NCLAT Stays Insolvency Proceedings Against Coffee Day Enterprises Till Next Date Of Hearing | Image Source: Wikipedia (Representative) The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), which operates the Cafe Coffee Day chain, till the next date of hearing. The Chennai-based bench of the…
EXCLUSIVE: Zig Zag, the 25-year-old UK producer behind shows including Fox‘s I Wanna Marry Harry, is shutting its production arm after being hit by the unscripted commissioning drought. Zig Zag is putting Zig Zag Productions Limited into insolvency as part of a financial restructuring that has resulted in six employees being made redundant. The company,…
It was the last week in June, and José De Bardi hadn’t gotten much sleep. The trouble had really kicked off on June 18, about a week earlier, when the electric vehicle company Fisker announced it had filed for bankruptcy protection. Now some 6,400 Fisker owners like De Bardi wondered: What will happen to their…
Data from the Australian Securities and Investments Commission (ASIC) revealed a record 11,049 corporate collapses in 2023–24: Persistent inflation, high interest rates, and the Australian Taxation Office pursuing tax debts were blamed for the 40% increase in corporate insolvencies in 2023–24. “The usual suspects of inflation, interest rates and sentiment are influencing insolvencies”, Ashurst restructuring…
India’s specialist bankruptcy court, the National Company Law Tribunal (NCLT), has granted the administrator of Go First (Mumbai International) another 60 days to complete the carrier’s corporate insolvency resolution process. The court granted the extension, which now runs until June 3, during an April 8 hearing. Go First’s administrator, known locally as a resolution professional,…
EV Startup Fisker Goes Bankrupt After Recalling All of Its Ocean SUVs PCMag Read the original article here
Here is an overview of Byju’s and its troubles: WHAT TRIGGERED THE INSOLVENCY? The Board of Control for Cricket in India (BCCI) last year asked a tribunal to initiate insolvency proceedings against Byju’s for defaulting on $19 million of dues. The dispute is over payments related to sponsorship rights for the Indian cricket team’s jerseys. The two sides had settled the matter, with Byju’s agreeing to pay…
The troubled Australian electric vehicle fast charging company Tritium is facing financial collapse after its directors declared it to be insolvent, calling in voluntary administrators while its lenders also appointed a receiver to take control of the assets and seek buyers. In a statement issued overnight to the Nasdaq stock exchange in New York, where…
It’s officially official: Fisker has filed for bankruptcy, according to Reuters, and will begin to sell its assets and restructure its debt. This is only four months after owner, Henrik Fisker, began to signal that the company would potentially file sooner rather than later unless a large OEM stepped up to help it remain in…
Corporate insolvency has been on a steady rise since the government’s COVID-19 support measures ended, and forecasts indicate that this trend will persist amid ongoing economic challenges.Business failures have hit the construction, accommodation and food service sectors the hardest. From July 2023 to June 2024, ASIC reported a significant increase in company insolvencies, jumping by…