Listen to this post Blog Post: The concept of avoidance of preferential transactions under Section 43 of the Insolvency & Bankruptcy Code, 2016 (Code), is based on the principle that insolvency is a collective scheme process and that the assets of a corporate debtor (CD) are distributed equitably in a liquidation scenario. During the twilight…
Infamous Swim has secured backing of approximately $1 million through a group of entrepreneurs from the tech, e-commerce, fashion and communications sectors, with the founder of the original mummy-and-me swimwear brand confirming the label has been restructured and is now operating in a new company structure with new directors. It comes after the swimwear brand…
Open this photo in gallery: A commercial retail space is advertised for lease along King Street West in Toronto on March 9, 2021.Tijana Martin/The Canadian Press Daryl Ching, a Toronto-based chartered financial analyst, has worked with dozens of small business owners over the years. Some of them, unfortunately, fell on hard times and had to…
By Ashley Nickel For Daily Mail Australia Published: 14:15 AEST, 20 May 2024 | Updated: 14:18 AEST, 20 May 2024 A construction company has collapsed leaving behind millions of dollars worth of debt. Alurt Construction Services, which is based ne… Read the full article at: https://www.dailymail.co.uk/news/money/article-13436777/Alurt-Construction-Services-collapse-liquidation.html
A building company has collapsed as liquidators investigate the transferral of hundreds of thousands of dollars of company funds to two employees. Last week, Alurt Construction Services, based on the NSW mid-north coast near Coffs Harbour, plunged into liquidation. The companys initial estimated debt of around $100,000 has exploded to more than $2 million, although…
Air Vanuatu said on Thursday it had cancelled international flights for the rest of the week, as the Pacific Island nation’s government considered placing itsnational carrier into voluntary administration. All of Air Vanuatu’s international flights between Thursday and Sunday are canceled, and all later flights are under review, the airline said in a statement. “The…
Only 17% yielded a resolution plan with the remaining cases withdrawn post National Company Law Tribunal (NCLT) admission as on March 31, and liquidation for 960 corporate debtors were completed where creditors realised only 4% of their total admitted claims under the Insolvency and Bankruptcy Code (IBC), ICRA said in a study. The NCLT approved…
The agency feels the average recoveries for lenders will continue to be in the 30-35 per cent range in FY25. 3 min read Last Updated : May 17 2024 | 6:52 PM IST The haircuts taken by creditors in bankruptcy resolutions have increased to 73 per cent in FY24 from the 64 per cent in…
Families at hundreds of schools across the country could be left out of pocket for annual student portraits and yearbooks after a national photography business went bust. Academy Photography Australia entered liquidation on May 10, with Anthony Phillips of Heard Phillips Lieberenz appointed as liquidator, according to ASIC. This week, Phillips sent a letter to…
By Audrey Naa Dei KOTEY& Clara METTLE-NUNOO The Insurance Act, 2021 (Act 1061) was passed on 5th January 2021 to provide a comprehensive framework for regulating activities in the insurance sector. This brief note focuses exclusively on the provisions concerned with the resolution of insolvencies in the insurance sector. This is a fitting enquiry, as…