The government has started interministerial discussions on the upcoming Insolvency and Bankruptcy (IBC) amendment Bill, which proposes an overhaul of the law, senior officials told Business Standard. The Bill proposes a separate framework for real estate insolvency with certain exemptions. The draft Bill has also inserted an enabling clause to allow the government to increase…
A Melbourne-based pool construction company has gone into liquidation, leaving dozens of people with unfinished swimming pools across Victoria. A caller first revealed to 3AW radio that Pools R Us had collapsed, leaving him with a giant hole in his ground at his property. The business phone line has been disconnected, leaving customers stranded as…
Due to rising costs and pandemic-induced lack of demand, many real estate companies have gone bankrupt. As of June 2022, of the 2,000-odd cases under corporate insolvency resolution process (CIRP), a staggering 436 cases were from the real estate sector. The resolution of insolvency in the real estate sector presents unique difficulties due to the…
New Delhi: The National Company Law Tribunal on Friday adjourned the insolvency pleas filed by aircraft lessor Wilmington SP Trust Services against SpiceJet. and listed it for July 17. The senior counsel appearing for SpiceJet argued that Aircastle (Ireland) and Wilmington SP Trust Services were the same entity and so this was the third petition…
New Delhi: The National Company Law Tribunal on Friday adjourned the insolvency pleas filed by aircraft lessor Wilmington SP Trust Services against SpiceJet. and listed it for July 17.The senior counsel appearing for SpiceJet argued that Aircastle (Ireland) and Wilmington SP Trust Services were the same entity and so this was the third petition filed…
The number of company insolvencies has risen by 51% in a month to reach a four-year high as companies battled rising costs and interest rates, according to the latest government figures. The figures show that there were 2,552 corporate insolvencies in England and Wales in May. The figure was also 40% higher than in May last…
Daily News View All News 16 June 2023 Go2 People Ltd. (GO2:ASX), the Australia-based provider of vertically integrated recruitment and training services, announced that its administrators have confirmed that the Deeds of Company Arrangement were completed with control passing to IntoWork effective from 15 June, with the exception of Go2 Recruitment. In May, the group announced…
Company insolvencies in England and Wales jumped by 40% in May to the highest level since monthly records began in 2019. Government data from the Insolvency Service showed 2,552 companies entered insolvency during the month. It said the overwhelming majority of these were creditors voluntary liquidations (CVLs), where bosses agree to wind up the firm…
Chris Ferguson The number of insolvency-related activities in the North East fell in May, new research has found. However, the figures are still higher than pre-pandemic levels as economic challenges continue. The UK’s insolvency and restructuring trade body R3 analysed new data provided by CreditSafe, which unveiled that there were 76 insolvency related activities during…
NEW DELHI: The NCLT has approved the resolution plan by Ace Infracity Developers for the debt-ridden 3C Homes. The NCLT bench observed the resolution plan submitted by Ace Infracity Developers has been approved by the Committee of Creditors (CoC) with 100 per cent votes and it can not “interfere with the “commercial wisdom” of the…