The National Company Law Tribunal (NCLT) Thursday dismissed the plea of HDFC Ltd to initiate insolvency proceedings against RHC Holding, a non-banking financial company promoted by Singh Brothers — Malvinder Mohan Singh and Shivinder Mohan Singh. A two-member principal bench headed by NCLT President Justice M M Kumar dismissed the plea of HDFC Ltd, which…
DetailsData (Northern) Limited has been placed into provisional liquidation following a hearing at the High Court on 30 November 2018 after an application was issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy. The Official Receiver has been appointed as the provisional liquidator and has responsibilities…
DetailsUNSECURED creditors of failed grain business Convector Grain have criticised the administration and liquidation process, which left nothing for them in the final distribution of assets in spite of payments for liquidation, administration and legal fees totaling around $1.5 million. It is probably what we expected, we never thought we would get a big payment,…
DetailsSince October, it has lost two chief executives, a chairman and a chief financial officer, halved staff numbers and suspended new sales of direct insurance products. Loading Freedom on Thursday said a strategic review undertakenwith Deloitte had found there was no “immediate commercially viable option” to restart sales of its life products. As part of…
DetailsTHE council has defended itself against accusations it is forcing people into bankruptcy. An investigation by Creditfix, a national personal insolvency practice, found that Cheshire West and Chester Council (CWaC) is one of 55 local authorities in England and Wales that are said to reject Individual Voluntary Arrangements (IVAs). IVAs offer an alternative to bankruptcy…
Detailsnews, latest-news, UPDATE Liquidators say Ballarat manufacturing company Ceramet had been unprofitable for more than five years before it went into liquidation last week. Greg Andrews from GS Andrews Advisory toldThe Couriermanagement strategies to improve profit had failed. The companys closure is probably a bit of a hangover from the demise of the Australian car…
DetailsA lot of digital media companies are said to be looking for buyers, facing the same pressures that forced Mic to sell at a fire sale. But the Mic sale, combined with overall business pressures, suggest they wont get the price they hope for. Once high-flying Mic raised $US60 million to build a media company…
DetailsFormer world tennis number one Boris Becker has dropped his claim to have diplomatic immunity from bankruptcy. The three-time Wimbledon champion had argued his appointment by the Central African Republic as a sporting, cultural and humanitarian attache to the European Union meant he could not be subjected to legal proceedings. But, after being told on…
DetailsCongressman Tom Marino along with Representatives Doug Collins (R-GA), and David Cicilline (D-RI) introduced, H.R. 7190, the Small Business Reorganization Act (SBRA). Senate Judiciary Chairman Chuck Grassley (R-IA) and Senator Sheldon Whitehouse (D-RI) introduced companion legislation in the Senate. The bill will streamline existing bankruptcy procedures and provide new tools to increase a small business…
Detailsnews, local-news, UPDATE Liquidators say Ballarat manufacturing company Ceramet had been unprofitable for more than five years before it went into liquidation last week. Greg Andrews from GS Andrews Advisory toldThe Couriermanagement strategies to improve profit had failed. The companys closure is probably a bit of a hangover from the demise of the Australian car…
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