New Delhi, Mar 25 As many as 12,000 cases have been filed since the implementation of the insolvency law and setting of National Company Law Tribunal (NCLT), a senior government official said Monday. Asserting that the Insolvency and Bankruptcy Code (IBC) should be the last resort, Corporate Affairs Secretary Injeti Srinivas said the NCLT has…
As many as 12,000 cases have been filed since the implementation of the insolvency law and setting of National Company Law Tribunal (NCLT), a senior government official said Monday. Asserting that the Insolvency and Bankruptcy Code (IBC) should be the last resort, Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in…
New Delhi: As Jet Airways battles acute financial woes, a senior government official Monday said a “good outcome” from the negotiations between the creditors and the company would be better than moving for proceedings under the insolvency law. “I think creditors and the debtor are in discussion. That is the best process,” Corporate Affairs Secretary…
ONC senior partner and author Ludwig Ng addresses ACCHK members at the seminar. On 8 January 2019, a seminar titled Corporate Insolvency Law and Practice Basic Principles and Updates was held by the Association of Corporate Counsel (ACC) Hong Kong at the offices of ONC Lawyers. ONC senior partner, Ludwig Ng, also the author of…
2019-03-22 08:57:131 hours ago Login / Register to save … Read the full article at: https://neweralive.na/posts/acc-gives-nimt-ultimatum-over-allegations
One of Australias most prominent tech startups – custom footwear-maker Shoes of Prey – has filed for insolvency. Helpfully, co-founder Michael Fox has explained why in a Medium post. The TL;DR: even though it had a loyal fan base among well-heeled women who appreciated its shoe customisation service, the company was never profitable and couldnt…
In Brewer & Anor v Iqbal [2019] EWHC 182 (Ch) the joint liquidators of ARY Digital UK Ltd, Richard Brewer and Mark Wilson, brought breach of duty claims against the former administrator of the company, Zafar Iqbal. The court heard how Iqbal had sold the companys business and assets back to the directors in a…
Eclipx went into an ASX halt on Monday pending a trading update, which on Wednesday delivered the bleak news that most investors had been expecting. Eclipx said net profit was down 42.4 per cent compared with the first five months of 2017-18, with the decline having worsened in February. It declined to be specific on…
The Revenue Department has linked its information with the Legal Execution Department to better chase down the tax liabilities of people who went bankrupt. Cooperating with the Legal Execution Department via this technology allows the Revenue Department to get real-time information, which could help it expedite collection of unpaid tax from bankruptcies, said Ekniti Nitithanprapas,…
McGrathNicol said “indications of insolvency” were apparent as early as last August, after costs blew out by $57 million on its Daydream and Hayman solar farm projects in Queensland, leaving the project facing a $28.5 million loss instead of a $28.5 million profit. “At that time, management and the board considered that the cost overruns…