Corporate insolvencies rise 7% in February amid retail and hospitality distress – Accountancy Today
Corporate insolvencies rise 7% in February amid retail and hospitality distress Accountancy Today Read the original article here
Lottie Moss' company plunged into liquidation after racking up 6-figure bill & failing to pay tax as she quits OnlyFans – The Sun
Lottie Moss’ company plunged into liquidation after racking up 6-figure bill & failing to pay tax as she quits OnlyFans The Sun Read the original article here
NCLT Admits Insolvency Plea [Read Order]
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has admitted an insolvency petition, initiating the Corporate Insolvency Resolution Process(CIRP) over unpaid operational dues. Also found that the corporate debtor defaulted on payments amounting to ₹5.86 crore, including contractual interest, even after service of a statutory demand notice under Section 8 of the Insolvency and Bankruptcy…
Jaiprakash Associates: 6.45 Lakh Shareholders Face ₹400 Crore Loss. Here’s Why
Jaiprakash Associates investors are facing a major setback after the National Company Law Tribunal (NCLT) approved a ₹14,535 crore resolution plan submitted by Adani Enterprises to acquire the troubled infrastructure company. As a result of the insolvency resolution process, 6.45 lakh shareholders of Jaiprakash Associates are set to see their entire investment wiped out, translating…
Australian salad producer enters administration with est. US$10m debt
Administrators for Australian salad producer Dicky Bill have reported that outstanding debts to staff and suppliers could exceed US$10 million, following the company’s entry into voluntary administration late last month. Dicky Bill went into administration on December 1, leaving about 180 workers seeking alternative employment ahead of the Christmas period. The business operated two…
Bowen Coking Coal enters administration
The administration process is expected to provide a window which will allow for a sale or recapitalisation to be completed. Bowen Coking Coal (ASX: BCB) has announced it is closing its Burton mine complex and entering voluntary administration following unsuccessful capital raise attempts. The decision was made following the rejection of the company’s most recent…
Small business restructuring in Australia | Restructuring touchpoint | Global law firm
This article was co-authored by Kylie Shaw. Why this matters Australia’s small business restructuring (SBR) regime was introduced on 1 January 2021 to give financially distressed small companies a faster, cheaper alternative to voluntary administration, and, crucially, to let directors stay in control while a registered liquidator (the “restructuring practitioner”) supervises the process. ASIC’s first…
NCLT Admits PNB’s Insolvency Plea Over ₹74 Crore Corporate Guarantee Default, Holds Petition Within Limitation [Read Order]
The National Company Law Tribunal (NCLT) Allahabad Bench admitted Punjab National Bank’s insolvency petition under Section 7 of the Insolvency and Bankruptcy Code(IBC) against a corporate guarantor of Bhagwati Rice Mills Pvt. Ltd., holding that the ₹74.35 crore default was proven through records and a valid guarantee invocation, and that the petition filed on 15…
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UK aviation firm crashes into liquidation – almost 10 years in business | UK | News
A UK aircraft sales company has collapsed into liquidation after nearly a decade in business. P3R Aviation Limited, which was based in Glenthroes, Scotland, before it ceased trading this month, has appointed liquidators to “conclude its affairs in an orderly manner”. The firm dealt with the sale of machinery, industrial equipment, ships and aircraft for…