A fresh case of insolvency has been filed against the subsidiary of Oyo over a dispute of Rs 16 lakh. The National Company Law Tribunal (NCLT) has admitted the case and ordered the commencement of corporate insolvency proceedings on March 31, 2021. The NCLT has ordered the creditors of Oyo Hotels and Homes Private Limited…
Outside the Whyalla steelworks this morning, staff showed mixed feelings about the news that scores of local jobs hang in the balance as creditors seek to seize control of Sanjeev Gupta’s Whyalla steel operations. Welding co-ordinator Tom Mitchell, who has been working directly or indirectly for the steelworks since 1978, said he was still confident…
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As rumors of Onkyo s bankruptcy along with Pioneer, keep swirling around the industry and despite local distributor Ambertech struggling to get stock, Company executives are still telling observers that they have a future. Now as their fiscal year draws to a close on March 31st, the historic Japanese audio firm appears to be breathing…
FILE PHOTO: Former Malaysian Prime Minister Najib Razak reacts during a break at Kuala Lumpur High Court in Kuala Lumpur, Malaysia, February 5, 2020. REUTERS/Lim Huey Teng reuters_tickers This content was published on April 7, 2021 – 04:43 April 7, 2021 – 04:43 KUALA LUMPUR (Reuters) – Malaysia’s former prime minister Najib Razak has been…
As rumors of Onkyo s bankruptcy along with Pioneer, keep swirling around the industry and despite local distributor Ambertech struggling to get stock, Company executives are still telling observers that they have a future. Now as their fiscal year draws to a close on March 31st, the historic Japanese audio firm appears to be breathing…
Struggling businesses have been handed additional assistance after the Government extended changes to insolvency laws that were brought in during the pandemic. In response to the coronavirus pandemic and the resulting lockdown measures, the Government introduced the Corporate Insolvency and Governance (CIG) Act to bring in new tools to give struggling firms “the time they…
By Reuters Staff 2 Min Read (Corrects to show D-reizen Dutch-owned since December 2020, paragraph three) AMSTERDAM, April 6 (Reuters) – D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees. The Netherlands has largely avoided corporate bankruptcies during the…
D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees. The Netherlands has largely avoided corporate bankruptcies during the pandemic as employers are able to receive government support to continue paying employees. “This is a pitch black day for us”…
Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated…