The Supreme Court has held that the Promoter of a Corporate Debtor is eligible to submit a resolution plan in terms of Section 240A of the Insolvency and Bankruptcy Code, 2016 (IBC), even if the Corporate Debtor was registered as Micro Small Medium Enterprise (MSME) after commencement of Corporate Insolvency Resolution Process (CIRP). The Bench…
Panoramic Resources, the company that operates one of Western Australia’s few nickel mines, has entered voluntary administration. Key points: Panoramic Resouces, the company behind the Savannah nickel mine, has entered voluntary administration The company employs more than 150 staff and 200 contractors in WA’s Kimberley region It comes as the price of nickel has fallen…
Liquidators are looking for a new owner to take over a not-for-profit childcare centre on the University of WA campus after it entered voluntary administration last week. WA Insolvency Solutions were appointed voluntary administrators of the University Child Care Club operating as Unicare on December 7. The early childhood centre first opened in 1988 with…
Spike in Corporate Insolvencies in Austria: Retail, Construction, and Hospitality Sectors Hit Hard Austria is witnessing a significant rise in corporate insolvencies, with a 13% increase in insolvency filings in 2023 compared to the previous year, according to Austrian credit protection association KSV1870. This surge has led to 5,401 companies facing insolvency, averaging 15 company…
Rising company insolvencies have provided a boost to one corporate restructuring specialist. Begbies Traynor reported half-year turnover expanded by 13% to 65.9m in the six months ending October while adjusted earnings grew by 0.9m to 12.8m, Mail Online reported. Interest rate hikes, subdued consumer spending and an absence of pandemic-era government support programmes have forced…
New Delhi, Dec 12 (IANS): The Supreme Court has agreed to examine a plea filed by IDBI Trusteeship Services against National Company Law Appellate (NCLAT) orders refusing to initiate insolvency proceedings against two promoter companies of Zee Entertainment Enterprises Ltd (ZEEL). On Monday, a bench headed by CJI D.Y. Chandrachud issued notice in the matter…
A rise in the number of companies going bust in the UK proved good news for insolvency expert Begbies Traynor in recent months as it started hiring more staff to keep on top of what it thinks will be a growing trend. The company warned that its insolvency division will continue to get more business…
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…