In the five years since Indias bankruptcy code came into force, almost every third company admitted for resolution has faced liquidation. The number of companies liquidated is more than three times the number where a resolution plan was worked out. A higher level of liquidation is possible because most distressed companies admitted for resolution had…
PETALING JAYA: The Covid-19 pandemic has caused large-scale business losses and closures, leading to many entrepreneurs losing the shirt off their back. In just the first four months of this year, a total of 2,954 debtors have already been declared bankrupt. The number would have been higher if not for the many financial packages introduced…
THe National Company Law Tribunal today admitted a personal insolvency petition against the beleaguered promoter of Videocon Industries Ltd — Venugopal Dhoot. This comes a day after the ministry of corporate affairs secured permission to attach the property of Dhoot. Also read: NCLT orders attachment of Venugopal Dhoots properties with immediate effectAlso read: Relief to…
The High Court has overturned Personal Insolvency Arrangements (PIAs) that would have allowed a married couple write off a debt of approximately 250,000 owed to a bank. In a detailed judgement Mr Justice Mark Sanfey upheld EBS DACs objections to the Circuit Court approving PIAs in respect of Niall McKiernan, a garda sergeant, and his…
Wobbly firms are increasingly finding shelter in insolvency law. But is this just a case of delayed burial rites? Early adopters of the Insolvency Act 2015 such as construction firm Spencon Kenya Limited, which was placed under administration in 2017, do not look like they are coming back. Nakumatt Holdings, Midland Energy, ARM Cement and…
Exclusive: Exlusive: Former Atomic Kitten singer Kerry Katona has bagged a brand-new business deal as Creative Adviser of Thrillz and the mum-of-five has opened up on how she went from rock bottom to the top of her empire Video Loading Video Unavailable Click to playTap to play The video will auto-play soon8Cancel Play now Kerry…
By Michael Reid, managing partner, Meston Reid & Co THEREs been a great deal of talk in recent months around the various options open to any business looking to deal with creditor pressure now that trading activity is resuming always assuming that it can meantime source both product and staff. Ive taken the view that…
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted a personal insolvency petition against Videocon promoter Venugopal Dhoot just a day after the Ministry of Corporate Affairs (MCA) received permission to freeze his assets. In a virtual hearing on Wednesday personal insolvency proceedings against Venugopal Dhoot were admitted and allowed. Asish Narayan…
Tobi Soniyi A Federal High Court in Lagos, has dismissed a bankruptcy petition filed against the former Managing Director of Staco Insurance PLC, Dr Sakiru Olanipekun Oyefeso. The court also awarded costs of N50,000, against the Insurance firm that wrote the petition against Oyefeso. In its statement of facts, Staco Insurance had alleged that while…
To prevent crops from going to waste, the Dutch bankrupt greenhouse company Eden Tech was allowed to continue operating for a few more months. Now the trustee investigates a relaunch. For several years, the Eden Tech team has been working on their technology to grow crops in the most efficient way possible, minimizing the use…