Judge Daniel Schaffer said the Official Receiver now should assess the position. // Debenhams has been wound up by theInsolvency and Companies Court // Judge Daniel Schaffer described Debenhams as a rudderless ship drifting in an ocean of insolvency // It comes after Boohoo confirmed it had bought the Debenhams brand & website for 55m…
2020 has undoubtedly been a turbulent year but in the Cayman Islands it has also been a year of progress and development. Over the past few years, the jurisdiction, which is already considered a financial hub, boasting judicial and legislative links to the UK and tax neutrality, has worked to refine its regulations, and bolster…
The status of homebuyers as a class of financial creditors and their right to initiate the Corporate Insolvency Resolution Process (CIRP) against the builder/developer under the Insolvency and Bankruptcy Code (IBC or Code) had traversed a very long journey which witnessed various legislative amendments and Supreme Court’s decision (Chitra Sharma versus Union of India &…
Philippines-based HatchAsia Inc has completed its takeover of Australian-listed Southeast Asian casino operator Silver Heritage Group, with six new directors replacing the former board as of last Friday. Former CEO Mike Bolsover, Chairman Matthew Hunter and fellow director Darryl Kaplan are no longer associated with the company, replaced by representatives of the new ownership group,…
Egypts Ministry of Public Business Sector will disburse a minimum of EGP 255,000 in reparations for each of the 2,500 workers at the recently liquidated Egyptian Iron and Steel Company. On 12 January,citing chronic losses,the board of directors of the Egyptian Iron and Steel Company passed on a resolution liquidating the company and dividing it…
Published on :24 Jan, 2021 , 11:14 am Updated on :24 Jan, 2021 , 10:10 am The National Company Law Appellate Tribunal (NCLAT) has held that a Resolution Professional (RP) under the Insolvency & Bankruptcy Code cannot go into the issue of legality or illegality of a resolution applicant’s status as a willful defaulter when…
Introduction Petitioner Insolvency Just and equitable Consequences of presentation of a petition Grand Court’s discretion Introduction A Cayman Islands company may be wound up either voluntarily according to its articles of association or compulsorily by the Grand Court. This article provides an overview of the compulsory process. In certain circumstances, the Grand Court may recognise…
Horse Racing Ireland could be called upon by the Public Accounts Committee to explain the loss of 389,000 that arose after the company that used to undertake its cash-in-transit services went into liquidation in 2019. In August 2019, HRI was named as one of numerous creditors of Business Mobile Security Services, the holding company of…
Business A former registered liquidator who allegedly misappropriated close to $240,000 has pleaded guilty to fraud and dishonesty charges. Business Jotham Lian 22 January 2021 1 minute read object(stdClass)#17051 (8) { [“image_intro”]=> string(0) “” [“float_intro”]=> string(0) “” [“image_intro_alt”]=> string(0) “” [“image_intro_caption”]=> string(0) “” [“image_fulltext”]=> string(0) “” [“float_fulltext”]=> string(0) “” [“image_fulltext_alt”]=> string(0) “” [“image_fulltext_caption”]=> string(0) “”…
Racing in front of the new Curragh, the holding company for which is still trading at a loss Patrick McCann (racingpost.com/photos) Horse Racing Ireland could be called upon by the Public Accounts Committee (PAC) to explain the loss of 389,000 that arose after the company that used to undertake its cash-in-transit services went into liquidation…