An important appeal court ruling on insolvency matters was made last month in a joint decision on two cases: Bresco Electrical Services Ltd (in liquidation) vs Michael J Lonsdale (Electrical) Ltd and Cannon Corporate Ltd and Primus Build Ltd [2019] EWCA Civ 27. In the Bresco appeal, Bresco was in insolvent liquidation where the Insolvency…
Nagpur: Facing liquidation, Mumbais Unity Infraprojects Private Limited has sought an early exit from the cement road project phase I in which it was to construct 30 roads. The company has written to the Nagpur Municipal Corporation (NMC) that it will complete the ongoing works on eight roads and skip nine other stretches. It has…
NEW YORK, Feb. 20, 2019 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Yangtze River Port and Logistics Limited (NASDAQ: YRIV) from February 2, 2016 through December 5, 2018, inclusive (the Class Period) of the important March 4, 2019 lead plaintiff deadline in the class…
One of Turkeys leading coach companies Ulusoy Ulam A. was ruled legally bankrupt Wednesday, independent news site Diken reported. The ruling by a Turkish court arrives following a three-month bankruptcy protection period filed by the company in November of 2018. A family dispute led to the breakup of Ulusoy group in 2008. Ulusoy Seyahat was…
Registered to a residential address in East London, GoNutri Limited was wound up in the High Court on 12 February 2019 for trading with a lack of commercial probity, objectionable trading practices and improper sales techniques. Following confidential enquiries, investigators from the Insolvency Service found that GoNutri targeted elderly and vulnerable people, bombarding them with…
NAGPUR: The National Company Law Tribunal (NCLT) has admitted an insolvency petition against a Chandrapur-based company over a liability of Rs2.81 lakh. It is among the smallest amounts, so far, for which a case has been fought under the Insolvency and Bankruptcy Code (IBC) 2016, said insolvency practitioners. Even as IBC 2016 has set the…
Construction industry reform is overdue and change is needed urgently. Theres no doubt the property sector is experiencing a downturn, with projects put on hold and more builders going into liquidation. Those who can afford it least suffer most. As the downturn continues, it is the subcontractors who are feeling the most pressure. Subbies comprise…
Kerio Valley Development Authority (KVDA) MD David Kimosop (in a white shirt) on a tour at Kipsaiya in Marakwet West where Arror multi-purpose dam will be constructed. [Fred Kibor/Standard] Treasury Cabinet Secretary Henry Rotich is the latest top-ranking official to be questioned over stalled Sh65 billion dam projects in the country. Mr Rotich recorded a…
There can be many twists and turns over the life of a business, but one of the more serious (and usually final) turns is when it declares insolvency. A recent spate of high profile collapses, most notably music retailer HMV, cake chain Patisserie Valerie, and department store House of Fraser, have all brought…
This is crucial since a large sum of lenders capital is tied in such assets, Bansal added. Lack Of Clarity In Relinquishing Or Realising Security Interest The second challenge relates to secured lenders in whose favour assets of the company have been charged as a security for the loan extended. The insolvency code gives secured…