The Supreme Court on Thursday held that a company’s profitability does not prevent insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). A financial default, rather than commercial or balance-sheet insolvency, triggers the Corporate Insolvency Resolution Process (CIRP). “Profitability is neither legally relevant to, nor economically probative of, the capacity to service debt. The Code…
Jamie Carragher has swerved bankruptcy after settling his tax debts with His Majesty’s Revenue and Customs, drawing a line under a financial crisis that threatened to leave the Liverpool legend declared insolvent. A representative of the authority confirmed at a hearing in London’s Insolvency and Companies Court that the outstanding amount had been paid. No…
REVEALED: Liquidator appointments for businesses in the Cardinia council area for October 15 Herald Sun Read the original article here
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REVEALED: Liquidator appointments for businesses in the Canterbury-Bankstown council area for October 15 The Daily Telegraph Read the original article here
REVEALED: Liquidator appointments for businesses in the Casey council area for October 15 Herald Sun Read the original article here
Alok Industries had a problem that most shareholders never want to see on a balance sheet. By March 2019, the textile company had a negative net worth of ₹12,922 crore. Its liabilities had grown far beyond its assets, and lenders were owed roughly ₹30,000 crore. The company was deep into insolvency proceedings that had started…
A Spanish company filed a liquidation petition against Kenya Electricity Transmission Company over an unpaid KSh 10 billion arbitral award Ketraco argued that its government-owned status shielded it from insolvency proceedings, but the High Court rejected that objection The debt traces back to a 2013 construction contract for a 400-kilovolt transmission line that Ketraco terminated…
REVEALED: Liquidator appointments for businesses in the Hobsons Bay council area for October 15 Herald Sun Read the original article here
REVEALED: Liquidator appointments for businesses in the Canada Bay council area for October 15 The Daily Telegraph Read the original article here