The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted a personal insolvency petition against Videocon promoter Venugopal Dhoot just a day after the Ministry of Corporate Affairs (MCA) received permission to freeze his assets. In a virtual hearing on Wednesday personal insolvency proceedings against Venugopal Dhoot were admitted and allowed. Asish Narayan…
Tobi Soniyi A Federal High Court in Lagos, has dismissed a bankruptcy petition filed against the former Managing Director of Staco Insurance PLC, Dr Sakiru Olanipekun Oyefeso. The court also awarded costs of N50,000, against the Insurance firm that wrote the petition against Oyefeso. In its statement of facts, Staco Insurance had alleged that while…
To prevent crops from going to waste, the Dutch bankrupt greenhouse company Eden Tech was allowed to continue operating for a few more months. Now the trustee investigates a relaunch. For several years, the Eden Tech team has been working on their technology to grow crops in the most efficient way possible, minimizing the use…
Hugh Fearnley-Whittingstalls television production company has collapsed, leaving behind millions of pounds of debts. The River Cottage chef co-founded the award-winning KEO Films in 1995, which has made popular programmes such as Hughs War on Waste and Easy Ways to Live Well. The company describes itself as having a strong ethical brand reputation and has…
Corporate insolvencies continue to rise year-on-year according to insolvency and restructuring trade body R3 in the South West. Although the figures show a slight fall between June and July 2021, it was the third consecutive month in which year-on-year corporate insolvency levels have risen. Related Articles R3 said the month-on-month fall in corporate insolvencies was…
Outlook August 28, 2021 19:59 IST ”Insolvency resolution plans should look to maximise biz value rather than just recover dues” outlookindia.com 1970-01-01T05:30:00+0530 New Delhi, Aug 28 (PTI) The focus of an insolvency resolution plan should be to maximise the value of the business concerned and not just to recover the dues or liquidate the company,…
The focus of an insolvency resolution plan should be to maximise the value of the business concerned and not just to recover the dues or liquidate the company, an IBBI official said on Saturday.The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing the Insolvency and Bankruptcy Code (IBC). Speaking at…
The past few weeks have seen debates surrounding the Parliamentary Standing Committees call for an overhaul of the Insolvency and Bankruptcy Code owing to low recovery rates and delays in resolution process. Citing a high rate of pendency and incidences of liquidation, the report laments colossal haircuts taken by creditors. Amongst other things, the report…
With the implementation of the insolvency law, the days of feudalism of corporate debtors where they had considered it their divine right to be in control are gone, Chief Economic Adviser K V Subramanian said on Friday. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound…
Lee John Palmer (41), a plumber from Knapton, was declared bankrupt on 28 January 2021 before the Official Receiver was appointed as Trustee. While reviewing Lee Palmers assets, the Official Receiver uncovered that Lee Palmer had bought a van on hire purchase but sold the vehicle without the permission of the hire purchase finance company.…