Building companies are being put on notice that they will be banned from the industry if they have links to past financial mismanagement, under WA Government laws to stamp out “phoenixing”. The Building Services Board will move to exclude contractors where there is clear evidence that an officer has been involved in a previously insolvent…
Exclusion powers target directors of failed, poorly managed building companies The National Tribune Read the original article here
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An improvised memorial for fallen fighters of Wagner private military company in central Moscow, which has become a general memorial for the Russian military toll – Alexander Nemenov/AFP via Getty Images Half a million Russians went bankrupt last year as Vladimir Putin risks an “explosive” banking crisis, an intelligence report has warned. Deteriorating business loans…
NCLT rejects insolvency plea against auto dealer, says IBC cannot be used as debt recovery tool Kochi, The Kochi bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency petition against a Kerala-based auto dealer, ruling that the Insolvency and Bankruptcy Code (IBC) cannot be used as a mechanism to recover private debts.…
The Kochi bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency petition against a Kerala-based auto dealer, ruling that the Insolvency and Bankruptcy Code (IBC) cannot be used as a mechanism to recover private debts. The petition was filed by eight financial creditors against NCS Autocars Pvt Ltd in Pathanamthitta district, who…
Two suppliers have filed insolvency petitions against an Ola Electric subsidiary over alleged ₹40 crore payment defaults. The company is contesting these claims, citing a prior legal suit regarding quality standards. This development comes as the company works to improve its operational performance and narrow net losses. Electric two-wheeler manufacturer Ola Electric is currently navigating…
Ola Electric has described the matter as a commercial dispute, saying it had already initiated legal action against the suppliers over alleged quality issues with the components. Electric two-wheeler maker Ola Electric is facing fresh insolvency proceedings after two of its component suppliers moved the National Company Law Tribunal (NCLT), alleging payment defaults of around…