To stamp out illegal phoenix activity, directors should be required to have identification numbers. And, if theyve had many corporate failures, they should be classed in a new probationary category, our research shows. These are a few of several measures we have designed to detect and pre-emptively disrupt those bent on using company liquidation or…
The recent judgment in MB Refrigeration and Air-conditioning Limited (in liquidation) v- Allied Irish Bank Plc [2016] has clarified what constitutes notice of the liquidation of a company for creditors and banks alike, write Mark Woodcock (pictured right) and Joanne Cooney (pictured below) of McDowell Purcell.In this case the liquidator sought recovery of money paid out of a companys…
The leading design firm set up by Ed Dubois in 1977 has closed and gone into liquidation, with its assets being sold through auction. Following the death of world-renowned British designer Ed Dubois last year, we are saddened to report that Dubois Naval Architects has closed and gone into liquidation. Its assets including the iconic…
Barclays swung to a full-year net profit of GBP1.6 billion ($1.99 billion), as the bank’s management said it was just months away from finishing a restructuring of the U.K. lender. Continue Reading Below The British bank on Thursday said total income was down 3% over the year to GBP21.5 billion, as the bank continued to…
The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) was enacted to make special provisions for the timely detection of sick (and potentially sick) companies owning industrial undertakings. The Board for Industrial and Financial Reconstruction (BIFR) was formed under the SICA to determine the sickness of such industrial companies and to prescribe measures either for…
Assets collect risks around them in one form or another. Inventory is one risk, and accounts receivable is another risk. Michael Dell, founder and CEO of Dell Technologies. All businesses face the ongoing challenge of generating cash flows in excess of their borrowings. If a business is unable to pay its debts owed, it is…
An insolvency division has been added to the Supreme Court to deal with provisions of the Insolvency Act, Chief Justice Zaila McCalla announced last weekend. She made the announcement at a training session where members of the judiciary were sensitised on the new provisions of the Act, according to a release from the Court Management…
Supreme Court establishes new insolvency division Wednesday, February 22, 2017 | 12:09 PM KINGSTON, Jamaica Chief Justice, Zaila McCalla announced over the weekend the establishment of the Insolvency Division of the Suprem… Read the full article at: http://www.jamaicaobserver.com/news/Supreme-Court-establishes-new-insolvency-division
New Delhi, Feb 22 (PTI) Former Deputy CAG Suman Saxena today took charge as whole time member of the Insolvency and Bankruptcy Board of India (IBBI). She would look after research and regulation wing apart from national insolvency programme, continuing professional programme as well as knowledge management and partnership, an official release said. The research…
Embattled milk broker National Dairy Products (NDP) has gone into liquidation after months of failed negotiations. NDP went into voluntary administration in November after farmer suppliers, owed tens of thousands of dollars, walked away from the company. Victorian dairy farmers are owed millions of dollars for milk supplied during 2016. But other creditors…