Trading while Insolvent: What are the Legal Consequences … – Lawyer Monthly Magazine

No one sets out in business expecting the company to become insolvent. However, in an increasingly challenging trading environment, many companies will unfortunately experience issues with cash flow, increased costs of doing business, and changing consumer preferences, all of which have the potential to threaten the ongoing viability of the business. If the situation continues,…

With contractor bankrupt, transitional housing complex on pause – Northern Ontario Business

The general contractor for the Lorraine Street transitional housing complex in Sudbury declared bankruptcy earlier this month, leaving the project in limbo. Work continued on site until Oct. 13, a city spokesperson confirmed to Sudbury.com, noting the second-floor installation was completed, weather-proofed, cleaned and secured. Sudbury.com visited the site on Oct. 26, and found a…

23-285MR ASIC prosecutes 100 individuals for failing to assist … – ASIC

ASIC has prosecuted 100 individuals from 1 January 2023 to 30 June 2023 for failing to assist registered liquidators. These prosecutions follow the failure of company officers and other individuals to comply with key governance obligations to provide registered liquidators with access to company books and submit a report on company activities and property (ROCAP)…

Bajaj Hindusthan Sugars reduces debt, insolvency petition … – Investing.com Australia

Reuters. Bajaj Hindusthan Sugars, an integrated sugar and ethanol manufacturer, has successfully reduced its debt from Rs 4,500 crore to Rs 500 crore, leading to the dismissal of an insolvency petition against the company. The National Company Law Tribunal (NCLT) approved the withdrawal of the petition by the State Bank of India (SBI), following a…