The recent Supreme Court decision in Bilta (UK) Ltd (in liquidation) & others v Tradition Financial Services Ltd, provides important guidance on those who may be caught within the scope of fraudulent trading under section 213 of the Insolvency Act 1986. Meaning of “any person” under section 213 Insolvency Act 1986 Section 213 enables the…
Former Victorian Liberal leader John Pesutto has expressed his gratitude to his Victorian Liberal colleagues after the party agreed to give him a $1.55 million loan to avoid bankruptcy. Mr Pesutto was ordered to pay fellow Liberal MP Moira Deeming $2.3 million in legal costs after she successfully sued him for defamation. He was unable…
The UK Supreme Court recently handed down a judgment in Tradition Financial Services Ltd v Bilta (UK) Ltd & Others[1] in which it considered the scope of section 213 of the Insolvency Act 1986, specifically whether those beyond the small group of individuals with controlling or managerial functions of the liquidated company could be ‘party…
Urban Company turns profitable; GlobalBees faces insolvency MSN Read the original article here
Directors of direct-to-consumer (D2C) homecare company Kuber Industries have filed an insolvency plea against rollup ecommerce platform GlobalBees for unpaid dues worth Rs 65 crore. In a stock exchange filing, GlobalBees’ listed parent, FirstCry, said that Ashutosh Garg, Paritosh Garg and Manju Agarwal have petitioned the New Delhi bench of the National Company Law Tribunal…
Queensland-based grain trading company enters liquidation according to GTA Farm Online Read the original article here
Travel company ends in bankruptcy, cancels tours and trips TheStreet Read the original article here
The Principal Bench, National Company Law Appellate Tribunal (NCLAT), New Delhi, has dismissed Indian Bank’s appeal challenging the NCLT’s rejection of its application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), seeking to initiate personal insolvency proceedings against Anjanee Kumar Lakhotia, former director of MBL Infrastructure Ltd. The appeal arose from an…
[WASHINGTON] Struggling chipmaker Wolfspeed will be taken over by creditors including Apollo Global Management under a proposal that would put it into bankruptcy just long enough to slash billions of US dollars in debt, according to sources familiar with the plan. The company will soon announce a deal with lenders for a so-called prepackaged bankruptcy,…
An EY-backed resolution professional (RP) has filed lawsuits at the National Company Law Tribunal (NCLT) claiming former Byju’s directors owe compensation to the company for fraudulent transfers of the company’s assets, according to people familiar with the matter. The lawsuits invoke a provision under the Insolvency and Bankruptcy Code which provides legal recourse to reverse…