In a landmark judgement, the Mumbai bench of National Company Law Tribunal (NCLT) has nullified the attachment notice served by the Enforcement Directorate on Baroda-based Sterling Biotech Ltd (SBL), saying that the NCLT gives speedier justice and that a new legislation Insolvency and Bankruptcy Code 2016 precedes over the existing legislation. Enforcement Directorate had attached…
The NCLTs Kolkata bench on December 19, 2018, admitted an insolvency petition, filed by the Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ECL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner allegedly refused to pay the interest amount on the original debt towards goods supplied. The National Company…
Thursday, February 14, 2019 There has always been a tension between protecting the interests of defined benefit pension schemes and insolvency given on the one hand The Pensions Regulator (TPR) seeks to protect the interests of pension scheme members and the Pension Protection Fund and on the other, the insolvency regime seeks to protect the…
In 2012, Dutch entrepreneur Bas Lansdorp launched the worlds first private and crowdsourced-effort to create a permanent outpost on Mars. Known as Mars One, this organization was the focus of a lot of press since its inception, some of it good, most of it bad. While there were many who called the organizations plan a…
Husband and wife, Dawn and Jacob Goulde, of Hatch End, North West London, were the directors of London and Berkshire Limited. Incorporated in August 2009, the company was concerned with property valuation and surveying. Just six years later, however, London and Berkshire was shut down by the courts in June 2015 following a petition by…
Husband and wife, Dawn and Jacob Goulde, of Hatch End, North West London, were the directors of London and Berkshire Limited. Incorporated in August 2009, the company was concerned with property valuation and surveying. Just six years later, however, London and Berkshire was shut down by the courts in June 2015 following a petition by…
Stuart McDonald (37), of Dyce, Aberdeen, was the solely appointed director of Northern Motors (Aberdeen) Limited from September 2013 having first been appointed a joint director in June 2007. Incorporated in 2006, Northern Motors traded as a car dealership in Dyce, Aberdeen while also offering repair and maintenance services. But 10 years later, Northern Motors…
Stuart McDonald (37), of Dyce, Aberdeen, was the solely appointed director of Northern Motors (Aberdeen) Limited from September 2013 having first been appointed a joint director in June 2007. Incorporated in 2006, Northern Motors traded as a car dealership in Dyce, Aberdeen while also offering repair and maintenance services. But 10 years later, Northern Motors…
ClusterVision, European HPC specialists that have built and installed over 20 Top500-ranked systems in their nearly 17-year history, appear to be in the midst of bankruptcy proceedings. According to Dutch news site Drimble, three companies doing business as ClusterVision have been declared insolvent in the Netherlands, where ClusterVision is headquartered. The notice reports that Clustervision…
New England Motor Freight, the 19th-largest less-than-truckload (LTL) trucking company in the US, filed for bankruptcy protection on Monday. Several top freight analysts said one of NEMFs challenges was its contract with Amazon, which tends to provide a lot of packages that are of relatively low value. Amazon contracts are pretty demanding, one analyst told…