The corpus fund arranged by the Committee of Creditors under the National Company Law Tribunals (NCLT) directions towards the cost of corporate insolvency resolution process (CIRP) cannot be attached by any authority, including the Enforcement Directorate, as it is not an asset of the corporate debtor, according to a ruling by the Tribunals Mumbai bench.…
Gibraltar-headquartered LAMP Insurance Company Limited has asked the Supreme Court of Gibraltar to appoint an Official Receiver (OR) and place the firm into liquidation. The application will be heard at the end of the month. According to the Gibraltar Financial Services Commission (GFSC), the insolvent insurance company has been unable to secure additional financing. It…
Liquidation application will be looked at in Court on 31 May as insolvent provider says it is still pursuing sale options. Unrated insurer, Lampapplied for liquidation at the Supreme Court of Gibraltar late last week. In a statement the Gibraltarian firm said that it made efforts to secure more investment, but its liquidation application will…
Notice of 9th Meeting of Committee of Creditors ofSOUTHERN ONLINE BIO TECHNOLOGIES LIMITEDNotice along with Agenda for the 9th Meeting of the Committee ofCreditors of Southern Online Bio Technologies Limited (under CorporateInsolvency Resolution Process) under the provisions of The Insolvency andBankruptcy Code, 2016 read with Insolvency and Bankruptcy Board ofIndia (Insolvency Resolution Process for Corporate…
British Steel, the UKs second-largest steelmaker, is on the brink of collapse just three years after it was revived, putting thousands of jobs at risk. When buyout firm Greybull Capital bought theScunthorpe steelworks and other sitesfor the princely sum of 1 from Indias Tata in 2016 and revived the British Steel brand in 2016, the…
Zambia has ramped up the pressure on Konkola Copper Mines, the copper company controlled by Anil Agarwals Vedanta Resources. A day after President Edgar Lungu said he would strip KCM of its mining licence and bring in a new investor, Zambias High Court appointed a law firm called Lungu Simwanza & Company to act as…
British Steel is on the brink of collapse unless it can secure 30m in emergency funding from the government, putting about 5,000 jobs directly at risk and endangering thousands more in the supply chain. The UKs second-largest steel producer is preparing to call in administrators on Wednesday unless the government steps in with a loan…
Big-spending election loser Clive Palmer was absent from court as his lawyers were lambasted by a judge overseeing Queensland Nickels liquidation trial. Days after his federal election campaign failed to win his party a seat, Palmer on Tuesday sought to introduce evidence into the trial over his companys collapse that workers had started receiving their…
ICharter Limited was incorporated in November 2014 as a travel agency for private clients, with offices in Chatham, Kent. The company, however, entered into Creditors Voluntary Liquidation on 5 March 2018 after it could not pay debts of more than 127,000. Insolvency Practitioners were appointed to wind-up the company and their report to the Insolvency…
Nine has confirmed it will no longer continue with some of its smaller sporting events as part of the latest restructuring of theformer publishing empires assets. The $31 million sale to endurance sports company, The IRONMAN Group, include events like The Sun-Herald City2Surf presented by Westpac, The Sydney Morning Herald Half Marathon, Carmans Womens Fun…