Category Archives: Bankruptcy

Assignment of Not Readily Realisable Assets Valid for Dissolution When No Further Assets Remain for Distribution: NCLT [Read Order]

The National Company Law Tribunal (NCLT) New Delhi has held that assignment of Not Readily Realisable Assets (NRRAs) including pending avoidance transaction proceedings, would not obstruct dissolution of a Corporate Debtor where no further realisable assets remained available for distribution under the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor had entered liquidation pursuant…

Travel company shuts down and cancels all trips, no refunds – thestreet.com

Travel company shuts down and cancels all trips, no refunds  thestreet.com Read the original article here

4 kitchen companies collapse into administration or liquidation – one shuts immediately – MSN

4 kitchen companies collapse into administration or liquidation – one shuts immediately  MSN Read the original article here

CoC Rejection of Lone Resolution Plan Pushes Corporate Debtor into Liquidation: NCLT Orders Liquidation u/s 33 IBC [Read Order]

The National Company Law Tribunal (NCLT) Chandigarh Bench has ordered liquidation of the corporate debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, after the Committee of Creditors (CoC) rejected the only resolution plan received during the Corporate Insolvency Resolution Process (CIRP). READ MORE:Foreign ServicePayments Not Liable for TDS as No Technical Knowledge…

Four East Midlands firms cease trading and enter liquidation – but key deal saves jobs

The companies had employed dozens of people according to recent documents All of the four businesses were based at this unit on Action Road in Long Eaton(Image: Google) Four firms have ceased trading and been placed into liquidation in Long Eaton – but a vital deal has saved jobs at the bust companies. The linked…

Four East Midlands firms cease trading and enter liquidation – but key deal saves jobs – Derbyshire Live

Four East Midlands firms cease trading and enter liquidation – but key deal saves jobs  Derbyshire Live Read the original article here

Conditional Payment Linked to Consequence Sheet Treated as Acknowledgment of Operational Debt: NCLAT Sustains CIRP Admission [Read Order]

The National Company Law Appellate Tribunal (NCLAT) New Delhi has held that a Corporate Debtor cannot avoid insolvency proceedings after expressly quantifying and conditionally agreeing to pay operational dues through a self-prepared consequence sheet treating such conduct as acknowledgment of debt under the Insolvency and Bankruptcy Code, 2016 (IBC). The dispute arose from multiple purchase…

5 Tips for Starting a Business Again After Bankruptcy

Key Takeaways Starting a business after bankruptcy is possible, but it requires careful planning and an understanding of the legal restrictions that may apply. Bankruptcy is intended to provide individuals with a financial reset, but it does not remove all obligations or risks. As an undischarged bankrupt, you may face restrictions on managing a company,…

Fisker went bankrupt and owners built open source car company from the ashes

When Fisker Inc. filed for Chapter 11 bankruptcy in June 2024, it left roughly 11,000 Ocean SUV owners holding the keys to vehicles that cost them anywhere from $40,000 to $70,000 — and that were rapidly losing the software brains that made them work. No more over-the-air updates. No more connected services. No more warranty.…

What does this mean for your job and salary?

Karin Oosterveld Team Manager Legal Services × With our legal team, we are ready to provide advice regarding your work or benefits. We are also there for you if additional legal assistance is needed. If your employer is declared bankrupt, it can create significant uncertainty about your job and income. Bankruptcy means the court decides…