Whitby building firm liquidates owing almost £200,000

P.M Straw (Builders) Ltd was a long-established firm and was established in 2002. Companies House lists the sole director as Stephen Straw. The company, which was registered at Bagdale, Whitby, entered voluntary liquidation on August 19. RECOMMENDED READING: Westgates Restructuring of Hull was appointed liquidator. A liquidators’ report known as a statement of affairs outlined…

CIRP under IBC can continue even if insolvency plea that triggered it was fraudulent: Supreme Court

The Supreme Court stressed that admission fundamentally alters the nature of insolvency proceedings. Management passes to the resolution professional, claims from creditors are invited and a Committee of Creditors (CoC) is constituted, the Court said. Hence, the CIRP can continue even in the absence of the original applicant, the Court underscored. The Court held that…