Considering the Jaypee fiasco, can RERA protect homebuyers when the company is undergoing insolvency proceedings? On the petition filed by IDBI bank, insolvency proceedings have commenced against Jaypee Infratech. Insolvency refers to a situation where the company is unable to repay its debt. Jaypee Infratech Ltd. is the subsidiary company of Jaypee Group which is…
BHS PENSIONS RAP Ex-racing driver who was probed by MPs over collapse of BHS now faces Pensions Regulator rap DOMINIC Chappell purchased British high street chain BHS for £1 from Sir Philip Green in 2015 just over a year before its collapse with a multi-billion pensions black hole. The 50-year-old former racing driver has been probed by…
FRESH data from SV Partners has provided a shot in the arm for the Gladstone retail industry with its August report delivering promising news for the region. SV Partners, an insolvency accounting and specialist advisory firm, stated in its August 2017 Commercial Risk Outlook Report that no business in the retail trade was at current…
Businesses struggling to keep on top of the incoming bills may be surprised to learn that it is not suppliers that are the most aggressive instigator of company wind up proceedings. According to data compiled by Prushka Fast Debt Recovery, banks and other lenders also do not get a look in when it comes to…
Insolvency experts say small businesses are doing it tough, but that wont stop the tax office and government bodies from stepping in to apply for company wind-up orders as the Australian Taxation Office continues its more aggressive pursuit of businesses. Figures collated from court insolvency records by Prushka Fast Debt Recovery suggest that 46% of wind-up…
EIGHTY-four Gold Coast construction companies are on the brink of collapse, according to new data from insolvency group SVP Partners. The group’s August 2017 Commercial Risk Outlook report found 3.7 per cent of businesses in the industry were at high risk of insolvency. The report comes in the wake of two major collapses in the…
PM Narendra Modi. (Image: PTI) The government is considering bringing in regulations in phases to deal with individual bankruptcy under the overarching law the Insolvency and Bankruptcy Code (IBC) 2016. Sources told FE the government will first come up with insolvency regulations for individuals who are into businesses, which could be announced in a month.…
HYDERABAD: The National Company Law Tribunal (NCLT) has appointed an interim insolvency professional for SmartCity (Kochi) Infrastructure, after admitting a payment default claim by a creditor against the joint venture between the Kerala government and Dubai’s Tecom Investments. The Kerala government holds a 16% stake in the IT special economic zone, with Dubai Holding’s Tecom…
E-commerce entrepreneur Ruslan Kogan believes multiple Australian online retailers will collapse over the next year and says his company is poised to acquire them if the opportunity arises. Speaking to AAP, the founder and chief executive of booming online retailer Kogan.com refused to name any specific retailers, but said the process of acquiring collapsed retailer Dick Smith Electronics last…
Highlights 1 After Jaypee, more builders might be declared insolvent. 2 The govt has assured home buyers that they will either get the money or house. 3 Rights of home buyers under RERA are secure, say CAs. It seems there is no respite for homebuyers despite assurances from the government that their money will not…
