Today, the Bengaluru Bench of the National Company Law Tribunal (NCLT) issued notice in an insolvency petition against Ola Electric Technologies Private Limited after an operational creditor alleged that the company defaulted on payment of Rs. 9.57 crore. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Banwari Lal Meena held: “Subject to…
Insolvency Service data indicates that construction accounts for the largest number of companies entering formal insolvency process, by sector. This data is based on self-designated SIC codes used at Companies House, and does not take account of the size of the companies concerned: the construction sector involves a significant number of SMEs including ‘one-man-band’ contractors.…
More than half of the 3,280 company directors banned in Great Britain since 2023 were caught abusing Covid-19 financial support, new figures reveal, proof that the pandemic’s emergency lending schemes are still claiming casualties five years on. Data released by the Insolvency Service, obtained through Freedom of Information requests by law firm Weightmans, shows that…
A big Hardee’s franchisee in the Midwest has filed for bankruptcy amid an apparent dispute over seller financing from its 2023 acquisition of the restaurants, according to court filings. Superior Star LLC, a Phoenix-based operator, declared Chapter 11 bankruptcy on Thursday. The company has between $10 million and $50 million in both assets and liabilities,…
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Fewer businesses went bankrupt in June than a year earlier DutchNews.nl Read the original article here
Small business insolvencies are expected to worsen as Labor’s changes to negative gearing and capital gains tax slow the economy and eventually hit bigger corporations, a leading insolvency expert fears. The Reserve Bank of Australia’s three interest rate rises this year have already worsened the rate of companies going into external administration for the first…
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REVEALED: Latest business liquidations in Moreton Bay The Courier Mail Read the original article here