Future Retail resolution professional pushes for new bidding round; lenders reject proposal – The Economic Times

Liquidation

Mumbai: Deloitte-backed resolution professional Vijaykumar Iyer sought a fresh opportunity to seek new bids for Future Retail, springing a surprise for the lenders that rejected Space Mantra‘s Rs 550-crore buyout offer Saturday evening, people aware of the development told ET. Instantly and unanimously, lenders rejected his proposal to restart the process, the people said.Voting results…

All staff made redundant as Zadro Constructions enters administration – 7NEWS

Liquidation

Western Sydney construction company Zadro Constructions entered voluntary administration last month, and is unlikely to resume trading in the future. All seven staff members were made redundant as the Penrith company joined a growing number of the industrys businesses going bust. Grant Thornton administrators John McInerney and Cameron Crichton were appointed on September 15, and…

AG brands The Bahamas' insolvency regime 'a joke' – Bahamas Tribune

Liquidation

By Fay Simmons Tribune Business Reporter [email protected] The Attorney General yesterday branded The Bahamas corporate insolvency regime as a joke and pledged to reform outdated laws and regulations that continue to undermine the financial services industrys competitiveness. Ryan Pinder KC renewed his promise to make The Bahamas a near shore Delaware through overhauling the bankruptcy…

Harmac Homes avoids liquidation, but customers may have contract prices increased – ABC News

Liquidation

Customers of a Victorian builder will pay more to have their home builds completed, as part of efforts to help the financially pressured company avoid liquidation.  Key points: Victorian home builder Harmac Homes was placed in voluntary administration in late August A majority of creditors and customers have voted to have the directors take back control of…

REMEDIES AGAINST THIRD PARTY UNDER IBC – Tax Management India. Com

Liquidation

Insolvency and Bankruptcy Code, 2016 (IBC) does not provides for remedies against third party, though section 66 of IBC deals with fraudulent trading or wrongful trading done in the course of corporate insolvency resolution process or any liquidation proceedings. Section 66 of IBC specifically provides for fraudulent trading or wrongful trading. It provides as follows:…

What can you do if your builder goes into voluntary administration? – Smart Property Investment

Liquidation

With a number of building and construction companies facing solvency issues due to supply shortages and increasing prices, the Victorian government has acknowledged the tough position this may put property owners into. They advised that builders who do go into voluntary administration but not liquidation may continue to provide services to clients. The government recommends…

INITIATION OF RESOLUTION PROCESS BY FINANCIAL CREDITOR – Tax Management India. Com

Liquidation

Under the Insolvency and Bankruptcy Code, 2016 (IBC), Section 7 deals with initiation of Corporate Insolvency Resolution Process (CIRP) by a Financial Creditor (FC). Accordingly, a financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,…

RECENT AMENDMENTS TO IBBI (INSOLVENCY RESOLUTION … – Tax Management India. Com

Liquidation

The Insolvency and Bankruptcy Board of India, on 18.09.2023, made the amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023, vide Notification No. IBBI/2023-24/GN/REG 106, dated 18.09.2023.  Major changes in the process of corporate insolvency resolution process have been brought through this amendment. Details of debt…