The management of a stressed company undergoing the new creditor-initiated insolvency resolution process (CIIRP) will likely be subject to checks and balances, including limits on financial transactions without the committee of creditors’ approval, a move aimed at protecting the integrity of the rescue process and curbing potential wrongdoing. The proposals are made by a panel…
Malta-based B2B tech firm River Tech triggers insolvency after bank account freeze sigma.world Read the original article here
The present case arises from parallel proceedings on the same debt. On May 8, 2019, the National Company Law Tribunal passed two orders: it rejected the insolvency plea against Sima Hotels as time-barred, but admitted the same claim against Dugal Projects, which had guaranteed the loan. This divergence led to appeals before the National Company…
The government agency said Hussain was the director of Dynasty Group Ltd, an Eccles-based wholesaler of clothes and footwear, and NA Collection Mcr Ltd, based in Manchester, which provided online sales of products such as confectionery. Each business was entitled to one loan, but Hussain claimed a second £50,000 loan for both businesses, while overstating…
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Insolvencies stable in first quarter – PWC Business Post Read the original article here
Going forward, the company will operate under the name LEUNA-Polyamid GmbH. The acquiring entity is taking over the operations and real estate in Leuna as well as 436 of the most recent 500 employees approximately. The insolvency administrator reached an agreement with the works council on a reconciliation of interests, including a social compensation plan. …
Jon Adgemis, whose pub empire failed last year in one of the biggest personal bankruptcies ever, could be publicly grilled by liquidators over a debt pile that reached beyond $1.8 billion as the trustee of his estate investigates tax refunds paid to the former KPMG dealmaker’s companies. BRI Ferrier, the firm that now controls several…
A disqualified director who continued to run two companies for more than five years while he was banned has been sentenced. Bharat Jogia was disqualified as a company director for 13 years in 2014 after not disputing that he caused Jogia Jewellers (UK) Limited to wrongfully claim more than £2 million from HM Revenue and…
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