HYDERABAD: Upholding the claims of a Vietnamese prawn feed supplier company that moved the National Company Law Tribunal (NCLT) against a Bhimavaram based shrimp farming firm, the Hyderabad bench of NCLT initiated the corporate insolvency process against the shrimp firm for failing to clear the dues it owed to the Vietnamese firm.The bench of K…
Steel CC via Wikimedia CAIRO 16 January 2021: Egyptian Member of Parliament Mustafa Bakri has submitted a request to House of Representatives, to question the government over the liquidation of the state-owned Iron and Steel Company. On January 11, 2021, the General Assembly of the Helwan-based company took a decision to liquidate the company due…
Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed. Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up. However, its…
The National Company Law Tribunal (NCLT), Chennai, has allowed police protection to be provided to Subrata Monindranath Maity, a resolution professional (RP) in-charge of Bhatia Coke and Energy Ltd., after he alleged that he, along with his team and family members, were being threatened by erstwhile directors of the company. In 2019, NCLT had directed…
The GVP board hopes ACG will vote in favour of liquidation Associated Capital Group (ACG) has been urged to back a proposed members’ voluntary liquidation resolution by the board of Gabelli Value Plus+ Trust (GVP), as it looks to end a long-running dispute between shareholders. The GVP board said it would shortly publish a circular…
Australian Fashion Labels has failed to pique the interest of a buyer, resulting in an unsuccessful sale of the entire business. Australian Fashion Labels is a retailer that houses the labels Finders Keepers, Keepsake, The Fifth Label and C/MEO. Last week the retailer filed for voluntary administration, and currently owes approximately $11 million to three…
A major union is taking steps against the liquidation of Egyptian Iron and Steel Company, one of the companies linked to the Ministry of the Public Business Sector, RT reported on Wednesday. The company was established by the then President of Egypt, Gamal Abdel Nasser, in 1954. The head of the Syndicate of Private Sector…
The National Company Law Tribunal (NCLT) has directed to liquidate debt-ridden dairy firm Kwality Ltd after the company failed to finalise any bidder within the specified time-frame. The NCLT had directed to initiate insolvency proceedings against Kwality Ltd on December 11, 2018 over the plea filed by the financial creditors Punjab National Bank and KKR…
The UK government has launched a legal bid to ban eight former Carillion directors from holding senior boardroom positions, almost three years on from the collapse of the outsourcing business. The Insolvency Service, which handles corporate collapses, said it was seeking to disqualify the directors in the public interest, in a move that could result…
The All-Party Parliamentary Group (APPG) on Fair Business Banking has started a six month project, with support from City law firm Humphries Kerstetter. Kevin Hollinrake, co-chair of the APPG, said: In recent years there have been a number of high-profile failures in the insolvency industry. The APPG has also received its fair share of complaints…