The NCLT Mumbai bench of Ms. Reeta Kohli (Judicial Member) and Ms. Madhu Sinha (Technical Member) has held that in a sale of the corporate debtor in liquidation as a going concern, only assets are transferred and liabilities have to be discharged as per section 53 of the Code. Brief Facts The Present Application is…
Last Updated:November 28, 2024, 10:15 IST As part of the settlement, all ongoing litigations and disputes between Spicejet and Aircastle (Ireland) Designated Activity Company have been withdrawn from the appropriate forums. Last month, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd.…
Image Credit: Forward AM We had our concerns a few months ago when BASF Forward AM announced a strategic buyout decision. These concerns have been followed by rumors of an insolvency process undertaken by the newly created company in the midst of Formnext. These concerns have now been confirmed by the company that began insolvency…
On 6 November 2024, the Federal Court dismissed the Australian Securities and Investments Commission’s (ASIC) case against Paul Ryan, a director of Dixon Advisory & Superannuation Services Pty Limited (DASS). The case alleged that Mr Ryan had breached his directors’ duties by failing to consider the interests of DASS’ creditors when the company was approaching…
How Southwest Airlines Lost Its Groove The New York Times Read the original article here
KUALA LUMPUR: Some 37,461 individuals were declared bankrupt between 2019 and 2023, the Dewan Rakyat was told. Minister in the Prime Minister’s Department (Law and Institutional Reforms) Datuk Seri Azalina Othman Said said the 35-44 age group recorded the highest number of bankruptcy cases at 14,476. This was followed by the 45-54 age group (10,052),…
Leicester City break silence after sponsor declared bankrupt MSN Read the original article here
NES Health, the staffing firm that drew attention recently for not paying its doctors, says it will “wind down its operations and cease doing business,” according to a company email shared on social media. Doctors who worked for the company may be out several months of pay, and NES said it won’t provide malpractice tail…
BBC Birmingham City Council signed off budget saving plans in March including a 21% rise in council tax over two years A beleaguered council lacks the capability to resolve its problems without outside help, according to the commissioners in charge of overseeing its recovery. Birmingham City Council effectively declared itself bankrupt in September last year…
Pleas for assistance with business insolvency matters have jumped 50%, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) says, showing the extent and severity of the cash flow crunch. The ombudsman received 6,254 requests for help over the 2023-2024 financial year, a 10% increase from the year prior, according to a summary of its…