A discussion paper on amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Process) Regulations, issued on 1 November, aims to improve the efficiency of executing resolution plans. The Insolvency and Bankruptcy Board of India (IBBI) has suggested bifurcating resolution plans. Part A should focus on the financial aspects, including…
A string of companies involved in the building industry have collapsed into liquidation with cumulative debts of more than $45 million. A news.com.au investigation has found that 11 companies that appear to be linked to a cabinet manufacturing factory in Sydneys Wetherill Park and also with offices in Melbourne and Hong Kong part of the…
Embattled Chinese property juggernaut Evergrande has once again wriggled its way out of shutting down completely two years after becoming the most indebted company in the world. On Monday local time, many thought the property developer was facing its final reckoning at a Hong Kong bankruptcy court where it was widely expected the business would…
By Zak Wheeler For Daily Mail Australia Published: 12:06 AEDT, 6 December 2023 | Updated: 12:12 AEDT, 6 December 2023 A construction company operating under almost half a dozen different names has entered into liquidation after racking up millions of dollars in unpaid debts. Si… Read the full article at: https://www.dailymail.co.uk/news/article-12829839/Simsai-Construction-collapses-Perth-construction-liquidation.html
A young dad has vowed to never work for a start-up again after his nightmare experience at a streaming service before the company went bust. Sydney-based sport streaming platform Cluch Pty Ltd entered voluntary administration in September with debts of more than $3 million. The business is still trading but with a severely reduced workforce,…
Home builder Simsai Construction has gone into liquidation after a dispute with the Australian Taxation Office over debts nearing $4.5 million, it has been reported. The Perth-based company was working on approximately 100 houses when the business entered administration in early November. The company ran brands First Home Buyers Direct, Express Homes WA and Multi…
UK companies, and the national economy more broadly, are facing an incredibly difficult winter as the economic challenges that have pounded the country for close to two years now persist, with levels of financial distress soaring and corporate insolvencies on course for their highest levels since 2009. This has all been a long time coming,…
The National Company Law Tribunal (NCLT), Ahmedabad Bench, comprising of Mrs. Chitra Hankare (Judicial Member) and Dr. Velamur G Venkata Chalapathy (Technical Member), has held that the dues of Employees State Insurance Corporation (ESIC) are not at par with the dues of Provident Fund, Pension Fund or Gratuity Fund under IBC. Consequently, ESIC dues not…
NEW DELHI : In some relief for SpiceJet, the National Company Law Tribunal on Monday dismissed a plea by aircraft lessor Willis Lease Finance Corp. to initiate insolvency proceedings against the cash-strapped airline. But apart from Willis Lease Finance, three other lessorsCelestial Aviation, Wilmington Trust, and Aircastle Ltdhave similar pleas pending with NCLT to admit…
The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal…