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Ardmore Group Ltd has applied for a company moratorium after two group firms filed notices to appoint administrators. Court records show an application for a moratorium was filed for Ardmore Group Ltd earlier today (11 June). Separate filings made the previous day show applications for notices to appoint administrators for Ardmore Major Projects Ltd and…
It’s been a rough few weeks for Helen Chan Sun. Last month, one B.C. Supreme Court judge jailed the Vancouver developer for civil contempt. This week, even as Sun remained behind bars, another judge from the same court declared the former multimillionaire bankrupt, paving the way for a trustee to oversee her finances. “The debtor…
The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday admitted State Bank of India’s plea to initiate a personal insolvency resolution process against Anil Ambani.The state-owned lender had moved the tribunal in 2020 to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. The…
As courts make headway with backlogs, technology and intellectual copyright cases open a fresh arena in dispute resolution The past 18 months have reshaped the commercial dispute resolution landscape in India. The Madras High Court’s Commercial Division has settled into a rhythm, the Chennai bench of the National Company Law Tribunal (NCLT) has begun to…
In a recent ruling, the National Company Law Tribunal (NCLT), Mumbai Bench, dismissed an insolvency petition filed by Think Hard India Private Limited against the personal guarantor of Seya Industries Ltd., holding that failure to invoke the personal guarantee meant no default had occurred under the Insolvency and Bankruptcy Code (IBC). In January 2020, corporate debtor Seya Industries Ltd. obtained a…
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More than 760 property companies have become insolvent in the UK so far this year, representing the highest rate of business failures in the sector in a decade, according to analysis of official insolvency filings. The figure marks a 60% increase compared to the same period last year and nearly three times the 264 insolvencies…
Property businesses are going bust at the fastest rate in a decade, with more than 760 companies becoming insolvent so far this year in a sign of mounting pressure across the property sector. Analysis by City AM of insolvency filings published in the London Gazette found that the total is more than 60% higher than…