NCLAT dismisses insolvency plea against Wipro – ETTelecom

The National Company Law Appellate Tribunal has dismissed an operational creditor’s petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for…

Specialist body aims to codify 'pre-insolvency void' – AccountantsDaily

The Association for Business Restructuring & Turnaround launches this week with the goal of accrediting specialists in company turnaround and setting professional standards. ABRT founder Eddie Griffith said the body would aim to address problems identified by the parliamentary insolvency inquiry and had sprung out of conversations between like-minded specialists. We came up with the…

Government seeks to reform bankruptcy laws – Shepparton News

Sep 2, 2023 Attorney-General Mark Dreyfus says bankruptcy laws should serve debtors, while protecting creditors. -AAP Image The time allowed for a debtor to respond to a bankruptcy notice could be raised under reforms being considered by the federal government. Attorney-General Mark Dreyfus is seeking to overhaul the Bankruptcy Act, releasing a discussion paper outlining…

Birmingham city council declared bankruptcy. UK's second-largest city's situation explained | Mint – Mint

England’ second largest city Birmingham‘s city council on 5 September, declared itself bankrupt, putting a pause on all spending except essential ones. The Birmingham city council issued a 114 notice last Tuesday, thereby joining a string of local authorities, which include Woking, Croydon, and Thurrock, that have announced it did not have the resources to…

UK's Second Largest City Birmingham Has Declared Itself Bankrupt. Here's Why – NDTV

Birmingham City Council has said it does not have the money to pay the bill Birmingham, the second-biggest city in Britain, declared itself bankrupt on Tuesday, sending shockwaves through the city’s governance. The Labour-run administration representing the UK’s second-largest city issued a 114 notice, putting a stop to all but essential spending and becoming the latest in…