NOCK declared “technically insolvent” as MPs order special audit into state oil agency

Bankruptcy

The National Oil Corporation of Kenya (NOCK) has been declared “technically insolvent” by a parliamentary watchdog committee, which has now ordered a special audit into the agency’s operations. According to the National Assembly’s Public Investments Committee on Commercial Affairs and Energy, NOCK is unable to meet its recurrent expenditures, owes over Sh7.4 billion in…

Harsh times cited for liquidation

Liquidation

Harsh economic times have been cited as the reason for the liquidation of a Wanaka interior design business. Wanaka Interiors, which was incorporated in March 2022, was placed in liquidation by shareholders resolution last month. In their first report, liquidators Trevor and Emma Laing, of Laing Insolvency Specialists, said the business, owned by Celeste and…

Petition U/S 9 Of IBC Is Inadmissible Without Payment Received By Corporate Debtor In Subcontracted Work Done By Operational Creditor: NCLT Hyderabad

Liquidation

The National Company Law Tribunal (NCLT) Hyderabad bench of Sri Rajeev Bhardwaj (Hon’ble Judicial Member) and Sri Sanjay Puri (Hon’ble Member Technical) has held that in absence of any payment received by the Corporate Debtor in a subcontracted work executed by the Operational Creditor, application under section 9 of the IBC cannot be entertained. Filing…