Allen claimed he was “optimistic” at the time that a business opportunity which failed to materialise would have seen his turnover increase to the level he submitted in his application. But the Insolvency Service said it was an actual – rather than projected – turnover that should have been declared. Allen, was also ordered to…
The National Company Law Tribunal’s (NCLT) Delhi bench has dismissed Bollywood actor Akshay Kumar’s plea to initiate insolvency proceedings against ed-tech company Cue Learn Pvt. Ltd. Kumar had filed a plea against the edtech under Section 9 of the Insolvency and Bankruptcy Code (IBC) over the non-payment of ₹4.83 crore as part of a 2021…
Business insolvencies rise 50% amid cost pressures, with projections reaching 16,000 this financial year. Business failures in Australia have surged by 50% this financial year due to high operating expenses, cost of living pressures, and increased tax office debt collection efforts. Expected insolvency appointments could reach 16,000, surpassing last year’s high of 11,053. The Australian…
Fall in company collapses last year but experts warn of ongoing ‘headwinds’ Evening Standard Read the original article here
The National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airways following a petition filed by its Committee of Creditors (CoC). The decision, made by a Bench led by Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan, marks the end of the budget airline’s operations. Go First had filed…
NCLT Dismisses Akshay Kumar’s Insolvency Plea Against Cue Learn Over Rs4 Crore Payment Moneylife Read the original article here
Five well-known South African companies technically insolvent BusinessTech Read the original article here
The tribunal noted that Kumar’s obligation to render services on the second day was conditional upon receiving the full payment, which he did not. Furthermore, the NCLT observed that any claim arising from the alleged breach of contract would be considered liquidated damages and not operational debt under the IBC. “However, there is no documentary…
Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether. Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by…
Company collapses in England and Wales fell last year, according to new official figures, but compulsory liquidations soared to a 10-year high and experts warned of more uncertainty for firms in the coming months. Some 23,872 companies went out of business in 2024, the Insolvency Service said, down 5% on the previous year. Despite the…