In a rare move, the National Company Law Tribunal (NCLT) has revoked its own July 2023 order that initiated insolvency proceedings against real estate firm Logix Infrastructure. The tribunal ruled that the plea, filed by financial creditor Experts Realty Professionals, was made with “fraudulent and mala fide intentions” and involved collusion between the creditor and…
WASHINGTON: Tech billionaire Elon Musk, who has been tapped by President Donald Trump to lead federal cost-cutting efforts, said Tuesday that the United States would go “bankrupt“ without budget cuts. Musk leads the efforts under the newly created Department of Government Efficiency (DOGE), and was speaking at the White House with Trump, who has in…
PT Indofarma Global Medika, a subsidiary of State-owned pharmaceutical company PT Indofarma (INAF), was declared bankrupt by the Supreme Court through its ruling on Monday, February 10, 2025. “The status of the decision is granted,” said the Court ruling as quoted on Tuesday, February 11, 2025. In addition, the Court ruling also appointed four curator…
Personal insolvency provider Carrington Dean has announced that has acquired personal insolvency business, Cleanslate from Interpath. Cleanslate is part of Interpath, an international advisory firm which specialises in the provision of advisory and restructuring services to businesses, their investors and their stakeholders. Carrington Dean is based in Scotland and is part of the Creditfix Group.…
Elon Musk, the head of Donald Trump’s Department of Government Efficiency (DOGE), has defended extensive cuts within the US government while acknowledging there have been mistakes and will be more. In an address to media on Tuesday local time while standing alongside the president in the Oval Office, Mr Musk joked that the scrutiny over…
Musk, accompanied by Trump, and his son X Musk, speaks during an executive order signing in the Oval Office at the White House on Feb 11, 2025 in Washington, DC. — Getty Images via AFP WASHINGTON (Feb 12): Tech billionaire Elon Musk, who has been tapped by President Donald Trump to lead federal cost-cutting efforts,…
The billionaire is head of the newly created Office of Government Efficiency (DOGE). The billionaire is head of the newly created Office of Government Efficiency (DOGE).Billionaire Elon Musk says the US will go bankrupt without budget cuts.Musk, who is leading a campaign to cut spending under the newly created Office of Government Efficiency (DOGE), spoke…
Thousands of Australian private businesses have become insolvent over the past 12 months after failing to fulfil ATO tax debts, credit agency data reveals. CreditorWatch analysis of ATO tax debt defaults has revealed that 33.6 per cent of private businesses have collapsed over the last year after failing to address significant tax debts. The research…
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IndusInd International Holdings Limited (IIHL) is set to acquire Anil Ambani’s debt-laden company Reliance Capital by February 26, 2025, following the National Company Law Tribunal’s (NCLT) approval of the company’s request, according to a report. During a recent hearing, IIHL confirmed the submission of all definitive documents and the achievement of financial closure necessary for…