As expected, Virgin Australias creditors have voted in favour of Bain Capitals takeover proposal for the airline. Creditors convened earlier today to cast their vote, with Virgins administrators recommending all along that Bains proposed deeds of company arrangement (DOCAs) would result in the best outcome for them and the airlines future as it emerges from…
By Wayne Robinson | 4 September 2020 Wide format print business Craftech is in voluntary administration, pulling the pin on a scheduled auction of its equipment which was to have taken place through Liquid Asset Management. Auction pulled: Craftech now in voluntary administration Craftech was bought three years ago by current owner Peter Friend-Ngui formerly…
DENVER, CO / ACCESSWIRE / September 2, 2020 / Samson Oil & Gas Limited (“Samson” or the “Company”) advises that the Company’s Board of Directors has approved the appointment of Adams Paul Nikitins and Samuel John Freeman of EY, Level 23 Exhibition Street, Melbourne VIC 3000 as joint and several administrators (the “Administrators”) of the…
The observations from a two-member NCLAT bench came as it upheld an order of the National Company Law Tribunal (NCLT) The National Company Law Appellate Tribunal (NCLAT) has said insolvency proceedings cannot be triggered on the basis of debt that has been converted into capital such as equity of a company. The appellate tribunal also…
The National Company Law Appellate Tribunal (NCLAT) on Wednesday said that insolvency proceedings cannot be triggered on the basis of debt which has been converted into capital such as equity of a company. The appellate tribunal also said that any investment cannot be ‘financial debt’ and the provisions of Section 7 of the Insolvency &…
The observations from a two-member NCLAT bench came as it upheld an order of the National Company Law Tribunal PTI | September 3, 2020 | Updated 08:21 IST Citing Section 7 of the Code, the appellate tribunal said that it is latently and patently clear that once the ‘debt’ is converted into ‘capital’ it cannot…
The National Company Law Appellate Tribunal (NCLAT) on Wednesday said that insolvency proceedings cannot be triggered on the basis of debt which has been converted into capital such as equity of a company. The appellate tribunal also said that any investment cannot be “financial debt” and the provisions of Section 7 of the Insolvency &…
DENVER, CO / ACCESSWIRE / September 2, 2020 / Samson Oil & Gas Limited(“Samson” or the “Company”) advises that the Company’s Board of Directors has approved the appointment of Adams Paul Nikitins and Samuel John Freeman of EY, Level 23 Exhibition Street, Melbourne VIC 3000 as joint and several administrators (the “Administrators”) of the Company.…
The number of corporate insolvency resolution processes (CIRPs) admitted by the National Company Law Tribunal (NCLT) dropped by a massive 83% during the April-June quarter on a sequential basis. While 435 cases were admitted in the final quarter of the last fiscal, only 76 cases were admitted during the first quarter of the current fiscal,…
Rules designed to save thousands of companies from going into administration during the coronavirus pandemic arelikelyto be extended. The insolvencygraceperiodis set to expire in less than 30 days. But as Australia suffers its worst economic contraction since the 1930s, plunging the country deep into recession, Treasurer Josh Frydenberg is rethinking the deadline. They were temporary…