Bankruptcy Archives - Page 215 of 2005

Free State ActionSA calls for acting Premier Jabu Mbalula’s removal – SABC News

BankruptcyBy Editor February 10, 2025

ActionSA in the Free State says Premier Maqueen Letsoha–Mathae should be held accountable for appointing Jabu Mbalula as the acting Premier despite reports that he’s insolvent and under debt administration. The party says the appointment is potentially unlawful because individuals declared insolvent are disqualified from holding public office. ActionSA has called for Mbalula’s immediate removal. The party’s provincial chairperson, Patricia Kopane, says…

GoFirst lenders rethink liquidation amidst EaseMyTrip co-founder Nishant Pitti’s second bid

BankruptcyBy Editor February 10, 2025

As GoFirst teeters on the brink of liquidation, a glimmer of hope emerges with EaseMyTrip co-founder Nishant Pitti. His company, Busy Bee, has informed the National Company Law Appellate Tribunal (NCLAT) that it is in discussions with lenders to rescue the struggling airline. Company Value Change %Change The NCLAT is hearing a plea by Pitti…

Directors warned of repercussions of illegal ‘phoenixing’

BankruptcyBy Editor February 10, 2025

Audit firm, Wbg has warned directors against the repercussions of failing to deal with failing companies in the proper manner and illegal ‘phoenixing’. The caution follows reports that a Scottish company director used a ‘corporate rescue’ process to shut down his winter sports business and dodge paying out money to staff by paying bogus directors…

Haydale places “loss-making” US arm into corporate insolvency process – Insider Media

BankruptcyBy Editor February 10, 2025

Haydale places “loss-making” US arm into corporate insolvency process Insider Media Read the original article here

Royal Mail bosses threaten to declare insolvency as pay talks near collapse | Royal Mail

BankruptcyBy Editor February 10, 2025

Long-running talks between Royal Mail and the Communication Workers Union are on the brink of collapse, with the company’s board thought to have threatened to put the loss-making postal service – the regulated UK entity that delivers to every address in the country – into a form of administration if a deal cannot be agreed.…

NCLT recalls insolvency order against Logix Infrastructure, ET RealEstate

BankruptcyBy Editor February 10, 2025

NEW DELHI: In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with “fraudulent and mala fide intentions” and a collusive petition was filed by the financial creditor. NCLT said “there is a nexus and connection”…

Haydale Says PLC Haydale US Placed Into Insolvency Process -February 10, 2025 at 02:11 am EST

BankruptcyBy Editor February 10, 2025

Haydale Graphene Industries Plc is a global technology company. The Company is a service provider that facilitates the integration of graphene and other nanomaterials into the next generation of industrial materials and commercial technologies. It has three principal activities: the plasma functionalization of nanomaterials for third party applications through its patented HDPlas process; the development,…

Trucking company Connect Logistics will never pay $2.3m fine over 2020 Eastern Freeway crash that killed four police

BankruptcyBy Editor February 10, 2025

The trucking company found responsible for the deaths of four police officers on the Eastern Freeway will never pay its record $2.31 million fine after the business was declared insolvent despite previously earning millions of dollars in profit. Connect Logistics was the operator of a truck that slammed into two police cars in the emergency…

NCLT terminates insolvency resolution process against Logix Infra

BankruptcyBy Editor February 10, 2025

NOIDA: The national company law tribunal (NCLT) has terminated the ongoing corporate insolvency resolution process (CIRP) against the realty firm – Logix Infrastructure private limited – that was facing the proceedings since 2023. The February 6 order also termed all decisions taken by resolution professional Pawan Kumar Goyal after his appointment as “null and void”.…

Australian company insolvencies | The Spectator Australia

BankruptcyBy Editor February 10, 2025

ASIC released their latest insolvency statistics earlier this week and the results are concerning. A company becomes insolvent when they can’t pay their debts when those debts become due for repayment. When this happens it’s common for an external administrator to be appointed who will then take control of the business and attempt to maximise…

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