New Delhi, Jan 3 (PTI) The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC. However, it also clarified that once a debt-ridden company is protected under moratorium after the initiation of insolvency…
In Heidelberg, Germany, it was business as usual. The polymer production line was pushing out materials for packaging and postage. The service bureau arm of the business continued to provide printed parts. Up the road in Frankfurt, public-facing employees were making connections, promoting products and highlighting application success stories. Is that piquing your interest? Probably…
The Insolvency Service has just released its Creditors’ Voluntary Liquidation (CVL) Research Report. The purpose of this report was to ascertain whether the recent reforms in 2017 on the CVL process had, in fact, made the process more efficient and increased the returns to creditors. Analysis was performed on a randomly sampled dataset of 2,717…
The petitioner had claimed significant financial losses in his tobacco business, arguing that he had no income-earning properties to repay loans borrowed from multiple creditors In the recent ruling the High Court of Andhra Pradesh dismissed a revision petition filed by the assessee for misrepresentation of financial facts in his tobacco business. Vaddempudi Sivannarayana,petitioner -assessee,…
E-bike brand Stella Fietsen declared bankrupt The Brussels Times Read the original article here
Dem-run city may go bankrupt thanks to public sector pension scheme MSN Read the original article here
eVTOL manufacturer, Lilium has announced an asset purchase agreement with Mobile Uplift Corporation, a newly formed company backed by a consortium of European and North American investors. The agreement involves Mobile Uplift Corporation acquiring the operating assets of Lilium GmbH and its subsidiary, Lilium eAircraft GmbH. The transaction represents a significant step in Lilium’s financial…
Singaporean oil trader OK Lim, once a leading player in the city’s busy bunker trading sector, has been declared bankrupt after consenting to a multibillion-dollar court judgment in favor of his former company’s creditors. Lim and his children – Evan Lim Chee Meng and Lim Huey Ching – owe a combined $3.5 billion in connection…
Flying taxi startup Volocopter said Monday it was filing for insolvency, days after another fellow German company in the field, Lilium, was saved from collapse.“Despite recent intensive fundraising efforts, finding a viable solution to maintain regular operations outside of insolvency proceedings has not been possible,” Volocopter said in a statement, adding that the filing was…
German eVTOL manufacturer Volocopter has announced it is restructuring as it looks for investments to continue building its VoloCity air taxi. The company was due to enter the market by the end of this year with an electric aircraft that can link urban centers and airports. Business as usual Volocopter GmbH, which was founded in…