Once the Insolvency and Bankruptcy Code, 2015, comes into effect, a company that has more than 100 workers can initiate voluntary liquidation proceedings, TK Viswanathan, the chairman of the committee that drafted the legislation and former law secretary, said on Monday. Viswanathan added that as long as the company repaid its dues to lenders and…
Bondholders acted on a long-standing threat and on Wednesday asked the Tel Aviv District Court to put IDB Development Corporation the holding company whose holdings include Cellcom Israel, Clal Insurance and Super-Sol into liquidation. The move came after holders of IDB Series Tet bonds, who hold some 1.35 billion shekels ($350 million) of the…
A bar company which was fined £100,000 serving a liquid nitrogen cocktail that left a customer in agonising pain has gone into liquidation, without paying the fine. Oscars Wine Bar Ltd, which is run by York-based businessman Andrew Dunn, has gone into liquidation, and documents from Companies House show the company has just £12,500 in assets.…
A YORK bar company which was fined £100,000 serving a liquid nitrogen cocktail that left a customer in agonising pain has gone into liquidation, evidently without paying the fine. Oscars Wine Bar Ltd has gone into liquidation, and documents from Companies House show the company has just £12,500 in assets. Documents say its debts include…
Arsene Wenger has cashed in for £3.5million after his sports company shut down. The Arsenal boss is believed to have been receiving payments from LA Promotions LTD since the company went into voluntary liquidation in December 2014. Accounts reveal that Wenger took home in excess of £2million from the company, according to The Sun on…
The Code does not currently make much sense for operational creditors The government has brought in this Code, largely modelled on the U.S. Bankruptcy Law, with the good intention of facilitating timely resolution of corporate bankruptcy. However, a critical reading of the legislation reveals that unless necessary changes are made to it, the legislative intent…
BASIC FLAW:Unwittingly the Code, as it is, would facilitateease of undoing business. The government has brought in this Code, largely modelled on the U.S. Bankruptcy Law, with the good intention of facilitating timely resolution of corporate bankruptcy. However, a critical reading of the legislation reveals that unless necessary changes are made to it, the legislative…
Practitioners have welcomed a proposed shakeup of the UKs corporate insolvency regime which would introduce a three-month moratorium on pursuing legal action against struggling businesses looking at rescue options. Measures are also proposed to help businesses continue trading through the restructuring process by preventing them from being ‘held hostage by key suppliers, and to develop a…
After more than 30 years, the Perth Theatre Company has gone into voluntary administration. The theatre said the company’s business and financial model was un-sustainable in the current economic environment. Company chairman Dr Saliba Sassine said the theatre had not been successful in finding a solution to its financial problems and had now decided…
A company that owned a wine bar in Lancaster where a teenager drank a nitrogen cocktail and had to have her stomach removed has gone into liquidation. Oscars Wine Bar Limited was prosecuted by the Health and Safety Executive after Gaby Scanlon from Heysham drank a near lethal Nitro-jagermeister cocktail during her 18th birthday celebrations…