ABG Shipyard Ltd, once Indias biggest private shipbuilder, is headed for liquidation after a lenders panel rejected the resolution plan submitted by London-based Liberty House for the debt-laden shipbuilder. Sundaresh Bhat, the resolution professional for ABG Shipyard, has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) seeking liquidation of…
On March 19, 2019, the federal government tabled its 2019 budget (2019 Budget), which included a number of provisions related to pensions, benefits and executive compensation, as summarized below. Changes to Insolvency Proceedings, Corporate Law and Pensions Changes to Stock Options Unclaimed Assets Framework Permitting Additional Types of Annuities Under Registered PlansIndividual Pension PlansContributions to…
Update on the voting results of the 18th meeting of the Committee of Creditors of Viceroy Hotels Limited (CoC). This is to inform you that the e-voting on the resolutions put to vote at the 18th meeting of the CoC of the Company commenced on 19 March, 2019 at 04:00 p.m. and concluded on 20…
A company which provided school improvement, governor support and other services to hundreds of schools in Buckinghamshire is to go into liquidation, citing changes to national education policy. Trustees of Buckinghamshire Learning Trust have confirmed that the company, formed in 2013 to run certain services outsourced by Buckinghamshire County Council, has ceased trading. Despite exploring…
Indias corporate sector is in such flux that bankers and investors are constantly on alert for signs of distress. At the faintest whiff of misfortune or hint of corporate collapse, these predators get ready to pounce. Thanks to a new insolvency tribunal and bankruptcy code, creditors have more clout and a greater chance of recovering…
The National Company Law Appellate Tribunal (NCLAT), in its recent ruling in the case of Vishnu Kumar Agarwal v Piramal Enterprises Ltd, while examining the validity of an application made under section 7 of the Insolvency and Bankruptcy Code, 2016 (code), against corporate guarantors, held that: (1) there is no bar on filing two simultaneous…
Just days after calling in administrators, Carnegie Clean Energy has revealed hopes to resurrect the companys wave power business, while selling or winding down its fully-owned solar and micro-grid subsidiary, Energy Made Clean, that was the cause of much of its problems. In an ASX statement on Monday, Carnegie said it had secured in principle…
One of the directors of Carnegie Clean Energy has struck a deal to help fund its operations while administrators attempt to recapitalise its wave power business. A Carnegie statement today said director and shareholder Grant Mooney, a Perth corporate adviser, along with stakeholder Asymmetric Creditor Partners had agreed in principle to provide interim funding support.…
A company that owns a Victorian site left abandoned with a large pile of recycling waste, has been placed into liquidation. The site at Lara, near Geelong was owned by The Australian Sawmilling Company (TASCO) and leased to the failed C&D Recycling business. The recycling centre closed mid-2018 when C&D abandoned the site with a…
Kathleen Jessop / 18 March 2019 Just as local resident thought the clean-up of the Lara tip was going well, the new owners of the site have revealed they are in liquidation. The Australian Sawmilling Company (TASCO) took over the site from C&D Recycling, who refused to pay over $300,000 in tax debt. Former owner/operator…