Category Archives: Liquidation

Perth construction company collapses leaving behind millions of dollars worth of debt – Daily Mail

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

Cluch Pty Ltd trades out of administration after owing $3m, former … – news.com.au

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,…

Another Aussie builder folds owing millions – news.com.au

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…

Corporate insolvencies surging as distress continues to grow – Business Sale Report

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,…

ESI Dues Not At Par With PF, Pension Or Gratuity Dues; Neither Excluded From Liquidation Estate : NCLT… – Live Law – Indian Legal News

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…

SpiceJet gets some respite as NCLT dismisses Willis Lease plea for insolvency | Mint – Mint

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…

NCLAT Chennai: Amount Paid As Part Of Business Transfer Agreement, Not A Financial Creditor. – Live Law – Indian Legal News

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…

Climate change: Distressed firms to be judged on green plans | Mint – Mint

New Delhi: Sustainability is set to become a central consideration for debt resolution under the Insolvency and Bankruptcy Code (IBC), in a move that could make India a pioneer in the decision-making process over whether and how to rescue distressed businesses. Rule-maker Insolvency and Bankruptcy Board of India and the ministry of corporate affairs have…

ATO debt won't prevent insolvency guru schooling accountants – Insolvency News Online

de Jonge Read founder and executive director Henry Hank de Jonge. At first glance, schooling accountants on saving businesses when one of your own companies is hopelessly insolvent would seem presumptuous. But maybe insights that cannot be acquired without enduring the stigma of unmanageable indebtedness imbue one with unmatched credibility? Certainly the recent placing of…

How a proposed change in Special Situations Fund norms could end roundtripping through AIFs – Moneycontrol

Experts, however, point out that the norms need to be detailed a little more to ensure innocent promoters with no malafide intent are not affected Certain amendments suggested are targeted specifically to eliminate conflict of interest, according to legal experts. The regulations proposed for Special Situations Funds (SSF) may finally stop promoters from round tripping…