To facilitate this process and to shield the PG from parallel recovery proceedings during the pendency of the PGIRP, the Code provides for a moratorium under Section 101, i.e., a period during which no fresh legal action in respect of any debt can be initiated against the PG, and any pending action remains stayed. The…
SUBSCRIBER-ONLY STORY | London and Essex-based Scene Architects has been sold in a pre-pack deal to a company owned by two of its directors after entering administration owing thousands to creditors Keep reading – subscribe today
A step-down subsidiary cannot use indirect or colourable means to extract assets or establish parallel claims against its holding company undergoing liquidation, the National Company Law Tribunal, Chennai, held. The tribunal made the observation while dismissing an application filed by St. John Lines PTE Limited against the liquidator of its holding company, St. John Freight…
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Neumünster Abbey brasserie to close after bankruptcy Luxembourg Times Read the original article here
Companies that are unable to pay their debts can be declared bankrupt or undergo restructuring. The Swedish National Audit Office has examined the central government’s efforts in such insolvency proceedings. The overall conclusion is that while proceedings are mainly effective, there are some shortcomings that should be addressed. Shortcomings have come to light regarding the…
When most people think about transportation collections, they picture an agency making phone calls to recover overdue freight invoices. While recovering unpaid invoices remains the foundation of the business, today’s transportation collections industry has evolved into something much larger. Fraud, broker failures, double brokering, compliance issues and increasingly complex legal disputes have transformed collections into…
UAE declares Emergency Financial Crisis period under UAE Bankruptcy Law dentons.com Read the original article here
REVEALED: Latest business liquidations in Scenic Rim The Courier Mail Read the original article here
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