To successfully qualify for Safe Harbour protection, directors and the company must also meet the various qualifying criteria. The most significant of which is that one or more courses of action needs to be reasonably likely to lead to a better outcome for the company (than the appointment of an administrator or liquidator to the…
As a leading professional services firm, KPMG Australia (KPMG) is committed to meeting the requirements of all our stakeholders – not only the organisations we audit and advise, but also employees, governments, regulators and the wider community. We strive to contribute to debate that seeks to develop a strong and prosperous economy and welcome the…
A Receiver may be appointed by a secured creditor, or in special circumstances by the Court, to take control of the assets that are the subject of the security.The charge, or security, held by the secured creditor under which the appointment of a Receiver is made may comprise: a non-circulating security interest (fixed charge) over…
CCI Approves Dalmia Cement’s Acquisition Of Jaiprakash Associates Via Insolvency Route BW Businessworld Read the original article here
CCI approves Dalmia Bharat”s acquisition of Jaiprakash Associates under IBC. Key players like Adani also in the bidding process. New Delhi, Aug 5 (PTI) The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat’s proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process. Under the provision…
Hamburg-based Closed GmbH has filed for insolvency. The brand filed the application with the relevant district court in Hamburg on Tuesday. Stefan Denkhaus, a lawyer from the BRL law firm, has been appointed as the provisional insolvency administrator. The insolvency was necessary due to excessive debt and the associated financing costs. Operationally, the company, with…
An Indian-origin businessman who sold seven historic cars, including two Jaguars and three Rolls-Royces, for just GBP 1 to another company he controlled has been disqualified from holding a company directorship for six years following an investigation by the UK’s Insolvency Service. Kulbarg Singh from Staffordshire in the West Midlands region of England was the…
A businessman who sold seven classic cars for just £1 to another company he controlled has been banned from being a director for six years. Kulbarg Singh, 62, was director of Aldridge Construction Engineering Ltd when he sold all the company assets to Ace Earth Solutions Ltd, of which he was also a director, in…
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday barred the interim resolution professional (IRP) of bankrupt Gensol Engineering Ltd from leasing out 152 electric vehicles (EVs), following a plea by SMAS Auto Leasing India Pvt. Ltd, which had originally leased the vehicles to Gensol before it entered insolvency. The order came after…
Start-ups and insolvencies both on the rise in Yorkshire and Humber Rotherham Advertiser Read the original article here