Besides, it was found that companies, in general, lack a proper documentation model83% of insolvency professionals opined that companies lacked this for both statutory register and non-statutory register. By Neeti Shikha & Urvashi Shahi Timely resolution proving elusive has become the biggest bottleneck in the corporate insolvency resolution process. Indeed, there is an inordinate delay…
February 17, 2021 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMFs Executive Board. This mission will not result in a Board discussion.…
Business 18 Feb, 2021 02:49 AM 3 minutes to read The developer behind one of New Zealand’s biggest apartment jobs has put the company into voluntary administration, saying not all creditors will be paid. Gary Groves engaged Dominion Constructors to convert the ex-Fonterra headquarters at 9 Princes St in Auckland’s CBD into luxury apartments in…
A former PPB Advisory partner who was found to have provided fabricated documents to ASIC has now had his liquidator registration suspended. The Supreme Court of South Australia has decided to suspend Peter Ivan Macks liquidator registration for a period of three years, commencing once Justice Jeremy Doyle hands down final orders. The penalty decision…
Released 16 February 2021 The Government has confirmed that it intends to extend the power (granted through the Corporate Governance and Insolvency Act 2020) to make temporary amendments or modify the effects of corporate insolvency and governance legislation for an additional year. The government laid the regulations on 11 February 2021 in Parliament ahead of…
Getty-Images Cryptopia went into liquidation in May last year after a $24 million hack. More than $60,000 worth of cryptocurrency has reportedly been stolen from international currency exchange Cryptopia, despite the company being in liquidation following a $24 million hack. The alleged theft happened several months after it was revealed a former employee had been…
FTI noted the company failed the cash-flow test since it generated no income and it also failed the balance sheet test because it was in a negative net asset position. Unless Nevhouse receives a standstill from its creditors and has a reasonable prospect to pay these creditors, Nevhouse is insolvent, the draft report said. Nevhouse…
The government has announced it intends to make temporary amendments to the effects of corporate insolvency and governance legislation for an additional year. The government laid the regulations out on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021. Additionally, the government has also announced that companies and other qualifying…
Laura Theophilus (42), from Cambridge, was the sole director of CIS UK PAY Limited. Incorporated in February 2012, the company provided combined office administrative services. The company was VAT registered shortly after its incorporation and Laura Theophilus submitted VAT returns for five consecutive quarters from January 2017 to January 2018, paying just over 273,000. In…
McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate insolvency proceedings. The insolvency process was admitted after ICICI Bank, a financial creditor, moved to the National Company Law Tribunal (NCLT). McNally Sayaji was granted loans by ICICI Bank to the tune of 50 crore. Nearly half of the…