Insolvency regulator, IBBI, proposes to stipulate mandatory audit of Insolvency Resolution Process Costs (IRPC) in resolution cases where the assets of the corporate debtor (CD) is in excess of 100 crore. This proposal forms part of the nine new measures that the Insolvency and Bankruptcy Board of India (IBBI) has mooted in a new discussion paper…
Food and drink businesses have been on the frontline of supply chain disruption, inflation and rising interest rates. These challenges have taken a toll on M&A in the sector but changed strategies are driving trade and private equity buyers. Nicholas Neveling reports. Few industries have been as directly impacted by inflation, rising interest rates, labour…
A prominent regional New South Wales winemaker has fallen into voluntary administration, citing significant financial losses brought about by COVID-19 pandemic, natural disasters and the Chinese government. Key points: Cassegrain Wines is the largest winemaker on the New South Wales Mid North Coast The family-run business says it has appointed voluntary administrators Administrators says operations will continue…
In this weeks TGIF, we consider the recent case of Vita Group Ltd, in the matter of Vita Group Ltd [2023] FCA 400, in which his Honour Justice Jackman outlined practical changes to the way schemes of arrangement should be implemented through the Federal Court to make them simpler, faster and more cost efficient. Key…
The company behind Karen’s Diner, the restaurant that gained internet infamy for its deliberately bad service, has collapsed. Viral Ventures (Australia) Pty Ltd, which runs both Karen’s Diner and Broadway Diner, went into liquidation on May 30, announcing on June 5 that Chris Johnson and Andrew McCabe from Wexted Advisors have been appointed to wind…
The Supreme Courts 3 May judgment, in MK Rajagopalan v Dr Periasamy Palani Gounder & Anr, shows insolvency resolution plans must be approved by a committee of creditors before being put to an adjudicating authority. The court upheld an order by the National Company Law Appellate Tribunal (NCLAT) that the successful resolution applicant was ineligible…
The government will likely amend the insolvency law to enable “customised resolutions” of bankrupt residential real estate projects to ensure swift delivery of flats to homebuyers in stressed housing projects. The planned changes to the Insolvency and Bankruptcy Code (IBC) would allow resolution depending on the nature of the projects, instead of stipulating one rigid…
At todays Annual General Meeting (AGM), EFL Clubs voted to approve several changes to the EFL Regulations that will come into effect immediately. These include: OWNERS AND DIRECTORS TEST New disqualifying conditions have been added to the Owners and Directors Test (OADT) to ensure that the EFL and Premier Leagues tests remain aligned. The list…
Having resolved these issues, the NCLT examined the Section 10 application on its merits. It observed that all the necessary requirements under Section 10 were fulfilled, including the presence of debt, occurrence of default, completeness of the application, and the Corporate Applicant’s eligibility. Consequently, the NCLT admitted the Section 10 application, imposed a moratorium under…
The cash-strapped Go-First airline announced the suspension of its flight operations till 12 June citing operational reasons. The airline updated the information on its official Twitter handle. Passengers who made their flight bookings, will receive refund on the original mode of payment shortly, said the airline in its official notification. Also Read: Go First must…