Simply put these terms amount to the same thing the inability of a business to pay their debts but its important to understand the differences between liquidation and insolvency. Insolvency can be considered a financial state of being, when a company is unable to pay its debts or when it has more liabilities than assets…
Empee Distilleries, one of the popular Indian made foreign spirits manufacturers in Tamil Nadu, was dragged to NCLT by Union Bank of India claiming dues of Rs 10.18 crore. The Chennai bench of National Company Law Tribunal (NCLT) has ordered commencement of the corporate insolvency resolution process against Empee Distilleries and appointed V Venkata Siva…
A Division Bench of the National Company Law Tribunal (NCLT), Chennai, has ordered starting of Corporate Insolvency Resolution Process against liquor manufacturing company Empee Distilleries. The Bench has also appointed V Venkata Siva Kumar as the Interim Resolution Professional to take charge of the companys affairs immediately. The Bench passed the order based on a…
A LIQUIDATOR has been appointed to a Gladstone building business that has offices across the state. The Australian Securities and Investments Commission website states Irwin Homes Pty Ltd went into liquidation as of October 31. Irwin Homes has a head office in Gladstone and has projects across Queensland, including Rockhampton, Sunshine Coast, Gold Coast and…
Home interior and decor chains Bowring and Bombay have declared insolvency. According to documents, Bowring Canada and Bombay & Co., Inc., along with parent company Fluid Brands Inc., have obtained protection from creditors under the Bankruptcy and Insolvency Act. Home interior and decor chains Bombay and Bowring have declared insolvency.(JEFFERY WASHINGTON / AP FILE PHOTO)…
LONDON (Reuters) – Stewart Ford, the former CEO of now-defunct death bond company Keydata, has lost a protracted battle against Britains financial regulator over a record 76 million pound fine and a ban from regulated financial services. The Financial Conduct Authority said on Tuesday that Londons Upper Tribunal, which hears challenges against its decisions, had…
There have been bankruptcies declared by a total of 114 people in Galway since the beginning of 2014, according to new figures from the Insolvency Service of Ireland. The figures show that between January 2014 and the end of September 2018, there were a total of 114 bankruptcies here. And a further 192 people came…
Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit. The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).…
IMAGE/ COURTESY The government is set to sell its stake in 26 companies to private investors in a bid to fund the budget deficit, and repay debt. Among those to be sold include36 companies owned by the government were declared insolvent by the 2015-16 government audit report. The companies according to the audit report required…
Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit. The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).…