The Supreme Court is likely to hear 19 petitions challenging the constitutional validity of provisions relating to insolvency of personal guarantors under the IBC on Thursday. In the last hearing on October 29, the top court had transferred to itself all the petitions pending before various High Courts, challenging the said IBC provisions. The SC…
Satellite communications on a North Sea platform supply vessel (source: Eidesvik) 01 Dec 2020byMartyn Wingrove Castor Marine has stepped in to save SeaVsat, which provides satellite internet access to offshore vessels and rigs, through an acquisition from administrators Netherlands-headquartered SeaVsat was declared bankrupt on 23 November, leaving customers at sea in uncertainty about their connectivity…
Queensland companies are continuing to collapse by the dozen despite the state’s economy slowly recovering from the devastating COVID-19 shutdown. In November 60 companies were put into liquidation or administration – far less than before the pandemic. Previous modelling suggests thousands of Queensland small businesses continue to rely on the federal government’s JobKeeper program and…
Journalists who lost their jobs when the weekly newspapers they worked for ceased publication are to receive money they are owed after a near-three-year fight. Editorial staff who were employed at Lyme Regis-based View From Newspapers will now receive notice pay settlements and additional payments awarded by an employment tribunal after Duncan Williams, the final…
Background The majority of people in the UK want to pay the right tax at the right time because they believe that it is the right thing to do and appreciate that tax revenue funds public services for everyone. HMRC provides a flexible range of support for those who would like to pay on time…
Plea filed by Alcock Ashdown said it could not repay debt of Rs 600 cr; this is the second state PSU to approach NCLTGujarat government-run company Alcock Ashdown (Gujarat) Limited (AAGL) has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) for insolvency, saying it was not in a position…
Article 0 Comments An application for an order of liquidation has been filed in a Travis County, Texas, district court for a Houston-based nonstandard auto insurer now in receivership. With the agreement of its board of directors, ACCC Insurance Co. was placed into receivership on Oct. 21 by Travis County District Judge Tim Sulak at…
Arcadia’s administration would be the UK’s highest-profile retail insolvency in a sector that has already lost more than 125,000 roles in the country since January. It would also mark a stratospheric fall from grace for Sir Philip, who was once dubbed “King of the High Street”. Arcadia would follow Debenhams, the struggling department-store retailer, which…
Written by Aashish Aryan , Edited by Explained Desk | New Delhi | Updated: November 2, 2020 6:52:26 pm The Supreme Court on Friday transferred to itself all the petitions challenging the Insolvency and Bankruptcy Code (IBC) provisions relating to initiation of insolvency proceedings against personal guarantors. The Supreme Court on Friday transferred to itself…
Early action is the key to businesses avoiding or surviving financial difficulties. This guidance covers: how to recognise issues when they arise, what advice to seek and who to approach. It explains the role of licensed insolvency practitioners, the six signs an organisation is in distress and the seven stages of business recovery. Most people…