The Kolkata Bench of the National Company Law Tribunal (NCLT) has directed initiation of corporate insolvency resolution process (CIRP) against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India. The NCLT admitted the insolvency petition filed by Gulf Oil Lubricants India Ltd against ECL, which allegedly refused to pay the interest on debt outstanding towards…
Danish insurer Qudos, which fell into liquidation last month, has been declared bankrupt by a court in Denmark. As a result, the danish Guarantee Fund will now be expected to cover the costs of outstanding claims for the company. Qudos has over 51,000 customers in Ireland,Irelands Insurance Compensation Fund could have been forced to pay…
The Danish Maritime and Commercial High Court has officially declared the bankruptcy of Qudos Insurance. Following this development, the non-life insurer whose operations were not only in Denmark but also in France, Germany, Greece, Ireland, Italy, Malta, Norway, Sweden, and the UK is now part of the failed firms list provided by British compensation fund…
Aidan Mark Newman, aged 47 and from Woking, was the sole director of Montrose Design & Build Limited, a company that was incorporated in February 2015 and carried out residential building work. After only two years, Montrose Design & Build struggled to be profitable and had to cease trading before entering into creditors voluntary liquidation…
Richa Roy and Zubin Mehta On the second anniversary of the Insolvency and Bankruptcy Code (Code) many of its achievements deserve celebration including fostering credit discipline and improving upon a culture of impunity. And yet, there has been a gamut of reactionary amendments to the Code, the intent and timing of several of which raise…
The bosses of the broke money-moving app Bux Global are proving hard to find as dudded investors continue to pursue them for more than $500,000 in legal costs. As revealed by The West Australian, more than 300 WA investors sank $100 million into the dud mobile phone application the brainchild of founder Raymond Webber and…
People who make a living guiding others through bankruptcy in Canada say theyve never been busier. Record debt burdens, rising borrowing costs and, in some cases, bigger payday loans are driving many Canadians to seek relief, according to several licensed insolvency trustees who spoke to Bloomberg. They say November was their busiest on record, and…
Published 20 December 2018 Six solicitors and four barristers have been reappointed to the Personal Insolvency Practitioners Complaints Committee panel for five years. The Department of Justice and Equality wrote to all 18 members of the inaugural panel, established under section 177 of the Personal Insolvency Act 2012, to ask them if they were…
The latest financial statements of the Nova PropGrow Group, the rescue vehicle of the failed Sharemax investment scheme, show the company is on the verge of insolvency. The financial statements, which were published three months late, also received a qualified audit opinion from the groups new auditor, Nexia SAB&T. The qualified opinion not only questioned…
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