Chris Ferguson Businesses from across the region could still be impacted by a number of recent economic headwinds, including rising interest rates, according to the North East chair of insolvency and restructuring trade body R3, despite a drop in the number of insolvency related activities. The latest Insolvency Service statistics unveiled a month-on-month drop of…
Listen to this post In its recent judgment in State Bank of India vs Moser Baer Karamchari Union[1], the Apex court has reiterated the settled legal position of law pertaining to treatment of Employees provident fund, pension fund and gratuity Fund (EPF Dues) under the Insolvency and Bankruptcy Code, 2016 (Code). The primary reason for…
The global first of $5 a litre raw milk has not been the innovation goldmine the founders of diary tech startup Made by Cow had hoped, with the business placed in voluntary administration last week and closing its doors. The Sydney startup developed a patented method to treat milk so it was safe to drink…
A prominent residential building company in Western Australia has gone bust. On Monday, the Slatter Group WA Pty Ltd, trading as the Slatter Group, appointed liquidators to wind up the company. Samuel John Freeman and Clare Anne Baily of big four accounting firm Ernst & Young (EY) are the joint liquidators of the operation. The…
Real estate comprises a significant portion – more than a fifth – of filed insolvency cases, although approved resolution plans total only 13%, a study by Grant Thornton Bharat showed.Out of 2,298 Corporate Insolvency Resolution Process (CIRP) cases under the Insolvency & Bankruptcy Code, 518 are related to real estate. Surprisingly, only 78 out of…
Milk brand sold in Coles and Woolworths suddenly goes bust – here’s why Made by Cow product will vanish from shelves Aussie company in voluntary administration Due to supply chain issues and soaring inflation By Kylie Stevens For Daily Mail Australia Published: 09:48 AEST, 29 May 2023 | Updated: 11:26 AEST, 29 May 2023
An Aussie milk company which sold its products at Woolworths and Coles has plunged into voluntary administration. New South Wales-based company Made By Cow has announced it will cease production and appoint administrator KordaMentha in what was a “tough decision” after years in business. The company said it has faced economic uncertainty and supply challenges…
On 15 June 2022 the Court ordered, pursuant to Section 447A(1) of the Corporations Act 2001 (Cth) (the Act), that the operation of Pt 5.3A of the Act be modified in relation to the administration of the Company, extending the administration period to enable the recovery of debts owing to the Company by the Companys…
The Centre is in discussions with banks to work out a regulatory mechanism to transfer assets attached by various investigative agencies to a buyer or successful resolution applicant under the Insolvency & Bankruptcy Code (IBC). At present, if investigating agencies such as the Enforcement Directorate have attached assets of a fraudulent bankrupt borrower, lenders are…
For the first time in six years, financial creditors beat operational creditors in invoking insolvency proceedings under the bankruptcy law in the last fiscal year. The data compiled by the Insolvency and Bankruptcy Board of India (IBBI) showed that 650 cases of corporate insolvency resolution process (CIRP) were initiated by financial creditors in FY23, against…