KUALA LUMPUR (July 7): Malaysian law considers gambling debts as “debts of honour” with no legal obligation to make good the debt. Although a gambling debt may be lawful and enforceable in a foreign jurisdiction where it arose, it remains unenforceable in Malaysia because Section 26 of the Civil Law Act 1956 embodies the public…
Alistair McAlinden and Geoff Jacobs, of Interpath, have been appointed joint administrators to BGL Contracts Limited. The administrators pointed to “unforgiving contracts” which are leaving companies like BGL “highly vulnerable to insolvency”. The company was a subcontractor specialising in electrical fit-out to clients across a number of sectors, “notably in leisure and hospitality, automotive and…
A Scottish company operating for almost two decades has been placed into administration. All 40 jobs were lost with the collapse of the Glasgow company amid “insurmountable challenges”. Alistair McAlinden and Geoff Jacobs, of Interpath, have been appointed joint administrators to BGL Contracts Limited. The administrators pointed to “unforgiving contracts” which are leaving companies like…
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NCLAT upholds liquidation of Ushdev International, junks Taguda’s Rs 227-cr revival plea New Delhi, Insolvency appellate tribunal NCLAT on Monday dismissed an appeal by Singapore-based Taguda Pte Ltd against the liquidation of Ushdev International, holding that the resolution applicant’s “persistent and inordinate failure” to implement its plan for over three years left the NCLT with…
Stranded buyers face deposit blow in $30m Vic caravan crash Herald Sun Read the original article here
Exclusion powers target directors of failed, poorly managed building companies The National Tribune Read the original article here
Building companies are being put on notice that they will be banned from the industry if they have links to past financial mismanagement, under WA Government laws to stamp out “phoenixing”. The Building Services Board will move to exclude contractors where there is clear evidence that an officer has been involved in a previously insolvent…
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