Creditors of 22 companies connected to the flagging Dyldam Group are reportedly chasing $500 million in debt, as the company wades through voluntary administration proceedings. According to the Australian Financial Review, minutes of the first creditors meeting held in January and lodged with ASIC show total debt claims of $510 million. McGrathNicol was appointed as…
Dyldam Development boss Sam Fayad is facing the threat of bankruptcy after being ordered by the NSW Supreme Court to pay a debt of $1.6 million. A bankruptcy notice served by Barrak Lawyers on behalf of their client Eid Azzi obtained by The Australian Financial Review orders Mr Fayad to pay $1,638,421.16 within 21 days…
Covid-19 induced economic uncertainties are a reality in the current business landscape. The UAE governments proactive stimulus packages have been successful in limiting its impact, but some companies have fallen prey to the pandemic. Companies such as Sprii and Gulf Greetings Trading closed their operations in the UAE due to cashflow problems. Firms that decide…
The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. The purpose…
The first creditors meeting in the administration of Adelaide-based Australian Fashion Labels (AFL) will take place on January 15. The business entered voluntary administration on January 06, appointing Duff & Phelps administratorsBrett Lord and Marcus Ayres to handle the process. According to reports fromSmart Company,the ongoing effects of COVID-19 as well as legacy costs from…
Published on :30 Jan, 2021 , 7:57 am The National Company Law Appellate Tribunal is the Apex Tribunal in the country dealing with all aspects of Corporate Law. The judgments pronounced by the Appellate Tribunal in the areas of Insolvency, Competition and Company Law regulate all elements of a companys functioning in India; from its…
Video PlayerClose WINDHOEK, Jan. 30 (Xinhua) — Financially-beleaguered Air Namibia on Friday survived liquidation attempts by defunct Belgian company ChallengeAir SA which had applied to the Namibian High Court to have the carrier liquidated. ChallengeAir SA had filed for the loss-making flag carrier’s liquidation, arguing it is insolvent and unable to repay about 16.7 million…
Ushering in significant behavioural changes, the insolvency law has redefined the debtor-creditor relationship with more than 80 per cent of the corporate debtors getting resolved before official announcement of resolution process till September 2020, according to the Economic Survey. The Insolvency and Bankruptcy Code (IBC) has rescued 308 corporate debtors as on December 2020 through…
The company has been losing customers ever since reports of the database leak and subsequent blackmail attempts emerged. Image: Juha Kemppainen / Yle The private mental health services company Vastaamo, which has been at the centre of a hacking and blackmail scandal since October, has been placed into liquidation. The decision was made by the…
Receivership activity in the U.S. insurance industry decreased sharply year over year in 2020, but insurers were still adversely affected by a struggling economy brought on by the COVID-19 pandemic. Regulators placed eight underwriters into liquidation and four into rehabilitation last year, according to an S&P Global Market Intelligence analysis. That compared with 22 companies…