The court’s decision regarding the insolvency of Rasna came in the case of Bharat Road Carrier Pvt Ltd vs Rasna Pvt Ltd, in which the former had filed an application regarding the initiation of the corporate insolvency resolution process under Section 9 of the Insolvency & Bankruptcy Code, 2016. The court said that the IRP…
The average time taken for resolution or liquidation of bad loans facing corporate insolvency resolution process (CIRP) has increased to a three-year high for all stakeholders in the first quarter of the current fiscal, says a India Ratings and Research report. The timelines for the resolution of cases under CIRP or Insolvency and Bankruptcy Code…
Street Talk Aug 31, 2023 5.00am While the attention has been firmly on GenesisCares up-for-sale operations in the United States, some lenders are beginning to toy with the idea of a voluntary administration for the cancer services providers local operations. GenesisCare is the largest operator of cancer care clinics in the country. Michele Mossop It is…
Member Article Struggling North East Business Owners Advised To ‘Look For Help’ After Highest Quarterly Corporate Insolvency Figures Since 2009 The owners of struggling North East businesses are being urged to look for whatever help they need to resolve their financial challenges in the light of new figures showing the highest quarterly rate of corporate…
Non-alcoholic wine and spirit purveyor Sans Drinks has survived a near-death experience to become an object lesson in the benefits of voluntary administration, according to insolvency specialist Jirsch Sutherland. The business, begun in 2020 by Nourished Life founder Irene Falcone, got off to a dream start with booming online demand for its non-alcoholic beverages, Jirsch…
ASIC has suspended the Australian financial services (AFS) licence of Navigate Global Payments Pty Ltd (Navigate) until 18 October 2023, after it was placed into voluntary administration on 30 June 2023. On 30 June 2023, Nick Combis of Vincents Chartered Accountants was appointed as voluntary administrator of Navigate. On the same day, David Hardy, Sarah…
Corporate Insolvency Service Market report focused on the comprehensive analysis of current and prospects of the Corporate Insolvency Service industry. This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors. An in-depth analysis of past…
After a four-week contested trial, the Federal Court has found Frank Cullity Wilson, former managing director of Quintis Limited (Quintis), did not breach his duties as director regarding disclosure of the termination of key contracts. ASIC Deputy Chair Sarah Court said, ASIC pursued this case because we were concerned that information was not properly disclosed…
Rajani Associates advised and assisted Jayesh Sanghrajka, resolution professional of Sutlej Housing for the approval of the resolution plan under the corporate insolvency resolution process (CIRP) of Sutlej. As legal advisors of the RP, Rajani Associates assisted the RP and his team with the following: – defended multiple applications filed by the erstwhile landowners…
An ASX-listed food, beverage and nutrition retailer has abruptly halted trading on the stock market after it entered both administration and receivership. At the end of last week, Halo Food Co went into voluntary administration and the next day, receivers were also appointed. The firm boasted a range of big name food products, including acquiring…