC). It may also create a carveout for smaller insolvent firms to allow their promoters…
Sherri Parker Chapman and Susan Parker are launching Southern Estate Liquidations, a revolutionary estate liquidation company. Southern Estate Liquidations will be pioneering the way for estate owners across the Southeast with its finger is on the pulse of the most aggressive buyers and sellers. This cutting edge company is ready to revolutionize the “Mom and…
Manoj K Singh The Insolvency and Bankruptcy Code (IBC), 2016, has been enacted to reorganise and provide for the insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner inter alia for maximisation of value of assets. The Corporate Debtors, Operational Creditors, Financial Creditors, Insolvency Professionals and other persons involved in the…
TNN | Dec 13, 2017, 04:00 IST The Chennai bench of the NCLT (National Company Law Tribunal) has dismissed as “withdrawn” the corporate insolvency resolution process against Trivitron Healthcare, a leading medical devices maker, under IBC (Insolvency and Bankruptcy Code), following its compromise with RNB Design Arc Systems. RNB initiated insolvency proceedings against Trivitron in…
Almost 5000 companies were reported to the corporate regulator for insolvent trading in 2017 and high cash burn or inadequate cash flow was the main reason for corporate death. Regulator ASICs 2016-2017 insolvency report found administrators reported 4878 cases of insolvent trading. The next two major forms of misconduct were not undertaking director duties carefully…
Chennai: Can insolvency proceedings be initiated against a company for failing to refund the security deposit it took to lease premises? No, says National Company Law Appellate Tribunal (NCLAT). The reason such dues do not fall within the meaning of ‘operational creditor’, who along with financial creditors, can file for insolvency against a company under…
Almost 5000 companies were reported to the corporate regulator for insolvent trading in 2017 and high cash burn or inadequate cash flow was the main reason for corporate death. Regulator ASICs 2016-2017 insolvency report found administrators reported 4878 cases of insolvent trading. The next two major forms of misconduct were not undertaking director duties carefully…
British music tech startup Beatroot has ceased trading. The Manchester-based company was founded in 2015, operating an online platform which enabled record labels and publishers to pull together their music catalogue, audio files, album artwork, metadata and rights data into one place and share these with clients, streaming services and music stores. Steven Wiseglass, of insolvency…
JSW Group chairman Sajjan Jindal on Tuesday questioned the finance ministry on discriminating against clean promoters of NCLT cases by not allowing them to bid for their own assets when promoters of non-NCLT cases are allowed to retain their positions while a resolution plan is being worked out for their companies. “Existing promoters are allowed…